Hims & Hers, a telehealth platform popular with millennials, announced on Monday the appointment of Kåre Schultz to its board of directors. Schultz brings over 25 years of experience from Novo Nordisk, where he held notable positions, including president and chief operating officer, and he is currently the CEO of Teva Pharmaceuticals.
In a press release, Schultz expressed his enthusiasm for joining Hims & Hers, 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 of how people access the health solutions they need to live their fullest lives.”
Following the announcement, Hims & Hers shares rose by 3% during the morning trading session and have increased by 125% since the start of the year.
This development follows Hims & Hers’ recent move to offer compounded versions of semaglutide, the active ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, which are manufactured by Novo Nordisk. The company is pricing a month’s supply of the compounded semaglutide at $199, significantly less than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349.
The scarcity of these high-demand, expensive brand-name medications has prompted several telehealth providers to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications during times of shortage. Compounding involves customizing an approved medication by a licensed pharmacist or physician to cater to the unique needs of individual patients.
Generally, the Food, Drug, and Cosmetic Act restricts the compounding of drugs that resemble commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not classify drugs that are currently in shortage as commercially available.
In an interview with Bloomberg, Schultz indicated that Hims & Hers sees a “long future” in selling compounded semaglutide. When questioned about the availability of compounded semaglutide post-shortages, Schultz expressed confidence that there would always be cases requiring individualized prescriptions.