Hims & Hers, a telehealth platform focused on millennials, announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors on Monday.
Schultz, who has spent over 25 years at the Danish pharmaceutical company known for its diabetes and obesity treatments, 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 his enthusiasm for joining Hims & Hers, stating, “This is the first company I have seen leveraging 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 shares rose by 3% during morning trading and have increased by 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, both manufactured by Novo Nordisk. Hims & Hers sells a month’s supply of the weight loss medication for $199, significantly cheaper than Ozempic’s nearly $1,000 price and Wegovy’s $1,349 list price.
The scarcity of these expensive and sought-after brand-name drugs has prompted several telehealth services to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications experiencing shortages. Compounding involves customizing an approved drug by a state-licensed pharmacist or physician to meet individual patient needs.
Under typical circumstances, the Food, Drug, and Cosmetic Act forbids the compounding of drugs that merely replicate commercially available medications. However, the U.S. Food and Drug Administration (FDA) does not categorize drugs in shortage as commercially available.
Schultz told Bloomberg that Hims & Hers sees a “long future” in offering compounded semaglutide. When asked about the potential for pharmacies to continue making compounded semaglutide once shortages are resolved, Schulz expressed confidence that there would still be instances requiring individualized prescriptions.