Telehealth platform Hims & Hers has announced the appointment of Kåre Schultz, former executive at Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience in the pharmaceutical industry, having held various positions at the Danish company known for its diabetes and obesity medications. Currently, he serves as the CEO of Teva Pharmaceutical.
Schultz expressed his enthusiasm for Hims & Hers, stating that he believes the company is poised to disrupt the healthcare industry by using modern tools to improve access to health solutions. “I’m thrilled to be a part of this journey,” he remarked in a press release.
Following this announcement, Hims & Hers shares rose by 3% during early trading and have increased by 125% since the beginning of the year.
This news comes on the heels of Hims & Hers launching a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, which are produced by Novo Nordisk. The telehealth platform offers a month’s supply of this weight loss medication for $199, significantly lower than the retail prices of Ozempic and Wegovy, which are nearly $1,000 and $1,349, respectively.
The rising demand for these high-cost medications has led telehealth companies to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of drugs in short supply. Compounding involves altering an approved medication by a licensed pharmacist or physician to suit individual patient needs.
While the FDA generally prohibits compounding of drugs that are mere replicas of commercially available products, it does not classify drugs that are in shortage as commercially available. Schultz stated in an interview that he anticipates a “long future” for the sale of compounded semaglutide, and highlighted that there would still be a need for individualized prescriptions even after shortages are resolved.