The telehealth platform Hims & Hers has announced the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience from Novo Nordisk, where he held various positions, including president and COO. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for Hims & Hers, stating that the company is poised to transform the healthcare industry by utilizing modern tools to enhance access to health solutions. He noted the potential impact of the company’s innovations on patients’ lives and looks forward to contributing to its journey.
Following the announcement, Hims & Hers saw a 3% increase in stock prices during morning trading, bringing its total gain to 125% since the start of the year.
This news arrives shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient found in Novo Nordisk’s popular diabetes and weight loss drugs, Ozempic and Wegovy. The company is marketing its version at $199 for a month’s supply, significantly lower than the list prices of Ozempic and Wegovy, which are nearly $1,000 and $1,349, respectively.
The shortage of these brand-name medications has led several telehealth providers to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded forms of drugs that are in limited supply. Compounding involves customizing an approved medication by a licensed pharmacist or physician to suit the individual needs of a patient.
Generally, the Act restricts compounding drugs that replicate commercially available medications. However, medications considered to be in shortage may not be viewed as commercially available by the U.S. Food and Drug Administration (FDA).
Schultz conveyed confidence in the company’s future in offering compounded semaglutide, stating that even after current shortages are resolved, there will still be circumstances where patients require tailored prescriptions.