Hims & Hers, a telehealth platform aimed at millennials, has announced the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors.
Schultz has an extensive background, having spent over 25 years at the Danish pharmaceutical company known for its 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 his enthusiasm for Hims & Hers, stating, “This company is on a trajectory to disrupt the healthcare industry. It is the first organization in my career that is effectively utilizing modern tools to eliminate barriers and transform how individuals access the health solutions they need to lead fulfilling lives.”
Following the announcement, Hims & Hers saw a 3% increase in stock price during Monday’s morning trading, bringing its share prices up 125% since the start of the year.
This news comes shortly after Hims & Hers began offering a compounded version of semaglutide, the key ingredient in the well-known diabetes and weight loss medications Ozempic and Wegovy, which are manufactured by Novo Nordisk. The company is selling a month’s supply of this weight loss medication for $199, significantly less than Ozempic’s nearly $1,000 and Wegovy’s $1,349 list prices.
The scarcity of these expensive medications has prompted various telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of drugs that are in short supply. Compounding involves customizing an approved drug by a state-licensed pharmacist or physician to meet individual patient needs.
While the Food, Drug, and Cosmetic Act generally prohibits the compounding of medications that are merely duplicates of commercially available drugs, the FDA does not classify drugs that are in shortage as commercially available.
Schultz indicated to Bloomberg on Monday that the company sees a “long future” in providing compounded semaglutide. When questioned about the future availability of compounded semaglutide post-shortages, Schultz expressed confidence in the ongoing need for individualized prescriptions.