Hims & Hers, the telehealth platform aimed at millennials, announced on Monday the addition of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors.
Schultz has over 25 years of experience at the Danish pharmaceutical giant renowned for its diabetes and obesity treatments, having held various positions including president and chief operating officer. He is currently serving as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed his enthusiasm for joining Hims & Hers, stating, “Hims & Hers is on a trajectory to upend the healthcare industry. In my long career in the pharmaceutical sector, 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 the announcement, Hims & Hers’ stock rose by 3% in Monday morning trading, reflecting a significant 125% increase since the start of the year.
The announcement follows Hims & Hers’ recent introduction of a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight loss medications Ozempic and Wegovy, both distributed by Novo Nordisk. Hims & Hers is offering a month’s supply of this weight loss medication for $199, considerably less than the nearly $1,000 list price of Ozempic and the $1,349 price of Wegovy.
The limited availability of these high-demand and pricey brand-name drugs has led several telehealth platforms to utilize a provision of the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications that are in short supply. Compounding allows state-licensed pharmacists or physicians to customize an approved drug to meet the specific needs of individual patients.
While the Food, Drug, and Cosmetic Act generally prohibits compounding medications that merely replicate commercially available drugs, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
In comments to Bloomberg, Schultz noted that the company sees a “long future” in marketing compounded semaglutide and expressed confidence that pharmacies would continue to offer these compounded medications even after shortages are resolved, as there will still be situations requiring personalized prescriptions.