Telehealth platform Hims & Hers has announced the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz, who has over 25 years of experience at the Danish pharmaceutical company known for its diabetes and obesity treatments, currently serves as the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed enthusiasm for Hims & Hers, stating, “Hims & Hers is on a trajectory to upend the healthcare industry… 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.”
Following the announcement, Hims & Hers stock rose by 3% during morning trading, contributing to a remarkable 125% increase since the start of the year.
The news follows Hims & Hers’ recent introduction of a compounded version of semaglutide, the active ingredient in popular weight loss medications Ozempic and Wegovy, which are produced by Novo Nordisk. Hims & Hers is offering a month’s supply of the compounded medication for $199, significantly lower than the nearly $1,000 list price of Ozempic and $1,349 for Wegovy.
The ongoing shortage of these high-demand medications has allowed various telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of drugs that are in limited supply. This process involves customizing approved medications by licensed pharmacists or physicians to suit the specific needs of patients.
Typically, the act prohibits compounding drugs that merely replicate commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not consider drugs in shortage to be commercially available. Schultz indicated to Bloomberg that Hims & Hers sees a “long future” in supplying compounded semaglutide and noted that even after shortages end, there would still be a need for individualized prescriptions in certain cases.