The telehealth platform Hims & Hers has appointed Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors. Schultz, who has over 25 years of experience at the Danish pharmaceutical company known for its diabetes and obesity treatments, currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz stated, “Hims & Hers is on a trajectory to upend the healthcare industry. In my long career in the pharmaceutical sector, this is the first company I have seen that utilizes modern tools to break down barriers and transform how individuals access essential health solutions.” He expressed excitement about joining the company.
Following the announcement, Hims & Hers shares rose by 3% during morning trading and have surged 125% since the start of the year.
This news coincides with Hims & Hers launching a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, which are manufactured by Novo Nordisk. The company is offering a month’s supply of the weight loss drug at $199, significantly lower than the nearly $1,000 price of Ozempic and $1,349 for Wegovy.
The ongoing shortage of these high-demand brand-name medications has prompted several telehealth platforms to leverage a provision of the Food, Drug, and Cosmetic Act, permitting the sale of compounded versions of drugs in shortage. Compounding involves customizing a licensed medication by a pharmacist or physician to meet a patient’s specific needs.
While the Food, Drug, and Cosmetic Act generally restricts the compounding of drugs that are essentially copies of available medications, the FDA does not classify drugs in shortage as commercially available.
Schultz commented on the company’s future with compounded semaglutide, indicating confidence that individualized needs will sustain a market for such prescriptions even after current shortages resolve.