The telehealth platform Hims & Hers, which caters primarily to millennials, announced the addition of Kåre Schultz, a seasoned former executive from Novo Nordisk, to its board of directors. Schultz’s extensive experience includes over 25 years in various roles, including serving as president and chief operating officer at Novo Nordisk, a company renowned for its medications for diabetes and obesity. Currently, he holds the position of CEO at Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for 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.” His enthusiasm signals confidence in the company’s mission and innovative approach to healthcare delivery.
Following the announcement, Hims & Hers saw a 3% increase in stock value during Monday morning trading and has experienced a remarkable 125% surge in shares since the beginning of the year. This growth follows the company’s recent launch of a compounded form of semaglutide – the active ingredient found in popular diabetes and weight loss medications like Ozempic and Wegovy, both produced by Novo Nordisk.
Hims & Hers is offering a month’s supply of this weight loss medication at a price of $199, significantly lower than the list prices of its branded counterparts, which range from nearly $1,000 to $1,349. This affordability is particularly important given the current shortage of these highly sought-after medications, which has led telehealth platforms to capitalize on compounding regulations.
Compounding allows state-licensed pharmacists or physicians to tailor approved drugs to suit individual patient needs, especially for drugs that are currently in short supply. According to the U.S. Food and Drug Administration (FDA), these compounded medications are not categorized as commercially available if they are in shortage.
Schultz discussed the company’s commitment to this compounding segment to Bloomberg, highlighting the potential for ongoing demand for individualized prescriptions even after medication shortages end.
Overall, Hims & Hers is paving the way for a more accessible healthcare model, blending modern technology with traditional pharmaceutical practices to better serve patients. This strategy not only positions the company as an innovative leader in telehealth but also suggests a positive evolution in how healthcare solutions can be provided affordably and effectively.
In summary, the addition of Kåre Schultz to the board, accompanied by the company’s growth and innovative approach to medication access, reflects a promising future for Hims & Hers and its mission to transform the healthcare landscape. This development is especially hopeful as it emphasizes the importance of personalized medicine and affordability in accessing essential health services.