The telehealth platform Hims & Hers announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. This development was revealed on Monday.
Schultz, who has over 25 years of experience at Novo Nordisk, where he held various positions including president and chief operating officer, is currently serving as the CEO of Teva Pharmaceutical. He expressed enthusiasm about 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.”
Following the announcement, Hims & Hers’ stock rose by 3%, contributing to a remarkable 125% increase in share value since the start of the year.
This news arrives shortly after Hims & Hers launched a compounded version of semaglutide, the active ingredient found in popular weight loss medications Ozempic and Wegovy, which are produced by Novo Nordisk. The company is offering a month’s supply of this treatment for $199, significantly lower than the list prices of Ozempic and Wegovy, which are nearly $1,000 and $1,349 respectively.
The scarcity of these sought-after medications has led several telehealth platforms to sell compounded versions under a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded drugs in short supply. Compounding involves customizing an approved medication to meet specific patient needs.
While the FDA generally prohibits compounding drugs that mimic commercially available options, medications deemed to be in shortage are not classified as commercially available. Schultz indicated that Hims & Hers sees a promising future in the market for compounded semaglutide, and believes that individualized prescriptions will continue to be necessary even after current shortages are resolved.