Telehealth platform Hims & Hers has announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. This news comes as the company continues to innovate in the healthcare space.
Schultz, who has over 25 years of experience with the Danish pharmaceutical company, held various leadership positions, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
“Hims & Hers is on a trajectory to upend the healthcare industry,” Schultz stated in a press release. “This is the first company I’ve seen that is genuinely using modern tools to break down barriers and change the way people access essential health solutions. I’m excited to be part of this journey.”
The announcement coincided with a 3% increase in Hims & Hers stock during Monday morning trading, with shares rising 125% since the start of the year.
Recently, Hims & Hers began offering compounded semaglutide, the active ingredient found in popular diabetes and weight loss medications, Ozempic and Wegovy, manufactured by Novo Nordisk. The telehealth platform is selling a month’s supply of semaglutide for $199, significantly lower than Ozempic’s nearly $1,000 price and Wegovy’s $1,349 list price.
The shortage of these sought-after medications has prompted telehealth companies to utilize a provision in the Food, Drug, and Cosmetic Act, which permits the sale of compounded medications in cases of shortage.
While the act generally prohibits the compounding of drugs that replicate commercially available medications, it allows exceptions for drugs determined by the FDA to be in shortage.
Schultz commented that Hims & Hers sees a “long future” in offering compounded semaglutide. When asked about the ability of pharmacies to continue providing compounded semaglutide after the shortages are resolved, Schulz expressed confidence, noting that individualized prescriptions would still be necessary for certain patients.