Telehealth platform Hims & Hers has announced the appointment of Kåre Schultz to its board of directors. Schultz, a seasoned executive from Novo Nordisk, brings over 25 years of experience from the pharmaceutical giant, known for its diabetes and obesity treatments. Currently, he serves as the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for Hims & Hers, stating that the company is poised to transform the healthcare landscape by leveraging modern tools to enhance access to vital health solutions. He emphasized the unique approach of Hims & Hers to dismantle barriers in healthcare.
Following the announcement, Hims & Hers stock experienced a 3% rise in morning trading, marking a 125% increase since the start of the year. This development coincides with the company’s recent offering of a compounded version of semaglutide, the active ingredient in renowned weight loss drugs Ozempic and Wegovy, produced by Novo Nordisk.
Hims & Hers is providing a month’s supply of the weight loss medication for $199, significantly lower than the nearly $1,000 price for Ozempic and $1,349 for Wegovy. The current shortage of these high-demand drugs has enabled several telehealth services to offer compounded versions legally under a specific clause of the Food, Drug, and Cosmetic Act.
This act typically restricts the compounding of drugs that replicate commercially available medications, yet allowances are made for drugs in shortage, as they are not deemed commercially accessible by the U.S. Food and Drug Administration (FDA). Schultz remarked that Hims & Hers has a “long future” in selling compounded semaglutide and is confident that demand for individualized prescriptions will persist even after shortages are resolved.