Telehealth platform Hims & Hers has announced the addition of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors.
Schultz brings over 25 years of experience from the Danish pharmaceutical company, known for its diabetes and obesity treatments, having held various significant roles including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for Hims & Hers, stating, “This company 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 indicated his excitement to participate in the company’s journey to transform the healthcare industry.
Following this announcement, Hims & Hers’ stock saw a 3% rise in Monday morning trading, reflecting a 125% increase in share value since the start of the year.
This development comes in the wake of Hims & Hers launching a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight loss drugs Ozempic and Wegovy, both produced by Novo Nordisk. Hims & Hers offers a month’s supply of this weight loss medication for $199, significantly less than the nearly $1,000 price of Ozempic and $1,349 for Wegovy.
The shortage of these competitive and costly brand-name drugs has allowed several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act permitting the sale of compounded versions of medications in shortage. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet individual patient needs.
Generally, the Act prohibits compounding drugs that merely replicate commercially available medications; however, those in shortage are not classified as commercially available by the U.S. Food and Drug Administration (FDA).
Schultz remarked to Bloomberg that the company sees a promising future in selling compounded semaglutide. He reassured that even after shortages are resolved, pharmacies will still have the ability to produce compounded semaglutide for patients needing personalized prescriptions.