Hims & Hers, a telehealth platform geared towards millennials, announced on Monday the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
Schultz has over 25 years of experience with the Danish pharmaceutical company, known for its diabetes and obesity treatments, 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 about 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 to live their fullest lives. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers stock rose 3% during Monday morning trading and has increased by 125% since the start of the year.
This development occurs shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight-loss medications, Ozempic and Wegovy, which are both manufactured by Novo Nordisk. The company is pricing a month’s supply of its weight loss medication at $199, significantly less than Ozempic’s approximately $1,000 price and Wegovy’s $1,349 cost.
The ongoing shortages of these highly sought-after medications have led various telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications when shortages occur. Compounding involves customizing an approved drug by a licensed pharmacist or physician to address the specific needs of an individual patient.
While the Food, Drug, and Cosmetic Act generally prohibits the compounding of drugs that replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify medications in shortage as commercially available.
In an interview with Bloomberg, Schultz indicated that Hims & Hers envisions a “long future” for the sale of compounded semaglutide. When asked about the ability of pharmacies to continue providing compounded semaglutide once shortages are resolved, Schultz expressed confidence, noting that there would continue to be situations requiring individualized prescriptions.