Hims & Hers, a telehealth platform aimed at millennials, announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors on Monday. Schultz has over 25 years of experience at the Danish pharmaceutical company, known for its diabetes and obesity medications, where he held various positions including president and chief operating officer. Currently, he serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for joining 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 shares rose by 3% in morning trading and have increased by 125% since the start of the year.
This development follows Hims & Hers’ recent decision to offer compounded semaglutide, the active ingredient in the popular diabetes and weight loss medications Ozempic and Wegovy, which are produced by Novo Nordisk. The company is selling a month’s supply of the weight loss medication for $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349 cost.
The ongoing limited availability of these sought-after medications has prompted several 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 shortage. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet specific patient needs.
While the FDA typically prohibits compounding drugs that are merely replicas of commercially available medications, it does not classify drugs that are in shortage as commercially available. Schultz indicated that Hims & Hers has a “long future” in providing compounded semaglutide and expressed confidence that the need for individualized prescriptions would persist even after shortages are resolved.