Telehealth platform Hims & Hers announced the addition of Kåre Schultz, a former long-standing executive at Novo Nordisk, to its board of directors on Monday.
Schultz, who has over 25 years of experience at the Danish pharmaceutical company known for its diabetes and obesity medications, has held several significant 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 in my lengthy pharmaceutical career that is utilizing modern tools to truly dismantle barriers and transform how people access essential health solutions. I’m excited to be part of this journey.”
Following the announcement, Hims & Hers shares increased by 3% during Monday’s trading session, with the stock up 125% since the start of the year.
This development comes shortly after Hims & Hers began offering a compounded version of semaglutide, the active ingredient in well-known diabetes and weight loss medications Ozempic and Wegovy, produced by Novo Nordisk. Hims & Hers is providing 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 high demand and limited availability of these popular brand-name drugs have led several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications that are currently in shortage.
Compounding involves customizing an approved drug by a licensed pharmacist or physician to fit an individual patient’s specific needs. While the Food, Drug, and Cosmetic Act typically prohibits the compounding of drugs that are merely replicas of commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs deemed in shortage as commercially available.
Schultz indicated to Bloomberg on Monday that Hims & Hers sees a “long future” in offering compounded semaglutide. When questioned about the ability of pharmacies to continue providing compounded semaglutide after shortages are resolved, Schultz remained confident, suggesting there will still be scenarios where patients require individualized prescriptions.