Hims & Hers, a telehealth platform aimed at millennials, has announced the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience in the pharmaceutical industry, having held various positions, including president and chief operating officer at Novo Nordisk, which is recognized for its diabetes and obesity medications. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed excitement about joining 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.”
Following this announcement, shares of Hims & Hers saw a 3% increase in morning trading, reflecting a 125% rise since the start of the year.
The company recently began offering a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications such as Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers is pricing a month’s supply of the weight loss medication at $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349.
Due to the limited availability of these high-demand medications, several telehealth platforms are utilizing a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded medications in shortage. Compounding involves customizing an approved drug to meet the individual needs of patients, typically performed by state-licensed pharmacists or physicians.
While the Food, Drug, and Cosmetic Act generally prohibits compounding drugs that are merely replicas of commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Schultz conveyed to Bloomberg that he envisions a “long future” for the company in selling compounded semaglutide. When asked about the future of compounded semaglutide availability once shortages are resolved, Schultz stated he was not concerned, indicating that there will continue to be situations where patients require personalized prescriptions.