Hims & Hers, a telehealth platform focused on millennials, announced on Monday the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors.
Schultz brings over 25 years of experience from the Danish pharmaceutical company, known for its diabetes and obesity treatments, where he held various positions including president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm about Hims & Hers’ potential to revolutionize healthcare. “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,” he stated. “I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers’ stock rose by 3% during morning trading, and shares have surged 125% since the start of the year.
The news comes on the heels of Hims & Hers’ introduction of a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, both produced by Novo Nordisk. Hims & Hers is offering a month’s supply of this weight loss medication at $199, considerably lower than Ozempic’s nearly $1,000 list price and Wegovy’s $1,349.
The high demand and limited availability of these brand-name drugs have led several telehealth platforms to leverage a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications currently in shortage. Compounding involves customizing an approved medication by a licensed pharmacist or physician to fit individual patient needs.
While the Act generally prohibits compounding drugs that replicate commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs that are in shortage as commercially available.
Schultz mentioned to Bloomberg that Hims & Hers has a promising future with compounded semaglutide. When asked about the continuation of compounded semaglutide after shortages resolve, he expressed confidence that specific patient needs would still necessitate individualized prescriptions.