Hims & Hers, a telehealth platform targeting millennials, has announced the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors. The announcement was made on Monday.
Schultz brings over 25 years of experience from the Danish pharmaceutical company renowned for its diabetes and obesity treatments, where he held various leadership positions, including that of president and chief operating officer. Currently, he serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for joining Hims & Hers, stating, “This company is leveraging modern tools to break down barriers and transform how people access health solutions for a better quality of life. I’m thrilled to be part of this journey.”
During Monday morning’s trading, Hims & Hers shares rose by 3%, marking a 125% increase since the start of the year.
This move follows Hims & Hers’ recent introduction of a compounded version of semaglutide, the active ingredient in popular diabetes and weight loss medications Ozempic and Wegovy, produced by Novo Nordisk. The company is offering a month’s supply of the weight loss medication at $199, significantly lower than Ozempic’s nearly $1,000 price and Wegovy’s $1,349 price tag.
The limited availability of these high-demand drugs has prompted telehealth platforms to utilize a section of the Food, Drug, and Cosmetic Act allowing the sale of compounded medications in short supply. Compounding involves customizing an approved medication by a licensed pharmacist or physician to meet the individual needs of a patient.
While the law typically bans the compounding of drugs that are simply duplicates of commercially available medications, the FDA does not classify drugs considered to be in shortage as commercially available.
In an interview with Bloomberg, Schultz stated that Hims & Hers has a “long future” in the compounded semaglutide market. When asked whether pharmacies would continue to produce compounded semaglutide after shortages are resolved, Schultz indicated he remained optimistic, highlighting ongoing needs for individualized prescriptions.