Telehealth platform Hims & Hers announced on Monday the appointment of Kåre Schultz, a veteran of Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience from the Danish pharmaceutical giant, known for its diabetes and obesity treatments, where he held various positions including president and chief operating officer. He currently serves as CEO of Teva Pharmaceutical.
In a press release, Schultz expressed 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.” He believes the company is poised to make significant changes in the healthcare industry.
Following the announcement, Hims & Hers saw its stock rise by 3% during morning trading and has experienced a 125% increase year-to-date. This development coincides with the company’s launch of a compounded version of semaglutide, the active ingredient in popular medications Ozempic and Wegovy, which are both manufactured by Novo Nordisk.
Hims & Hers is offering a month’s supply of its weight loss medication for $199, significantly less than the nearly $1,000 price of Ozempic and the $1,349 for Wegovy. The limited availability of these brand-name drugs has led telehealth services to utilize a provision in the Food, Drug, and Cosmetic Act, which permits the sale of compounded medications during shortages.
Compounding involves customizing an approved drug by a licensed pharmacist or physician to match the needs of individual patients. Generally, the law prohibits creating compounded drugs that mimic commercially available medications, but the FDA does not classify drugs that are in shortage as commercially available.
Schultz noted in an interview with Bloomberg that Hims & Hers has a promising future in the sale of compounded semaglutide. He reassured that even after shortages are resolved, there will still be situations necessitating customized prescriptions for patients.