Hims & Hers, a telehealth platform tailored to millennials, announced the addition of Kåre Schultz, an experienced executive from Novo Nordisk, to its board of directors. Schultz brings over 25 years of expertise from the Danish pharmaceutical company, where he held significant roles including president and chief operating officer. He currently serves as the CEO of Teva Pharmaceutical.
In a press statement, Schultz expressed enthusiasm about joining Hims & Hers, highlighting the company’s innovative approach to healthcare. He stated, “In my long career in the pharmaceutical industry, 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. I’m thrilled to be a part of this journey.”
Following this announcement, the company’s stock experienced a 3% boost during the morning trading session, reflecting a substantial increase of 125% since the start of the year.
The appointment 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, which are manufactured by Novo Nordisk. Hims & Hers provides a month’s supply of this weight loss medication at $199, significantly lower than the retail prices of Ozempic and Wegovy, which can reach nearly $1,000 and $1,349, respectively.
The scarcity of these high-demand brand-name drugs has created opportunities for telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act. This allows them to sell compounded versions of medications experiencing shortages. While generally, the law prohibits compounding drugs that are mere copies of commercially available medications, products considered in shortage are treated differently by the U.S. Food and Drug Administration (FDA).
Schultz anticipates a promising future for the sale of compounded semaglutide. He reassured that even post-shortages, there will be circumstances where patients require customized prescriptions through compounding.
This strategic move marks a significant step in transforming the telehealth landscape, potentially increasing accessibility to essential health solutions at more affordable prices.
In summary, the inclusion of Kåre Schultz on Hims & Hers’ board signals a promising evolution in the healthcare space, with hopes that this will lead to even greater innovations and enhanced access to vital treatments for patients.