Hims & Hers, a telehealth platform favored by millennials, announced on Monday the addition of Kåre Schultz to its board of directors. Schultz brings over 25 years of experience from Novo Nordisk, where he held various leadership roles, including president and COO. Currently, he serves as the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed enthusiasm for Hims & Hers, noting its potential to transform the healthcare landscape. “This is the first company I’ve encountered that utilizes modern tools to dismantle barriers and innovate access to necessary health solutions,” he remarked. His excitement reflects the growing interest in telehealth solutions that cater to patients seeking streamlined healthcare.
The announcement positively influenced Hims & Hers stock, which rose by 3% on the same day. Since the year began, the company’s shares have seen an impressive increase of 125%.
This development comes on the heels of Hims & Hers launching a compounded version of semaglutide, the active ingredient found in the sought-after diabetes and weight loss medications Ozempic and Wegovy, both produced by Novo Nordisk. Hims & Hers is offering a month’s supply of this medication for $199, significantly lower than the list prices of Ozempic and Wegovy, which can reach nearly $1,000 and $1,349 respectively.
The scarcity of these high-demand drugs has allowed various telehealth platforms to leverage a provision within the Food, Drug, and Cosmetic Act that permits the sale of compounded medications during shortages. Compounding allows licensed pharmacists or physicians to customize medications to meet the specific needs of patients. Typically, this practice is restricted to avoid the sale of mere copies of commercially available drugs, but the FDA does not classify drugs that are currently in shortage as commercially available.
Schultz conveyed confidence about the company’s future in the compounded semaglutide market, reassuring that even after shortages are resolved, there would still be many cases where unique, individualized prescriptions would be required.
This partnership and the innovative approaches employed by Hims & Hers suggest a promising shift in the healthcare sector, aiming to provide accessible and affordable solutions to a wider range of patients.
Overall, the addition of Schultz to the board highlights the company’s commitment to leading change in healthcare access and delivery.