Hims & Hers, a telehealth platform targeting millennials, announced on Monday the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
Schultz, who has over 25 years of experience with Novo Nordisk, a pharmaceutical company recognized for its diabetes and obesity treatments, has held various positions including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for Hims & Hers, stating, “This company is leveraging modern tools to 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, Hims & Hers’ stock rose by 3% during morning trading and has increased by 125% since the start of the year.
This development comes shortly after Hims & Hers introduced a compounded version of semaglutide, the main ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. The telehealth platform is offering a month’s supply of this weight loss medication for $199, significantly less than Ozempic’s nearly $1,000 price and Wegovy’s price of $1,349.
The scarcity of these in-demand and pricey brand-name medications has prompted several telehealth companies to utilize a provision in the Food, Drug, and Cosmetic Act, which permits the sale of compounded medications that are in short supply. Compounding involves customizing an approved medication by a licensed pharmacist or physician to meet a specific patient’s needs.
Typically, the Food, Drug, and Cosmetic Act restricts compounding drugs that replicate commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not classify medications in shortage as commercially available.
In an interview with Bloomberg, Schultz indicated that Hims & Hers sees a “long future” in marketing compounded semaglutide. When questioned about the ability of pharmacies to continue producing compounded semaglutide after shortages are resolved, Schultz was confident, noting that there will still be instances where patients require individualized prescriptions.