Hims & Hers, a telehealth platform focused on millennial consumers, has announced the appointment of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. This development was made public on Monday.
Schultz boasts over 25 years of experience with Novo Nordisk, a company renowned for its diabetes and obesity treatments, where he held several positions, including president and COO. He currently serves as the CEO of Teva Pharmaceutical.
“Hims & Hers is on a trajectory to transform the healthcare industry,” Schultz stated in a press release. “Throughout my extensive career in pharmaceuticals, this is the first company I’ve seen that is effectively utilizing modern technology to dismantle barriers and reshape how individuals access the health solutions necessary for their well-being. I am excited to join this journey.”
Following the announcement, Hims & Hers shares experienced a 3% increase during morning trading, reflecting a remarkable 125% rise since the start of the year.
This news follows Hims & Hers’ recent decision to offer customers a compounded version of semaglutide, which is the active ingredient in well-known diabetes and weight management medications like Ozempic and Wegovy, both manufactured by Novo Nordisk. The telehealth platform is selling a month’s supply of this weight loss medication for $199, significantly lower than Ozempic’s almost $1,000 price and Wegovy’s $1,349 cost.
The current limited availability of these popular and expensive branded drugs has enabled several telehealth platforms to leverage a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded medications in short supply. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet the specific requirements of individual patients.
While the Food, Drug, and Cosmetic Act generally prohibits the compounding of drugs that are mere replicas of commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
In an interview with Bloomberg on Monday, Schultz expressed confidence in the company’s long-term prospects for selling compounded semaglutide. When questioned about the ability of pharmacies to continue creating compounded semaglutide after shortages are resolved, Schultz indicated he was unconcerned, citing ongoing instances where patients might require tailored prescriptions.