Hims & Hers, a telehealth platform focused on millennials, has announced the addition of Kåre Schultz to its board of directors. Schultz, who has an extensive background in the pharmaceutical industry, previously worked at Novo Nordisk for over 25 years, where he held various roles including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a statement, Schultz expressed excitement about joining Hims & Hers, highlighting its innovative approach to healthcare. He remarked, “Hims & Hers is on a trajectory to upend the healthcare industry… I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers saw a 3% increase in their stock during Monday morning trading, marking a 125% rise since the start of the year.
The news comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient found in popular medications for diabetes and weight loss, such as Ozempic and Wegovy, which are manufactured by Novo Nordisk. The company is selling a month’s supply of this weight loss medication for $199, which is significantly lower than Ozempic’s nearly $1,000 price and Wegovy’s $1,349 list price.
The high demand for these expensive brand-name drugs has led several telehealth platforms to utilize a section of the Food, Drug, and Cosmetic Act that permits the sale of compounded medications when there are shortages. Compounding allows licensed pharmacists or physicians to tailor an approved drug to meet the specific needs of individual patients.
Although typically prohibited, the FDA recognizes that drugs in shortage do not qualify as commercially available, allowing for compounding in these cases. Schultz noted that Hims & Hers intends to continue offering compounded semaglutide into the future, indicating confidence in the ongoing need for personalized prescriptions even after shortages are resolved.