Hims & Hers, a telehealth platform aimed at millennials, announced the addition of Kåre Schultz to its board of directors. Schultz, who has a long history at Novo Nordisk, where he worked for over 25 years in various roles including president and chief operating officer, is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for Hims & Hers, stating, “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.”
Following the announcement, Hims & Hers shares rose by 3% during morning trading, reflecting a total increase of 125% since the start of the year.
This news coincides with Hims & Hers’ recent initiative to offer customers a compounded version of semaglutide, the key ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers is pricing a month’s supply of the compounded medication at $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349 price.
The ongoing scarcity of these high-demand drugs has prompted various telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications during shortages. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet individual patient needs.
While the act generally prohibits compounding drugs that are mere copies of commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available. Schultz commented to Bloomberg that he envisions a “long future” for the sale of compounded semaglutide. He also noted that he is unconcerned about pharmacies being unable to provide compounded semaglutide once shortages are resolved, as there will still be situations requiring individualized prescriptions.