Hims & Hers, a telehealth platform catering to millennials, announced on Monday the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors.
Schultz brings over 25 years of experience from the Danish pharmaceutical company, known for its diabetes and obesity treatments, where he held various senior roles including president and chief operating officer. He is currently serving as the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed enthusiasm about 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. I’m thrilled to be a part of this journey.”
Following the announcement, shares of Hims & Hers rose by 3% during Monday morning trading and have increased by 125% since the start of the year.
This development coincides with Hims & Hers’ recent offering of a compounded version of semaglutide, the active ingredient found in popular drugs like Ozempic and Wegovy, both produced by Novo Nordisk. The company is marketing a month’s supply of the weight loss medication at $199, significantly less than Ozempic’s nearly $1,000 list price and Wegovy’s $1,349 price.
The ongoing supply constraints of these sought-after medications have allowed several telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act, enabling them to sell compounded versions of medications that are currently in shortage.
Compounding involves customizing an approved drug so that it meets the unique needs of individual patients, typically done by licensed pharmacists or physicians. While the Food, Drug, and Cosmetic Act usually prohibits compounding drugs that are simply replicas of commercially available products, those that are in short supply are deemed not commercially available by the U.S. Food and Drug Administration (FDA).
Schultz commented to Bloomberg that the company plans to continue selling compounded semaglutide in the long term. When asked about the future of compounding semaglutide once the shortages are resolved, Schultz expressed confidence that there would still be a need for individualized prescriptions.