Hims & Hers, a telehealth platform aimed at millennials, announced the addition of Kåre Schultz to its board of directors on Monday. Schultz, who has an extensive background in the pharmaceutical industry, previously served as a senior executive at Novo Nordisk and is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about Hims & Hers’ potential to transform the healthcare industry. He mentioned that this company is uniquely positioned to use modern tools to enhance access to essential health solutions. Schultz’s considerable experience in pharmaceuticals lends credibility to Hims & Hers as it ventures into disrupting traditional healthcare models.
On Monday, Hims & Hers stock rose by 3%, reflecting a significant increase of 125% since the start of the year. The company’s momentum is bolstered by its recent launch of a compounded version of semaglutide, a key ingredient in popular diabetes and weight loss drugs created by Novo Nordisk. Hims & Hers offers a monthly supply of this medication at $199, a stark contrast to the nearly $1,000 pricing of Ozempic and $1,349 for Wegovy.
The rising demand for these medications, amid limited availability of brand-name options, has opened avenues for telehealth companies to utilize a provision in the Food, Drug, and Cosmetic Act, allowing the sale of compounded versions of drugs that are in shortage. Compounding customizes approved medications to meet individual patient needs, although the FDA typically restricts the compounding of drugs that duplicate available ones.
Schultz assured Bloomberg that Hims & Hers sees a sustainable future in providing compounded semaglutide, with a focus on individualized prescriptions even after supply shortages are resolved.
This development not only signifies a bold step for Hims & Hers but also represents a shift in how healthcare can be accessed and personalized, bringing both hope and innovation to patients seeking effective solutions. As telehealth continues to evolve, its ability to provide affordable and accessible healthcare options could significantly enhance patient well-being.