Telehealth platform Hims & Hers has announced the addition of Kåre Schultz to its board of directors. Schultz, a veteran of Novo Nordisk, brings over 25 years of pharmaceutical experience to the company. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for 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 to live their fullest lives. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers stock saw a 3% increase in morning trading, with shares rising 125% since the beginning of the year.
This development follows Hims & Hers’ recent offering of a compounded version of semaglutide, an active ingredient in popular medications for diabetes and weight loss, namely Ozempic and Wegovy, which are made by Novo Nordisk. The company is selling a month’s supply of this weight loss medication for $199, significantly lower than the nearly $1,000 price of Ozempic and $1,349 for Wegovy.
The limited availability of these expensive brand-name drugs has prompted telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications in shortage. Compounding involves customizing an approved drug by a licensed pharmacist to meet individual patient needs.
While the law typically prohibits compounding drugs that replicate commercially available medications, those deemed in shortage are exempt from this rule according to the U.S. Food and Drug Administration (FDA). Schultz told Bloomberg that Hims & Hers has a promising future in selling compounded semaglutide and downplayed concerns about the future availability of compounded versions after shortages are resolved, citing ongoing patient needs for individualized prescriptions.