The telehealth platform Hims & Hers, which caters primarily to millennials, has announced the addition of Kåre Schultz to its board of directors. Schultz, a seasoned executive with over 25 years at Novo Nordisk, where he played vital roles including president and chief operating officer, is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for joining Hims & Hers, stating, “Hims & Hers is on a trajectory to upend the healthcare industry.” He commended the company for utilizing modern tools to remove barriers and transform how individuals access necessary health solutions, highlighting its potential to enhance people’s quality of life.
Following the announcement, Hims & Hers experienced a 3% surge in stock prices during morning trading, boasting a remarkable 125% increase since the start of the year. This positive momentum comes on the heels of the company’s new offering: a compounded version of semaglutide, a key ingredient in the popular diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers markets a month’s supply of the weight loss medication for $199, which is significantly cheaper than the brand-name alternatives, priced at nearly $1,000 and $1,349, respectively.
The limited supply of high-demand medications has emboldened telehealth platforms to leverage a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded medications during shortages. This process, performed by state-licensed pharmacists or physicians, allows for medication customization to suit individual patient needs.
While compounding drugs that replicate commercially available medications is generally prohibited, the FDA does not classify drugs in shortage as commercially available. Schultz noted that Hims & Hers sees a “long future” in the sale of compounded semaglutide, indicating a commitment to personalization in patient care even when the current shortages end.
This development signals a shift in the healthcare landscape, with Hims & Hers positioned to play a transformative role in making essential medications more accessible and affordable.
As Hims & Hers moves forward, it embodies a hopeful narrative of innovation in healthcare, providing patients with valuable alternatives and personalized treatment options during a time of rising medication costs.
In summary, the appointment of Kåre Schultz signifies strategic growth for Hims & Hers, which is becoming a prominent player in the telehealth space while making significant strides in pharmaceutical innovation.