Telehealth platform Hims & Hers has announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz, who has over 25 years of experience in the pharmaceutical industry and is currently the CEO of Teva Pharmaceutical, expressed enthusiasm about joining Hims & Hers, highlighting the company’s potential to transform healthcare access using modern tools.
On Monday, Hims & Hers’ stock experienced a 3% increase, bringing its year-to-date growth to 125%. This announcement follows the company’s introduction of a compounded version of semaglutide, the active ingredient in Novo Nordisk’s well-known medications, Ozempic and Wegovy. Hims & Hers is offering a month’s supply of the weight loss medication for $199, significantly cheaper than the original prices of Ozempic and Wegovy.
The rise in demand for these high-cost brand-name drugs has led various telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act, allowing for the sale of compounded medications when shortages occur. Compounding involves modifying an approved drug to meet a specific patient’s needs, a practice generally restricted for medications that are commercially available.
Schultz stated in an interview that the company sees a “long future” in selling compounded semaglutide. He reassured stakeholders that even after shortages are resolved, there will still be patients who require individual prescriptions.