Telehealth platform Hims & Hers announced on Monday that it has appointed Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
Schultz, who has spent over 25 years at the Danish pharmaceutical company known for its diabetes and obesity treatments, has held various positions, including president and chief operating officer. He is currently serving as the CEO of Teva Pharmaceutical.
Schultz expressed enthusiasm about joining Hims & Hers, stating, “In my long career in the pharmaceutical industry, 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% in morning trading, with stock prices up 125% since the start of the year.
This development comes just a few months after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in the popular diabetes and weight loss medications Ozempic and Wegovy, both 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.
The limited availability of these popular and costly brand-name drugs has prompted several telehealth companies to utilize a provision of the Food, Drug, and Cosmetic Act that allows for the sale of compounded versions of medications that are in shortage. Compounding involves customizing an approved drug by a state-licensed pharmacist or physician to satisfy the specific needs of individual patients.
Generally, the Food, Drug, and Cosmetic Act prohibits the compounding of drugs that merely replicate commercially available medications. However, medications deemed to be in shortage are not classified by the U.S. Food and Drug Administration (FDA) as commercially available.
In an interview with Bloomberg, Schultz indicated that the company envisions a “long future” in the sale of compounded semaglutide. When questioned about whether pharmacies would still compound semaglutide after shortages are resolved, Schultz expressed confidence that there will continue to be cases requiring individualized prescriptions.