Telehealth platform Hims & Hers has announced the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors. Schultz has an extensive background in the pharmaceutical industry, having spent over 25 years at Novo Nordisk, where he held various positions including president and chief operating officer. Currently, he serves as the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed excitement about joining Hims & Hers, stating that the company is positioned to disrupt the healthcare sector by utilizing modern tools to improve access to necessary health solutions. He noted that this approach could significantly alter how people obtain healthcare.
The news coincided with a 3% increase in Hims & Hers stock during Monday morning trading, bringing the total rise to 125% since the year’s start.
This announcement follows Hims & Hers’ recent introduction of a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss medications such as Ozempic and Wegovy, which are produced by Novo Nordisk. The telehealth company offers a month’s supply of this medication for $199, a significantly lower price compared to Ozempic and Wegovy, which can cost upwards of $1,000 and $1,349, respectively.
The ongoing shortage of these high-demand drugs has prompted several telehealth companies to utilize a provision in the Food, Drug, and Cosmetic Act that allows for selling compounded versions of medications that are in short supply. This process involves customizing medications by licensed pharmacists or physicians to fit the unique needs of individual patients.
While the FDA generally prohibits compounding drugs that are identical to commercially available versions, it does not consider drugs in shortage to be commercially available. Schultz mentioned in an interview that he believes Hims & Hers has a promising future in the compounded semaglutide market, indicating that there will still be circumstances necessitating individualized prescriptions even after shortages are resolved.