The telehealth platform Hims & Hers, which caters primarily to millennials, announced on Monday the appointment of Kåre Schultz, a seasoned veteran from Novo Nordisk, to its board of directors. Schultz has an extensive background, having spent over 25 years with the Danish pharmaceutical company known for its diabetes and obesity treatments, where he held various senior roles including president and chief operating officer. Currently, he is the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed his excitement about joining Hims & Hers, highlighting the company’s potential to revolutionize the healthcare sector. “Hims & Hers is on a trajectory to upend the healthcare industry… I’m thrilled to be a part of this journey,” he stated, reflecting a shared vision for innovative healthcare solutions.
Following this announcement, Hims & Hers stock experienced a notable increase, rising 3% in morning trading and showcasing an impressive 125% increase year-to-date. This surge indicates strong market confidence in the company’s direction, particularly in light of its recent initiative to offer a compounded version of semaglutide—a drug known for its efficacy in diabetes management and weight loss that has gained significant popularity.
Offered at $199 per month, Hims & Hers’ version of semaglutide prices itself substantially lower than established brand alternatives like Ozempic and Wegovy, which can cost nearly $1,000 and $1,349, respectively. The company’s ability to provide a more accessible option comes amid an ongoing shortage of these well-known medications.
The recent emphasis on compounding, where licensed pharmacists customize medications to meet specific patient needs, has been permitted under certain regulations of the Food, Drug, and Cosmetic Act. This legal avenue allows telehealth platforms to navigate the limitations of standard drug availability, a strategy that Hims & Hers appears ready to continue long-term, as noted by Schultz.
As the healthcare landscape evolves, Hims & Hers, under the guidance of experienced leaders like Schultz, might pave the way for greater patient access to essential health solutions. This strategic move not only enhances their credibility but also opens the door for innovative changes within telehealth, potentially improving health outcomes for a wide range of patients.
In summary, the appointment of Kåre Schultz, combined with the company’s proactive approach to medication access, positions Hims & Hers as a forward-thinking player in the healthcare sector, one that could significantly contribute to making healthcare more affordable and accessible to all.