Hims & Hers, a telehealth platform appealing to millennials, has announced the appointment of Kåre Schultz, an experienced executive from Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience from the Danish pharmaceutical company, renowned for its diabetes and obesity treatments, where he served in various capacities, including president and chief operating officer. Currently, he is the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about the potential of Hims & Hers to transform the healthcare industry. He emphasized that the company is pioneering the use of modern tools to eliminate barriers and alter the conventional ways people access essential health solutions. His excitement about joining the company highlights a shared vision for making healthcare more accessible.
On the financial front, Hims & Hers experienced a 3% increase in stock price during Monday’s trading, reflecting a remarkable rise of 125% since the year’s beginning.
This development coincides with Hims & Hers’ recent introduction of a compounded version of semaglutide, the key ingredient in popular medications for diabetes and weight loss, Ozempic and Wegovy, manufactured by Novo Nordisk. The company sells a month’s supply of this weight-loss medication for $199, which is significantly more affordable compared to the retail prices of Ozempic and Wegovy, which are nearly $1,000 and $1,349, respectively.
The scarcity of these high-demand brand-name drugs has enabled several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, permitting the sale of compounded versions of medications that are in short supply. Compounding involves customizing an approved drug to meet specific patient needs.
While it is generally prohibited to compound drugs that closely replicate commercially available medications, the FDA does not classify drugs in shortage as commercially available. Schultz indicated that he envisions a “long future” for Hims & Hers in providing compounded semaglutide and reassured that there will still be a need for personalized prescriptions by pharmacies even after shortages resolve.
This strategic move could significantly reshape how patients access essential medications, making it a positive development for the healthcare landscape. Hims & Hers’ focus on affordability and accessibility might inspire other companies to follow suit, enhancing healthcare options for consumers.
In summary, Kåre Schultz’s addition to Hims & Hers’ board signals a forward-looking approach in the telehealth sector, with the potential to not only disrupt traditional healthcare models but also provide more cost-effective solutions to patients in need.