Hims & Hers, a telehealth platform aimed primarily at millennials, announced on Monday the addition of Kåre Schultz, a veteran of Novo Nordisk, to its board of directors.
Schultz, who has over 25 years of experience with the Danish pharmaceutical company known 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 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. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers shares increased by 3% during Monday morning trading, climbing 125% since the start of the year.
The development comes after Hims & Hers recently began offering customers compounded semaglutide, the active ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, both produced by Novo Nordisk. The company is selling a month’s supply of the weight loss medication for $199, significantly cheaper than the nearly $1,000 price for Ozempic and the $1,349 for Wegovy.
The limited availability of these highly sought-after medications has prompted telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act, which permits the sale of compounded medications that are in shortage. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet the individual needs of a patient.
Typically, the act restricts compounding drugs that are merely copies of commercially available medications; however, those in shortage are not classified as commercially available by the U.S. Food and Drug Administration (FDA).
Schultz commented to Bloomberg on Monday that he sees a “long future” for the sale of compounded semaglutide. When asked about the prospect of pharmacies continuing to make compounded semaglutide after shortages end, Schultz indicated that he was not concerned, as there would still be instances where patients require tailored prescriptions.