Telehealth platform Hims & Hers announced the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors on Monday. Schultz has a rich history at the Danish pharmaceutical company, where he spent over 25 years, rising to positions such as president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his 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.” He added that he is excited to be part of the company’s journey to transform healthcare.
On the same day, Hims & Hers saw its stock rise by 3% in morning trading, reflecting a 125% increase since the start of the year. This development follows the recent introduction of a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, both of which are produced by Novo Nordisk.
Hims & Hers is marketing a month’s supply of the compounded weight loss medication for $199, significantly lower than the nearly $1,000 price for Ozempic and $1,349 for Wegovy. The limited availability of these high-demand brand-name drugs has prompted several telehealth services to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications that are in short supply.
Compounding allows state-licensed pharmacists or physicians to customize an approved drug to meet specific patient needs. Although the act generally restricts compounding of drugs that are just copies of commercially available medications, those in shortage are classified differently by the FDA.
Schultz also shared with Bloomberg that Hims & Hers has a “long future” in offering compounded semaglutide. When questioned about the ability to continue producing compounded semaglutide once shortages are resolved, Schultz expressed confidence that individualized prescriptions will still be necessary for certain patients.