Hims & Hers, a telehealth platform catering to millennials, announced the addition of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors on Monday.
Schultz, who has over 25 years of experience at the Danish pharmaceutical company known for its diabetes and obesity treatments, held various positions including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm about joining Hims & Hers, stating, “This company is leveraging modern tools to truly break down barriers and change the status quo of how people access health solutions.” He believes Hims & Hers is on a path to transform the healthcare industry and is excited to be part of that journey.
Following the announcement, Hims & Hers stock experienced a 3% increase during Monday morning trading, with shares up 125% since the beginning of the year.
This news arrives shortly after Hims & Hers began offering a compounded version of semaglutide, the key ingredient in the well-known diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers is selling a month’s supply of this weight loss drug for $199, significantly less than Ozempic’s nearly $1,000 and Wegovy’s $1,349 retail prices.
The limited availability of these high-demand medications has prompted various telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded medications in short supply. Compounding allows state-licensed pharmacists or physicians to customize an approved drug to meet specific patient needs.
While the Food, Drug, and Cosmetic Act typically prohibits compounding drugs that are merely duplicates of commercially available products, the FDA does not classify medications in shortage as commercially available.
In an interview with Bloomberg, Schultz indicated that Hims & Hers sees a promising future in offering compounded semaglutide. He expressed confidence that pharmacies will still be able to provide compounded semaglutide even after the shortages are resolved, due to ongoing patient needs for personalized prescriptions.