Telehealth platform Hims & Hers has announced the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz has over 25 years of experience at the Danish pharmaceutical company, particularly in roles related to diabetes and obesity medications, and is currently serving as the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed enthusiasm about Hims & Hers’ potential to revolutionize healthcare, stating, “This is the first company I have seen that is leveraging today’s modern tools to truly break down barriers.” He highlighted the company’s mission to improve access to health solutions, which he finds exciting.
Following the announcement, shares of Hims & Hers increased by 3%, marking a 125% rise since the beginning of the year. This development comes shortly after the company began offering a compounded version of semaglutide, the active ingredient in popular weight loss and diabetes medications, which are produced by Novo Nordisk. Hims & Hers is providing a month’s supply of this medication for $199, significantly cheaper than the nearly $1,000 price for Ozempic and $1,349 for Wegovy.
The burgeoning demand for these high-priced medications has prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded drugs during shortages. Compounding involves customizing medications by state-licensed pharmacists or physicians to suit individual patient needs.
While the Act generally prevents the compounding of drugs that are commercially available, drugs in shortage do not fall under this category according to the FDA. Schultz expressed confidence in the future of compounded semaglutide sales, noting that individual patient needs will continue to support this market, even after shortages are resolved.