Hims & Hers, the telehealth platform aimed primarily at millennials, has recently announced the appointment of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. This move signals Hims & Hers’ ambitious plans to reshape the healthcare landscape.
With over 25 years of experience at Novo Nordisk, where he held multiple significant positions, Schultz is currently the CEO of Teva Pharmaceutical. In a recent statement, he expressed enthusiasm for Hims & Hers’ mission, highlighting the innovative approach the company takes to enhance access to healthcare solutions. “I’m thrilled to be a part of this journey,” Schultz remarked, emphasizing the company’s potential to challenge and transform the existing healthcare status quo.
In tandem with this announcement, shares of Hims & Hers experienced a notable lift, rising 3% during morning trading and increasing an impressive 125% since the start of the year. This surge reflects growing investor confidence in the company’s direction.
Notably, Hims & Hers has made headlines for offering a compounded version of semaglutide, the active ingredient in popular weight management medications like Ozempic and Wegovy, both manufactured by Novo Nordisk. The company is marketing a month’s supply of this alternative at $199, significantly lower than the traditional costs of Ozempic and Wegovy, which are around $1,000 and $1,349, respectively, making healthcare solutions more affordable for patients.
The ongoing shortage of these high-demand medications has prompted several telehealth platforms, including Hims & Hers, to utilize a provision of the Food, Drug, and Cosmetic Act. This allows for the sale of compounded medications during shortages, which are not classified as commercially available by the FDA.
Schultz conveyed optimism about the future of compounded semaglutide sales, suggesting that a need for personalized prescriptions would continue to exist even after existing shortages are resolved.
In summary, Hims & Hers is positioning itself at the forefront of healthcare innovation by leveraging industry expertise and addressing price concerns, which not only benefits patients but also enhances their market presence. This strategic move may pave the way for a more equitable healthcare system where cost-effective treatment options are accessible to a broader audience.
Overall, the entry of an executive with Schultz’s background could further bolster Hims & Hers’ credibility and growth prospects in the competitive telehealth market.