Hims & Hers, a telehealth platform targeting millennials, announced on Monday the appointment of Kåre Schultz to its board of directors. Schultz, who has a lengthy career at Novo Nordisk, where he held various roles including president and chief operating officer, currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his 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%, adding to a remarkable 125% increase in stock value since the start of the year.
This news follows Hims & Hers’ recent launch of a compounded version of semaglutide, the key ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, both of which are produced by Novo Nordisk. The company is offering a month’s supply of the weight loss medication for $199, significantly lower than the list prices of Ozempic and Wegovy, which are nearly $1,000 and $1,349 respectively.
The high demand for these brand-name drugs, coupled with their limited availability, has led several telehealth services to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications in times of shortage. Compounding allows state-licensed pharmacists or physicians to tailor an approved drug to meet individual patient needs.
While the Food, Drug, and Cosmetic Act generally prohibits the compounding of drugs that replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available. Schultz affirmed to Bloomberg that Hims & Hers envisions a “long future” in providing compounded semaglutide. When questioned about the possibility of pharmacies continuing to provide compounded semaglutide after the shortages ease, he expressed confidence, noting that there will still be instances where patients require customized prescriptions.