Telehealth platform Hims & Hers announced Monday the addition of Kåre Schultz, a seasoned executive from Novo Nordisk, to its board of directors.
Schultz, who has spent over 25 years at Novo Nordisk—a company renowned for its diabetes and obesity medications—served in several key positions, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
“Hims & Hers is poised to revolutionize the healthcare industry,” Schultz stated in a press release. “Throughout my career in the pharmaceutical sector, this is the first company I’ve encountered that utilizes modern tools to dismantle barriers and transform how people access essential health solutions. I’m excited to join this journey.”
The company’s stock rose 3% during Monday morning trading, reflecting a 125% increase since the start of the year.
This announcement follows Hims & Hers’ recent offering of a compounded version of semaglutide, the active ingredient in Novo Nordisk’s diabetes and weight loss drugs Ozempic and Wegovy. Hims & Hers is selling the monthly supply for $199, significantly lower than Ozempic’s nearly $1,000 list price and Wegovy’s $1,349 price.
As demand for these expensive and highly sought-after brand-name drugs exceeds supply, several telehealth platforms capitalize on provisions within the Food, Drug, and Cosmetic Act that permit the sale of compounded versions of medications facing shortages. Compounding involves state-licensed pharmacists or physicians customizing approved drugs to meet individual patient needs.
Typically, the Act prohibits compounding drugs that are merely copies of commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
Schultz expressed confidence in Bloomberg on Monday about the bright future of selling compounded semaglutide. He indicated that even after shortages resolve, there would still be scenarios necessitating individualized prescriptions.