Hims & Hers, a telehealth platform aimed at millennials, announced on Monday the appointment of Kåre Schultz to its board of directors. Schultz, who has extensive experience in the pharmaceutical sector, previously spent over 25 years at Novo Nordisk, where he held various senior positions, including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
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. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers stock rose by 3% during morning trading, reflecting a remarkable 125% increase since the start of the year.
The news coincides with Hims & Hers’ recent decision to offer a compounded version of semaglutide, the active ingredient in the well-known diabetes and weight loss medications Ozempic and Wegovy, both manufactured by Novo Nordisk. Hims & Hers is pricing a month’s supply of this weight loss treatment at $199, significantly lower than the retail prices of Ozempic and Wegovy, which are nearly $1,000 and $1,349, respectively.
The limited availability of these high-demand medications has prompted several telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act that allows for the sale of compounded versions of drugs that are in shortage. Compounding involves customizing approved medications by licensed pharmacists or physicians to cater to the specific needs of individual patients.
Although the Food, Drug, and Cosmetic Act generally prohibits compounding drugs that merely replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not categorize drugs in shortage as commercially available.
In a conversation with Bloomberg, Schultz mentioned that Hims & Hers sees a “long future” in offering compounded semaglutide. When asked about the continuation of compounded semaglutide availability after supply shortages are resolved, Schultz reassured that there will remain cases where patients require customized prescriptions.