Hims & Hers, the telehealth platform catering to millennials, announced the appointment of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors on Monday.
Schultz brings over 25 years of experience from Novo Nordisk, a major player in diabetes and obesity treatments, 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 excitement about 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 saw a 3% increase in stock value during Monday morning trading, with shares rising 125% since the start of the year.
This news comes shortly after Hims & Hers introduced a compounded version of semaglutide, the active ingredient found in popular diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers is offering a month’s supply of the weight loss drug for $199, significantly cheaper than the nearly $1,000 price for Ozempic and $1,349 for Wegovy.
The high demand and limited availability of these brand-name drugs have prompted various telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act, allowing the sale of compounded versions of medications that are currently in short supply. Compounding involves customizing an approved drug by a state-licensed pharmacist or physician to cater to the specific needs of patients.
While the Food, Drug, and Cosmetic Act generally prohibits compounding that replicates commercially available medications, drugs deemed in shortage are not considered commercially available by the U.S. Food and Drug Administration (FDA).
In comments made to Bloomberg, Schultz indicated that the company sees a “long future” in offering compounded semaglutide. He reassured that even after shortages are resolved, there will still be instances where patients require individualized prescriptions.