Hims & Hers, a telehealth platform aimed at millennials, announced the appointment of Kåre Schultz to its board of directors on Monday. Schultz is a veteran from Novo Nordisk, where he spent over 25 years in various roles, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for joining 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.”
Following the announcement, Hims & Hers stock rose by 3% in morning trading, marking a notable increase of 125% since the start of the year. This news coincides with the company’s recent launch of a compounded version of semaglutide, an ingredient found in popular diabetes and weight loss medications like Ozempic and Wegovy, which are made by Novo Nordisk.
Hims & Hers offers a monthly supply of the compounded weight loss drug at $199, significantly lower than Ozempic’s almost $1,000 price and Wegovy’s $1,349 cost. The high prices and limited availability of these brand-name medications have encouraged several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that allows for the sale of compounded versions of drugs that are in shortage.
While the act typically prohibits pharmacies from compounding drugs that are simply copies of commercially available products, it does not apply to drugs deemed to be in shortage by the U.S. Food and Drug Administration (FDA). Schultz indicated that the company has a promising future in selling compounded semaglutide, adding that he is confident pharmacies will be able to continue making these individualized medications even after shortages are resolved.