Hims & Hers, a telehealth platform aimed at millennials, announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz has over 25 years of experience at the Danish pharmaceutical company, known for diabetes and obesity treatments, where he held various positions including president and COO. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed 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.” He believes the company is poised to transform the healthcare industry.
Following the announcement, Hims & Hers experienced a 3% increase in stock price during Monday morning trading, with shares up 125% since the start of the year.
This news comes shortly after Hims & Hers began offering compounded semaglutide, the active ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, both produced by Novo Nordisk. Hims & Hers is priced at $199 for a month’s supply, significantly cheaper compared to Ozempic and Wegovy, which cost nearly $1,000 and $1,349 respectively.
The lack of availability of these brand-name drugs has led various telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, allowing for the sale of compounded versions of drugs facing shortages. Compounding involves customizing approved medications according to individual patient needs by licensed pharmacists or physicians.
Generally, the Act prohibits compounding drugs that replicate commercially available medications. However, the FDA does not classify drugs in shortage as commercially available. Schultz mentioned to Bloomberg that he sees a “long future” in selling compounded semaglutide. When questioned about the availability of compounded versions after shortages end, he expressed confidence that there would still be demand for personalized prescriptions.