Hims & Hers, a telehealth platform catering to millennials, announced on Monday that Kåre Schultz, a former executive at Novo Nordisk, has joined its board of directors.
Schultz, who spent more than 25 years at Novo Nordisk, known for its diabetes and obesity treatments, held several key positions, including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press statement, Schultz expressed enthusiasm for Hims & Hers, stating, “The company is on a trajectory to upend the healthcare industry. In my extensive career in the pharmaceutical sector, this is the first time I have encountered a company harnessing modern tools to dismantle barriers and transform access to essential health solutions. I’m excited to join this journey.”
Following the announcement, Hims & Hers shares rose by 3% during morning trading and have increased by 125% since the start of the year.
This development follows Hims & Hers’ recent offering of a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, which are manufactured by Novo Nordisk. The telehealth company is selling a month’s supply of the compounded medication for $199, significantly less than Ozempic’s nearly $1,000 price and Wegovy’s $1,349.
The ongoing scarcity of these high-demand brand-name drugs has prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications in short supply. Compounding involves modifying an approved drug by a licensed pharmacist or physician to address the specific needs of individual patients.
Generally, the Food, Drug, and Cosmetic Act restricts the compounding of drugs that are mere replicas of commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not classify drugs that are in shortage as commercially available.
Schultz informed Bloomberg on Monday that the company sees a “long future” in the sale of compounded semaglutide. He noted that he is not concerned about the availability of compounded semaglutide after shortages are resolved, as there will still be instances where patients require personalized prescriptions.