Hims & Hers, the telehealth platform targeting millennials, announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors on Monday.
Schultz brings over 25 years of experience from the Danish pharmaceutical company, recognized 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 for joining Hims & Hers, stating, “This company 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 experienced a 3% rise in its stock during Monday morning trading, marking a remarkable 125% increase since the start of the year.
This development follows Hims & Hers’ recent move 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. The company’s price for a month’s supply of this weight loss treatment is set at $199, significantly lower than Ozempic’s list price of nearly $1,000 and Wegovy’s $1,349.
The shortage of these popular medications has prompted several telehealth platforms, including Hims & Hers, to utilize a provision in the Food, Drug, and Cosmetic Act that permits the sale of compounded versions of medications that are in short supply.
Compounding involves customizing an approved drug by a licensed pharmacist or physician to cater to the unique needs of a patient. While the Act typically restricts the compounding of drugs that are mere replicas of commercially available medications, the U.S. Food and Drug Administration (FDA) does not classify drugs in shortage as commercially available.
In an interview with Bloomberg, Schultz noted that the company sees a “long future” in the sale of compounded semaglutide. When asked about the availability of compounded semaglutide after the shortages are resolved, he expressed confidence that there would still be cases requiring personalized prescriptions.