Hims & Hers, a telehealth platform that caters primarily to millennials, announced on Monday the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz brings more than 25 years of experience in the pharmaceutical industry, where he held various significant roles at Novo Nordisk, including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In his statement, Schultz expressed enthusiasm about Hims & Hers’ mission to revolutionize the healthcare landscape. He highlighted the company’s innovative approach to breaking down barriers in accessing health solutions, stating, “It’s the first company I have seen that is leveraging today’s modern tools to truly break down barriers and change the status quo.”
The announcement positively impacted Hims & Hers’ stock, which rose by 3% during Monday’s trading session, bringing the total increase to 125% since the start of the year. This surge follows the company’s recent introduction of a compounded version of semaglutide, an active ingredient in popular diabetes and weight loss medications, Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers is offering a month’s supply of this medication for $199, significantly lower than the original prices of Ozempic and Wegovy, which can exceed $1,000 and $1,349, respectively.
The limited availability of these high-demand brand-name drugs has prompted telehealth platforms to explore a provision within the Food, Drug, and Cosmetic Act that allows for the sale of compounded medications in case of shortages. This act enables licensed pharmacists or physicians to customize drugs to meet individual patient needs. Although compounding is generally restricted to prevent duplication of available medications, the FDA does not classify drugs in shortage as commercially available.
Schultz spoke on Bloomberg about the future of Hims & Hers, indicating confidence in the long-term provision of compounded semaglutide. He acknowledged that even after current shortages are resolved, there would still be instances where patients require personalized prescriptions.
In summary, Hims & Hers is poised for growth under the leadership of Kåre Schultz, whose extensive background in the pharmaceutical sector can leverage the company’s innovative approaches. As the telehealth field continues to evolve, the focus on affordability and accessibility of medications like semaglutide could potentially alter the landscape of healthcare, providing hope for many patients seeking effective solutions without the overwhelming costs associated with traditional medications.