Telehealth platform Hims & Hers has announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz, who has over 25 years of experience in the pharmaceutical industry, previously served as president and chief operating officer at Novo Nordisk, and currently holds the position of CEO at Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for Hims & Hers, stating, “The company is on a trajectory to upend the healthcare 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.”
Following the announcement, Hims & Hers stock saw a 3% increase during morning trading, bringing the total gain to 125% since January.
The news comes as Hims & Hers has begun offering a compounded version of semaglutide, the key ingredient in popular diabetes and weight loss drugs like Ozempic and Wegovy, made by Novo Nordisk. The company is pricing a month’s supply of the compounded medication at $199, significantly less than Ozempic’s near $1,000 price and Wegovy’s $1,349.
The high prices and limited availability of these brand-name drugs have prompted telehealth platforms to explore the sale of compounded versions under a provision of the Food, Drug, and Cosmetic Act, which allows for this when medications are in shortage. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet the specific needs of patients.
Although the Food, Drug, and Cosmetic Act generally prohibits compounding drugs that replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs that are in shortage as commercially available.
Schultz indicated to Bloomberg that Hims & Hers sees a “long future” in marketing compounded semaglutide. When asked about the ability of pharmacies to continue making compounded semaglutide after shortages are resolved, he pointed out that there would still be circumstances where patients would require individualized prescriptions.