Telehealth company Hims & Hers announced on Monday the appointment of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience from the renowned Danish pharmaceutical firm that specializes in diabetes and obesity treatments, where he held positions including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm about Hims & Hers’ mission to transform the healthcare sector. He stated, “In my long career in the pharmaceutical industry, 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.”
The impact of this leadership change was evident in the market, with Hims & Hers shares rising by 3% in early trading on Monday. Remarkably, the company’s stock has surged 125% year-to-date.
This announcement comes on the heels of Hims & Hers launching a compounded version of semaglutide, the active ingredient in the well-known weight loss and diabetes medications Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers is currently offering a month’s supply of this weight loss drug for $199, significantly cheaper than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349.
The ongoing shortage of these sought-after medications has prompted several telehealth companies to utilize a section of the Food, Drug, and Cosmetic Act that allows for the sale of compounded medications in such circumstances. While typically, the Act prohibits the compounding of drugs that are simply copies of commercially available medications, those in shortage are not recognized by the FDA as commercially available.
Schultz underscored the long-term potential for the company in offering compounded semaglutide, affirming that individual patient needs will continue to sustain a market for these customized prescriptions even after shortages are resolved.
This strategic addition to the board strengthens Hims & Hers’ commitment to innovative healthcare solutions. As the telehealth landscape expands, the focus on personalized and affordable care could potentially result in improved health outcomes for countless individuals, making this a hopeful development for patients seeking accessible treatment options.