Hims & Hers, a telehealth platform catering to millennials, announced the addition of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors on Monday.
Schultz, who has spent over 25 years at Novo Nordisk—renowned for its diabetes and obesity treatments—held various roles, including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for joining Hims & Hers, stating, “This company 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 rose by 3% during morning trading and has seen a 125% increase since the start of the year.
This development comes after Hims & Hers recently began offering a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight loss medications, Ozempic and Wegovy, manufactured by Novo Nordisk.
The company markets a month’s supply of the weight loss medication for $199, significantly lower than the nearly $1,000 price of Ozempic and the $1,349 for Wegovy.
The scarcity of these sought-after medications has led various telehealth platforms to utilize a section of the Food, Drug, and Cosmetic Act that permits the sale of compounded drugs treated as shortages.
Compounding involves customizing an approved drug by a state-licensed pharmacist or physician to suit an individual patient’s specific needs. While the Food, Drug, and Cosmetic Act typically restricts the compounding of drugs that merely replicate available medications, those in shortage are not classified as commercially accessible by the U.S. Food and Drug Administration (FDA).
Schultz informed Bloomberg that Hims & Hers has a promising future in the market for compounded semaglutide. When questioned about the possibility of pharmacies continuing to produce compounded semaglutide after shortages are resolved, Schultz expressed confidence that there would still be a necessity for individualized prescriptions.