Telehealth platform Hims & Hers has announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors. Schultz brings over 25 years of experience from the Danish pharmaceutical company, where he held multiple roles, including president and COO. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for Hims & Hers, stating that it is positioned to transform the healthcare industry by utilizing modern tools to improve access to healthcare solutions. He is excited to join the company on this journey.
On the announcement, Hims & Hers stock rose 3% during Monday morning trading and has increased by 125% since the start of the year. This news follows the company’s recent launch of a compounded version of semaglutide, the key ingredient in the popular diabetes and weight loss medications Ozempic and Wegovy, both from Novo Nordisk.
Hims & Hers is offering a thirty-day supply of the compounded weight loss medication for $199, significantly lower than the nearly $1,000 price tag for Ozempic and $1,349 for Wegovy. The rise in prices and limited availability of these brand-name drugs has prompted various telehealth platforms to utilize a provision in the Food, Drug, and Cosmetic Act, which allows the sale of compounded drugs during shortages.
Compounding involves tailoring an approved medication to meet the specific needs of an individual patient, typically performed by a licensed pharmacist or physician. While generally prohibited by the Food, Drug, and Cosmetic Act, drugs deemed in shortage do not fall under this restriction.
Schultz mentioned to Bloomberg that he sees a “long future” for the company in selling compounded semaglutide. When asked about the continuation of compounded semaglutide after shortages are resolved, he indicated that he is not concerned, as there will still be instances where patients require personalized prescriptions.