Telehealth platform Hims & Hers has announced the addition of Kåre Schultz, a former executive of Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience from the Danish pharmaceutical company, where he held various key roles 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 shares rose by 3% during morning trading, marking a 125% increase since January. This development comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, which are manufactured by Novo Nordisk. Hims & Hers is pricing their month’s supply of the medication at $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349 cost.
The limited availability of these brand-name drugs has prompted several telehealth companies to utilize a provision in the Food, Drug, and Cosmetic Act, allowing the sale of compounded medications that are currently in shortage. Compounding is when a licensed pharmacist or physician customizes an approved drug to meet specific patient needs. While the act generally prohibits compounding medications that are merely copies of commercially available drugs, those in shortage are classified differently by the U.S. Food and Drug Administration (FDA).
Schultz noted in an interview with Bloomberg that he sees a “long future” for Hims & Hers in providing compounded semaglutide. He also reassured that even after shortages end, individualized prescriptions would still warrant the need for compounding.