The telehealth platform Hims & Hers, known for its appeal among millennials, has announced the appointment of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. Schultz brings with him over 25 years of experience from the renowned Danish pharmaceutical company, including roles such as president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press statement, Schultz expressed enthusiasm for joining Hims & Hers, highlighting the company’s potential to disrupt the healthcare industry. He remarked, “In my long career in the pharmaceutical industry, this is the first company I have seen that is leveraging today’s modern tools to truly break down barriers and change the status quo of how people access the health solutions they need to live their fullest lives. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers shares rose by 3% in morning trading, continuing an impressive increase of 125% since the start of the year. This growth comes on the heels of the company’s recent introduction of a compounded version of semaglutide, the active ingredient found in well-known diabetes and weight loss drugs Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers offers a month’s supply of this weight loss medication for $199, significantly lower than Ozempic’s almost $1,000 list price and Wegovy’s $1,349 price tag.
The surge in demand for these medications, coupled with their limited supply, has created opportunities for telehealth platforms like Hims & Hers to market compounded versions. Compounding, which allows pharmacists to tailor medications to individual needs, is permitted under certain conditions outlined by the Food, Drug, and Cosmetic Act. While the FDA typically forbids compounding drugs that merely replicate commercially available medications, those in shortage are exempt from this restriction.
Looking to the future, Schultz assured Bloomberg that Hims & Hers sees a “long future” in the sale of compounded semaglutide. He added that there will continue to be a need for individualized prescriptions, indicating that the company is well-positioned to meet ongoing patient needs even after current shortages resolve.
This appointment and the company’s innovative practices reflect a broader trend in healthcare, showcasing how technology can improve access to vital health solutions while also responding to marketplace demands.
In summary, Hims & Hers is not only expanding its leadership with experienced professionals like Kåre Schultz but is also redefining healthcare access by making medications more affordable and accessible, promising a hopeful outlook for consumers in need of essential health solutions.