The 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 at the Danish pharmaceutical company known for its diabetes and obesity treatments, is currently the CEO of Teva Pharmaceutical.
Schultz expressed enthusiasm about Hims & Hers, stating that the company is on a path to transform the healthcare industry. He highlighted its innovative approach to breaking down barriers in accessing health solutions.
Following the announcement, Hims & Hers shares rose by 3%, marking a remarkable increase of 125% since the start of the year. This news follows the company’s recent decision to offer a compounded version of semaglutide, the active ingredient in popular weight loss and diabetes medications, Ozempic and Wegovy, which are manufactured by Novo Nordisk. Hims & Hers is providing a month’s supply of this medication for $199, significantly lower than the market prices of Ozempic and Wegovy, which can exceed $1,000 and $1,349, respectively.
The rise in demand for compounded versions of these medications stems from the limited availability of the brand-name drugs. Hims & Hers is utilizing a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications during shortages. Compounding allows pharmacists or physicians to tailor approved drugs to meet the specific needs of individual patients.
Typically, compounding drugs that replicate commercially available medications is not allowed, but the FDA does not consider drugs in shortage as commercially available. Schultz reaffirmed the company’s commitment to selling compounded semaglutide, indicating a “long future” in this market. He also noted that there will continue to be needs for individualized prescriptions even after shortages are resolved.