Hims & Hers, a telehealth platform catering primarily to millennials, has announced the addition of Kåre Schultz, a veteran of the pharmaceutical industry and current CEO of Teva Pharmaceutical, to its board of directors. This strategic move, revealed on Monday, is significant as Schultz brings over 25 years of experience from Novo Nordisk, where he held various leadership roles including president and chief operating officer.
In a press release, Schultz expressed his enthusiasm for Hims & Hers, stating that the company is on a path to transform the healthcare landscape. He highlighted that this is the first firm he has encountered that effectively utilizes modern tools to dismantle barriers and enhance access to essential health solutions, providing individuals with the opportunity to lead healthier lives.
Following this announcement, shares of Hims & Hers experienced a 3% increase during morning trading and have surged 125% since the start of the year. This momentum comes shortly after the company began offering a compounded version of semaglutide, the active ingredient found in the well-known diabetes and weight loss medications Ozempic and Wegovy. Hims & Hers are pricing their version of the medication at $199 for a month’s supply, significantly lower than the original prices of Ozempic and Wegovy, which can exceed $1,000 and $1,349, respectively.
The rising demand for these medications, amid supply shortages, has prompted various telehealth platforms to explore the legal provisions that permit the sale of compounded drugs. Generally, the Food, Drug, and Cosmetic Act restricts the compounding of drugs that are simply copies of those already available on the market. However, it allows for compounded medications during supply shortages, as defined by the U.S. Food and Drug Administration (FDA).
Schultz remains optimistic about the future of Hims & Hers’ compounded semaglutide offerings. When asked about potential constraints post-shortage, he expressed confidence that individualized prescriptions will continue to create opportunities for compounded drugs to be prescribed beyond typical commercial alternatives.
In summary, Hims & Hers appears well-positioned for growth, leveraging innovative healthcare solutions alongside experienced leadership. With the growing focus on accessible, affordable health options, the company is primed to make a positive impact in the healthcare sector, and its recent developments showcase a promising trajectory.
Overall, the appointment of Schultz and the company’s expanding offerings are indicative of a shift toward making healthcare more affordable and tailored to individual needs, a hopeful direction that can benefit many seeking necessary treatments.