Telehealth platform Hims & Hers announced on Monday the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience from the Danish pharmaceutical company, where he held various positions, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about 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. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers stock rose by 3%, achieving a total increase of 125% since the start of the year. This news comes shortly after the company began offering a compounded version of semaglutide, the active ingredient in drugs like Ozempic and Wegovy, both manufactured by Novo Nordisk.
Hims & Hers has priced a month’s supply of the weight loss medication at $199, significantly lower than the list prices of Ozempic at nearly $1,000 and Wegovy at $1,349. The high demand for these expensive brand-name medications, which are often in short supply, has led several telehealth platforms to sell compounded versions under a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications in shortage.
While the Act generally prohibits the compounding of drugs that replicate commercially available medications, it does not deem drugs considered short in supply as commercially available. Schultz shared with Bloomberg on Monday that he sees a “long future” in selling compounded semaglutide and reassured that there will still be instances where patients require individualized prescriptions, even when shortages are resolved.