Hims & Hers, a telehealth platform targeting millennials, announced on Monday the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors.
Schultz has over 25 years of experience at Novo Nordisk, a Danish pharmaceutical company renowned for its treatments for diabetes and obesity, where he held various key positions, including president and chief operating officer. He currently serves as CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for joining Hims & Hers, stating, “This company 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, shares of Hims & Hers rose by 3% during Monday morning trading, marking a 125% increase since the start of the year.
This news comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient found in popular diabetes and weight loss medications, such as Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers is pricing a month’s supply of this medication at $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349.
The limited availability of these sought-after medications has prompted several telehealth platforms to exploit a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of drugs that are in shortage. Compounding involves a licensed pharmacist or physician customizing an approved drug to meet the specific needs of a patient.
While the Food, Drug, and Cosmetic Act generally prohibits compounding drugs that replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Schultz mentioned to Bloomberg on Monday the company’s long-term plans for selling compounded semaglutide, indicating that even after shortages are resolved, there would still be instances where individualized prescriptions are necessary.