Hims & Hers, a telehealth platform that caters primarily to millennials, announced the appointment of Kåre Schultz to its board of directors on Monday. Schultz, who has a distinguished career with Novo Nordisk, a leader in diabetes and obesity medications, previously served 25 years in various senior roles, including president and chief operating officer. Currently, he is 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.” His comments highlight the innovative direction of the company in transforming healthcare access.
Following the announcement, Hims & Hers stock increased by 3% during morning trading and has seen a remarkable rise of 125% since the beginning of the year. This comes at a pivotal time when the company has begun offering a compounded version of semaglutide, the active ingredient in the weight loss medication Ozempic and diabetes drug Wegovy, both produced by Novo Nordisk. Hims & Hers is providing a month’s supply of this treatment for $199, significantly lower than the list prices of its brand-name counterparts—Ozempic at nearly $1,000 and Wegovy at $1,349.
The availability of these medications has been limited, leading multiple telehealth platforms to explore compounded options, leveraging a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications that are currently in short supply. Compounding allows state-licensed pharmacists or physicians to customize medications to meet individual patient needs.
Despite concerns about future availability of compounded semaglutide, Schultz noted that the demand for individualized prescriptions would still persist, suggesting a promising outlook for Hims & Hers in this niche market.
In summary, Hims & Hers is positioned for significant growth and innovation, with a focus on making healthcare more accessible and affordable. The strategic addition of Kåre Schultz to the board may enhance the company’s authority in the pharmaceutical landscape, empowering it to navigate challenges while responding to market demands. This development underscores a positive shift in healthcare where patients gain more control and accessibility to necessary treatments.