Hims & Hers, a telehealth platform designed for millennials, announced on Monday the addition of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors.
With over 25 years of experience at the Danish pharmaceutical firm, which is renowned for its diabetes and obesity treatments, Schultz has held various positions, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his 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.”
During Monday morning trading, Hims & Hers stock experienced a 3% increase and has surged 125% this year.
This announcement follows Hims & Hers’ recent move to offer a compounded version of semaglutide, the active ingredient in the widely used diabetes and weight loss medications Ozempic and Wegovy from Novo Nordisk. Hims & Hers is providing a month’s supply of the weight loss medication for $199, significantly less than Ozempic’s nearly $1,000 price and Wegovy’s $1,349.
The high demand and limited availability of these brand-name drugs have led several telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded drugs in short supply. Compounding involves customizing an approved medication by a licensed pharmacist or physician to suit individual patient needs.
While the Food, Drug, and Cosmetic Act generally prohibits the compounding of drugs that merely replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Schultz stated in an interview with Bloomberg that the company has a “long future” in the sale of compounded semaglutide. He also mentioned that he is not concerned about pharmacies being able to produce compounded semaglutide after shortages are resolved, as there will still be circumstances requiring individualized prescriptions.