Hims & Hers, a telehealth platform that caters primarily to millennials, has announced the addition of Kåre Schultz to its board of directors. Schultz, who brings over 25 years of experience from Novo Nordisk—where he held various senior positions including president and chief operating officer—is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his excitement about joining Hims & Hers, stating, “Hims & Hers is on a trajectory to upend the healthcare industry. In my extensive career in pharmaceuticals, I have never seen a company utilizing modern tools to effectively dismantle barriers to health access.” His remarks reflect a growing optimism surrounding the company’s innovative approaches to healthcare.
The announcement of Schultz’s appointment coincided with a 3% uptick in Hims & Hers stock during Monday morning trading, marking a significant 125% increase since the beginning of the year. This surge comes on the heels of Hims & Hers’ recent offering of a compounded version of semaglutide, a substance found in well-known diabetes and weight loss medications like Ozempic and Wegovy. The compounded medication is available for $199, a notable contrast to Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349.
The pressing demand and limited supply of these brand-name drugs have prompted various telehealth platforms to explore the facilitation of compounded alternatives, thanks to a provision in the Food, Drug, and Cosmetic Act. This section allows for the sale of compounded medications when the originals are in short supply, enabling state-licensed pharmacists or physicians to customize drugs to meet individual patient needs.
Schultz further assured Bloomberg that the company has a “long future” in selling compounded semaglutide, suggesting robust opportunities for continuing to meet individual healthcare needs, even when shortages resolve.
Overall, the incorporation of experienced leaders like Schultz signals promising developments for Hims & Hers and highlights the company’s commitment to revolutionizing health access. Their proactive steps in providing affordable medication could lead to healthier communities and improved quality of life for many individuals.
This story is a great example of how innovation in healthcare can lead to significant changes in access and affordability for patients. With institutions embracing modern solutions and experienced professionals getting involved, there is hope for more positive transformations in the healthcare landscape.