Hims & Hers, a telehealth platform aimed at millennials, announced on Monday the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
Schultz brings over 25 years of experience from the Danish pharmaceutical company known for its diabetes and obesity treatments, having held various positions including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about joining Hims & Hers, stating, “Hims & Hers is on a trajectory to upend the healthcare industry. 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 news, shares of Hims & Hers rose by 3% in Monday morning trading, marking a 125% increase since the start of the year.
This announcement comes just months after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, which are manufactured by Novo Nordisk. The company sells a month’s supply of this weight loss medication for $199, significantly less than the nearly $1,000 price of Ozempic and around $1,349 for Wegovy.
The limited availability of these high-demand brand-name drugs has prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act to sell compounded versions of medications in shortage. Compounding involves customizing an approved drug by a state-licensed pharmacist or physician to fit the specific needs of a patient.
While the Food, Drug, and Cosmetic Act generally prohibits compounding drugs that are mere replicas of commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Schultz shared with Bloomberg on Monday that Hims & Hers envisions a “long future” in selling compounded semaglutide. He added that he isn’t concerned about the ability of pharmacies to continue compounding semaglutide once the shortages are resolved, as there will remain instances where patients require individualized prescriptions.