Telehealth company Hims & Hers 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, where he held various positions, including president and chief operating officer. He currently serves as 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 saw a 3% increase in its stock price during morning trading, marking a notable 125% rise since the start of the year.
This development follows Hims & Hers’ recent launch of a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications such as Ozempic and Wegovy, which are produced by Novo Nordisk. The company is offering a month’s supply of this weight loss medication at $199, significantly less than the nearly $1,000 list price for Ozempic and $1,349 for Wegovy.
The ongoing shortage of these high-demand brand-name drugs has prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that allows for the sale of compounded medications in short supply.
Compounding involves customizing an approved medication by a licensed pharmacist or physician to cater to individual patient needs. While the act generally prohibits the compounding of drugs that are mere copies of commercially available medications, the FDA does not classify drugs in shortage as commercially available.
Schultz shared with Bloomberg on Monday that Hims & Hers is positioned for a “long future” in providing compounded semaglutide. When asked about the future of compounded semaglutide after the shortages end, Schultz expressed confidence that patients would still require individualized prescriptions.