Hims & Hers, a telehealth platform focused on millennials, announced on Monday that Kåre Schultz, a veteran executive from Novo Nordisk, has joined its board of directors.
Schultz has over 25 years of experience with the Danish pharmaceutical company, recognized for its diabetes and obesity medications, holding various positions including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm, stating, “Hims & Hers is on a trajectory to upend the healthcare industry. In my long career in the pharmaceutical industry, 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.”
The announcement coincided with a 3% increase in Hims & Hers stock during Monday morning trading, marking a 125% rise since the start of the year.
This development follows Hims & Hers’ recent introduction of a compounded version of semaglutide, the active component in the well-known diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers offers a month’s supply of the weight loss drug for $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349.
The high demand and limited supply of these brand-name medications have prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of drugs in shortage. Compounding involves customizing an approved medication by a licensed pharmacist or physician to address the specific needs of individual patients.
Typically, the Food, Drug, and Cosmetic Act restricts the compounding of drugs that are merely copies of commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not categorize drugs in shortage as commercially available.
In a conversation with Bloomberg, Schultz indicated that the company has a “long future” in supplying compounded semaglutide. When asked about the future availability of compounded semaglutide post-shortage, Schultz expressed confidence that there would still be situations requiring individualized prescriptions for patients.