Hims & Hers, a telehealth platform geared towards millennials, announced the addition of Kåre Schultz, a veteran of Novo Nordisk, to its board of directors on Monday.
Schultz brings over 25 years of experience from the Danish pharmaceutical company, renowned for its diabetes and obesity medications, where he held various positions including president and chief operating officer. Currently, he serves as the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed his enthusiasm for joining Hims & Hers, stating, “The company is on a trajectory to transform the healthcare industry. Throughout my lengthy career in pharmaceuticals, this is the first organization I’ve encountered that effectively utilizes modern tools to eliminate barriers and alter how individuals access essential health solutions for improved living.”
Following the announcement, Hims & Hers’ stock saw a 3% increase during morning trading, bringing its year-to-date rise to 125%.
This development arrives shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight loss medications Ozempic and Wegovy, manufactured by Novo Nordisk.
The company is retailing a month’s supply of the weight loss drug for $199, significantly lower than Ozempic’s approximate $1,000 retail price and Wegovy’s $1,349 pricing.
The ongoing scarcity of these sought-after medications has led several telehealth platforms to utilize provisions of the Food, Drug, and Cosmetic Act, which permits the sale of compounded alternatives for drugs experiencing shortages.
Compounding involves tailoring an approved drug by a licensed pharmacist or physician to address the unique needs of individual patients.
While the Food, Drug, and Cosmetic Act typically restricts the compounding of drugs that replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Speaking with Bloomberg, Schultz emphasized confidence in the company’s future in providing compounded semaglutide. When queried about the feasibility of pharmacies continuing to compound semaglutide post-shortages, he remarked that he is not concerned, as personalized prescriptions will still be necessary for certain patients.