Telehealth platform Hims & Hers has announced the addition of seasoned pharmaceutical executive Kåre Schultz to its board of directors. Schultz, who spent over 25 years at Novo Nordisk and is currently the CEO of Teva Pharmaceutical, has extensive experience in the pharmaceutical industry, particularly in diabetes and obesity medications.
In his statement regarding the appointment, Schultz expressed enthusiasm for Hims & Hers’ innovative approach, noting that it is poised to transform the healthcare landscape by leveraging modern tools to enhance access to necessary health solutions. He referred to his journey with Hims & Hers as unique, emphasizing the company’s commitment to breaking down traditional barriers in healthcare.
This announcement coincided with a positive market reaction, as Hims & Hers shares experienced a 3% uptick, bringing their year-to-date increase to an impressive 125%.
Recently, Hims & Hers has also begun offering a compounded version of semaglutide, the key ingredient in well-known weight loss medications like Ozempic and Wegovy. The company markets this medication at a significantly lower price point—$199 per month, compared to nearly $1,000 for Ozempic and $1,349 for Wegovy. This strategic move comes in response to the ongoing shortages of these popular medications, which has opened up opportunities for telehealth services under specific regulatory allowances.
Pharmacies are permitted to create compounded versions of medications that are in shortage, a provision that aligns with the Food, Drug, and Cosmetic Act. Schultz remains optimistic about the market for compounded semaglutide, even after the current shortages are resolved, as he believes there will always be a need for personalized pharmaceutical solutions.
Overall, the move to appoint Schultz and the expansion into compounded medications reflect Hims & Hers’ proactive strategy to enhance its service offerings and disrupt traditional healthcare models, presenting hopeful prospects for improved accessibility to health solutions in the future.