Hims & Hers, a telehealth platform popular among millennials, announced the addition of Kåre Schultz to its board of directors. Schultz is a veteran of Novo Nordisk, where he spent over 25 years in various leadership roles, including president and chief operating officer. He currently serves as CEO of Teva Pharmaceutical.
Schultz expressed enthusiasm for Hims & Hers, saying, “This is the first company I’ve seen leveraging modern tools to break down barriers and change how people access health solutions.” He is excited to contribute to the company’s mission.
Following the announcement, Hims & Hers stock rose by 3%, with shares increasing 125% since the start of the year.
The news comes on the heels of Hims & Hers launching a compounded version of semaglutide, the active ingredient in Novo Nordisk’s well-known diabetes and weight loss medications, Ozempic and Wegovy. Hims & Hers is offering a monthly supply of the compounded medication for $199, significantly lower than the nearly $1,000 price for Ozempic and $1,349 for Wegovy.
The limited availability of such high-demand medications has led telehealth companies to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded drugs during shortages. Compounding involves pharmacists or physicians customizing approved medications to meet specific patient needs.
While compounding copies of commercially available drugs is generally prohibited, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available. Schultz indicated that Hims & Hers anticipates a “long future” in offering compounded semaglutide and mentioned that there will always be situations where patients require individualized prescriptions, even after shortages are resolved.