Telehealth platform Hims & Hers has announced the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz, who has over 25 years of experience in the pharmaceutical industry, previously held positions such as president and chief operating officer at Novo Nordisk and is currently the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed his enthusiasm for 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, Hims & Hers stock rose by 3%, marking a 125% increase since the start of the year. This development comes after the company began offering a compounded version of semaglutide, the active component in the diabetes and weight loss drugs Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers is selling a month’s supply of this medication for $199, significantly less than the nearly $1,000 price of Ozempic and $1,349 for Wegovy.
The limited availability of these high-demand and costly brand-name drugs has prompted telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act that allows the sale of compounded medications in short supply. Compounding involves customizing an approved medication by a licensed pharmacist to meet individual patient needs.
Although the act typically prohibits the compounding of medications that are merely copies of commercially available drugs, those in shortage are classified differently by the U.S. Food and Drug Administration (FDA). Schultz indicated in an interview with Bloomberg that Hims & Hers intends to maintain its offerings of compounded semaglutide, reassuring that pharmacies will continue to fulfill individualized prescriptions even after shortages are resolved.