Hims & Hers, a telehealth platform targeting millennials, has announced the addition of Kåre Schultz to its board of directors. Schultz, a veteran executive from Novo Nordisk, where he worked for over 25 years, currently serves as the CEO of Teva Pharmaceutical.
In a press statement, Schultz praised Hims & Hers for its innovative approach to healthcare. He remarked, “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 morning trading, marking a 125% rise since the start of the year. This news comes shortly after the company began offering a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications like Ozempic and Wegovy, produced by Novo Nordisk.
The compounded medication is available for $199 per month, which is significantly lower than the list prices of Ozempic at nearly $1,000 and Wegovy at $1,349. This move is part of a larger trend in which various telehealth platforms are utilizing a provision of the Food, Drug, and Cosmetic Act to sell compounded medications that are in short supply.
Compounding involves customizing an approved drug by a licensed pharmacist or physician to address the individual needs of a patient. Although the law generally prohibits making copies of commercially available drugs, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
In an interview with Bloomberg, Schultz expressed confidence in the long-term prospects for selling compounded semaglutide. He also noted that there would continue to be circumstances where patients require personalized prescriptions, even after existing shortages are resolved.