Hims & Hers, a telehealth platform targeting millennials, announced on Monday the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
Schultz has a notable history in the pharmaceutical industry, having spent over 25 years at Novo Nordisk, where he held several key positions, including president and COO. He is now the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about Hims & Hers, stating, “This company is leveraging modern tools to break down barriers and change the status quo of how people access health solutions.” He added that he is excited to join the company on its transformative journey.
Following the announcement, Hims & Hers shares rose by 3% during Monday morning trading, marking a significant increase of 125% since the start of the year.
This development comes on the heels of Hims & Hers offering a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss treatments, Ozempic and Wegovy, produced by Novo Nordisk. The company markets a monthly supply of this weight loss medication for $199, which is considerably lower than the nearly $1,000 cost of Ozempic and $1,349 for Wegovy.
The shortage of these sought-after medications has prompted various telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, permitting the sale of compounded medications that are currently in short supply.
Compounding involves customizing a licensed drug by a pharmacist or physician to meet individual patient needs. While typically restricted, the act allows for compounded drugs that are not deemed commercially available by the U.S. Food and Drug Administration (FDA) due to shortages.
In an interview with Bloomberg, Schultz indicated that Hims & Hers has a promising future in selling compounded semaglutide, noting that there would still be a need for individualized prescriptions even after shortages end.