Hims & Hers, a telehealth platform targeting millennials, announced on Monday the addition of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors.
Schultz has over 25 years of experience with the Danish pharmaceutical company, known for its diabetes and obesity treatments, having held various senior positions 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 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 increased by 3% in morning trading, with shares rising 125% since the start of the year.
The announcement comes just months after Hims & Hers introduced a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers is offering a month’s supply of this weight loss medication for $199, significantly less than Ozempic’s near $1,000 list price and Wegovy’s $1,349 price.
The limited availability of these high-demand brand-name medications has prompted several telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act, which allows the sale of compounded medications that are in short supply. Compounding involves customizing an approved drug through a state-licensed pharmacist or physician to suit an individual patient’s needs.
Generally, the Food, Drug, and Cosmetic Act prohibits the compounding of drugs that are merely duplicates of commercially available options. However, medications deemed in shortage are classified by the U.S. Food and Drug Administration (FDA) as not commercially available.
Schultz told Bloomberg that Hims & Hers sees a “long future” in the sale of compounded semaglutide. When questioned about the future of compounded semaglutide once the shortages are resolved, Schultz indicated confidence that there would still be a need for individualized prescriptions.