Hims & Hers, a telehealth platform targeting millennials, announced on Monday the addition of Kåre Schultz to its board of directors. Schultz is a veteran of Novo Nordisk, where he spent over 25 years in various leadership roles, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
Schultz expressed enthusiasm for joining Hims & Hers, stating, “This is the first company I have seen that is leveraging today’s modern tools to truly break down barriers in accessing health solutions.” He aims to contribute to the company’s mission to transform the healthcare industry.
The news coincides with a 3% increase in Hims & Hers stock during Monday morning trading, marking a 125% rise since the start of the year.
Hims & Hers recently began offering a compounded version of semaglutide, the active ingredient in Novo Nordisk’s well-known diabetes and weight loss medications, Ozempic and Wegovy. They are selling a month’s supply of this compounded weight loss drug for $199, significantly less than the list prices of Ozempic and Wegovy, which are close to $1,000 and $1,349, respectively.
The limited availability of these brand-name drugs has led multiple telehealth platforms to sell compounded versions under a provision of the Food, Drug, and Cosmetic Act that permits such sales when approved medications are in shortage. Compounding involves personalizing an approved drug by a licensed pharmacist or physician to suit individual patient needs.
While the FDA generally prohibits compounding copies of commercially available medications, drugs in shortage are not classified as commercially available. Schultz indicated to Bloomberg that Hims & Hers envisions a sustainable future for selling compounded semaglutide. He assured that even after shortages resolve, pharmacies will continue to provide compounded versions to meet patients’ unique prescription needs.