Hims & Hers, the telehealth platform catering primarily to millennials, announced the appointment of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors this past Monday. Schultz has dedicated more than 25 years to the Danish pharmaceutical company, recognized for its advancements in diabetes and weight loss medications, and is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for Hims & Hers, stating that the company is uniquely positioned to disrupt the healthcare industry. He noted, “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 this announcement, Hims & Hers experienced a 3% increase in stock value during morning trading, contributing to a remarkable 125% rise in shares since the start of the year.
The timing of Schultz’s appointment is particularly significant, as Hims & Hers recently began offering a compounded version of semaglutide—the ingredient found in well-known diabetes and weight loss medications, Ozempic and Wegovy, both produced by Novo Nordisk. The telehealth provider sells this compounded medication for $199 a month, a considerable reduction compared to the original prices of Ozempic and Wegovy, which approach $1,000 and $1,349, respectively.
With an ongoing shortage of these premium medications, several telehealth platforms, including Hims & Hers, are taking advantage of a provision in the Food, Drug, and Cosmetic Act that allows the sale of compounded medications in response to shortages.
Schultz affirmed to Bloomberg that Hims & Hers sees a “long future” in offering compounded semaglutide. He also mentioned that even after shortages are resolved, there will still be cases requiring individualized prescriptions from pharmacies.
This strategic move suggests a hopeful outlook for Hims & Hers in reshaping access to essential healthcare solutions, potentially making a significant impact on patient care and affordability in the pharmaceutical industry.
As the telehealth sphere continues to evolve, the collaboration of experienced professionals like Schultz could play a vital role in enhancing innovative healthcare delivery systems that prioritize patient-centric approaches.