Hims & Hers, a telehealth platform aimed at millennials, announced Monday the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
Schultz has over 25 years of experience in the pharmaceutical industry, having held various roles at the Danish company known for its diabetes and obesity treatments. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for 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.”
On Monday, Hims & Hers saw a 3% increase in its stock during morning trading, bringing the total rise in share value to 125% since the start of the year.
This announcement follows Hims & Hers’ recent introduction of a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss drugs Ozempic and Wegovy, manufactured by Novo Nordisk. Hims & Hers offers a month’s supply of this weight loss medication for $199, significantly lower than the list prices of Ozempic and Wegovy, which are nearly $1,000 and $1,349, respectively.
The limited availability of these high-demand medications has prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, enabling them to sell compounded versions of drugs that are in short supply. Compounding involves customizing an approved medication by a state-licensed pharmacist or physician to meet individual patient needs.
While the FDA generally prohibits compounding drugs that are simply copies of available medications, those in shortage are not classified as commercially available.
In an interview with Bloomberg, Schultz remarked that the company anticipates a “long future” in providing compounded semaglutide. He also indicated that he is not concerned about pharmacies being able to continue producing compounded semaglutide post-shortage, citing ongoing needs for individualized prescriptions.