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. This announcement was made on Monday.
Schultz has an extensive background in the pharmaceutical industry, having worked for over 25 years at Novo Nordisk, which is renowned for its diabetes and obesity treatments. His previous roles there included president and chief operating officer, and he currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for the company’s mission: “Hims & Hers is on a trajectory to upend the healthcare industry. 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’ stock rose by 3% during morning trading and has seen a remarkable 125% increase since the start of the year.
This news follows Hims & Hers’ recent introduction of a compounded version of semaglutide, the active ingredient in the popular diabetes and weight loss medications Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers offers a month’s supply of this weight loss medication for $199, significantly lower than the nearly $1,000 price of Ozempic and the $1,349 price of Wegovy.
The ongoing shortages of these high-demand brand-name medications have prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that allows for the sale of compounded medications that are in limited supply. Compounding allows state-licensed pharmacists or physicians to tailor an approved medication to meet the specific needs of individual patients.
Generally, the Food, Drug, and Cosmetic Act restricts the compounding of drugs that are mere replicas of existing commercial medications. However, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Schultz indicated to Bloomberg that Hims & Hers has a “long future” in offering compounded semaglutide. When asked about the future availability of compounded semaglutide once shortages are resolved, Schultz mentioned that he believes there will still be a need for individualized prescriptions.