Hims & Hers, a telehealth platform targeted towards millennials, announced on Monday the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors.
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. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm about 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’ stock rose by 3% during morning trading, bringing its total increase to 125% since the start of the year.
This news comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, which are manufactured by Novo Nordisk. Hims & Hers is selling a month’s supply of the medication for $199, significantly lower than Ozempic’s nearly $1,000 price and Wegovy’s $1,349 price.
The ongoing shortages of these expensive brand-name drugs have prompted several telehealth companies to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded medications that are in short supply. Compounding involves customizing a drug by a licensed pharmacist or physician to meet the specific needs of patients.
While compounding generally prohibits replicating commercially available drugs, the FDA does not classify medications that are in shortage as commercially available.
Schultz also indicated to Bloomberg that Hims & Hers has a promising future in selling compounded semaglutide, and expressed confidence that pharmacies would continue to fill individualized prescriptions even after shortages are resolved.