Telehealth platform Hims & Hers announced on Monday the addition of Kåre Schultz to its board of directors. Schultz, who has a long-standing background with Novo Nordisk, where he spent over 25 years in various roles, including president and chief operating officer, is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for 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 to live their fullest lives.” He is excited to contribute to the company’s mission.
Following the announcement, Hims & Hers shares saw a 3% rise in Monday morning trading, with a remarkable 125% increase since the start of the year.
This news follows Hims & Hers’ recent introduction of a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. The company is offering a month’s supply of the weight loss drug for $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s price of $1,349.
The demand for these brand-name medications has led several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications that are not currently available in the market. Compounding involves customizing an approved drug by a licensed pharmacist or physician to cater to the specific needs of patients.
While there are regulations against compounding drugs that merely replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in short supply as commercially available.
In an interview with Bloomberg, Schultz affirmed the company’s commitment to the compounded semaglutide market, emphasizing that there will continue to be cases necessitating individualized prescriptions even after the shortages come to an end.