Hims & Hers, a telehealth platform that appeals to millennials, announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors on Monday. Schultz has an extensive background of over 25 years in the pharmaceutical industry, having held various leadership roles, including president and chief operating officer at Novo Nordisk. He currently serves as the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed enthusiasm about Hims & Hers’ potential to transform the healthcare landscape. He praised the company for utilizing modern tools to enhance access to essential health solutions, 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.”
Hims & Hers saw a 3% rise in its stock during Monday morning trading and a remarkable 125% increase since the start of the year. This positive momentum follows the company’s recent launch of a compounded version of semaglutide, the active ingredient in popular weight loss and diabetes medications Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers offers this compounded medication at $199—a significant discount compared to the nearly $1,000 list price of Ozempic and the $1,349 price of Wegovy.
The demand for these medications has surged, prompting several telehealth platforms to leverage a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded drugs in shortage. While the law generally prohibits the compounding of drugs that are merely copies of commercially available options, it allows for these sales when there is a recognized shortage.
Schultz emphasized that Hims & Hers has a “long future” in providing compounded semaglutide, indicating confidence in the ongoing need for customized prescriptions even after the shortages are resolved.
This development not only highlights the growing influence of telehealth platforms in making healthcare more accessible but also signals a shift in how patients can acquire vital medications at more affordable prices. As the industry evolves, partnerships with experienced leaders like Schultz could further empower Hims & Hers to innovate and expand its offerings in the healthcare sector.