Telehealth company Hims & Hers has announced 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 giant, where he held various positions including president and chief operating officer. 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 to live their fullest lives.”
Following the announcement, Hims & Hers stock rose by 3% during Monday morning trading and has increased by 125% since the start of the year.
The news follows Hims & Hers’ recent launch of a compounded version of semaglutide, the main ingredient in well-known diabetes and weight loss medications, Ozempic and Wegovy, which are produced by Novo Nordisk. The company is selling a month’s supply of the compounded medication for $199, significantly lower than the nearly $1,000 price for Ozempic and $1,349 for Wegovy.
Due to the high demand and limited supply of these brand-name drugs, several telehealth platforms have utilized a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications during shortages. Compounding allows pharmacists or physicians to tailor an approved drug to the specific needs of an individual patient.
While the FDA generally prohibits compounding drugs that replicate commercially available medications, drugs categorized as being in shortage are not considered commercially available. Schultz noted in an interview with Bloomberg that the company anticipates a “long future” in the compounded semaglutide market. When asked about the potential end of shortages, he indicated confidence that pharmacies would still be able to provide compounded medications to meet individualized patient needs.