Hims & Hers, a telehealth platform aimed at millennials, has announced the appointment of Kåre Schultz, a veteran executive from Novo Nordisk, to its board of directors. Schultz, who has over 25 years of experience in the pharmaceutical industry, including in roles such as president and chief operating officer at Novo Nordisk, is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed enthusiasm for Hims & Hers, stating, “This is the first company I have seen that 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.” He added that he is excited to contribute to the company’s innovative journey.
Following this announcement, Hims & Hers experienced a 3% rise in stock value during morning trading, marking an impressive 125% increase in share prices since the start of the year.
This strategic move coincides with Hims & Hers’ recent offering of a compounded version of semaglutide, the active ingredient in popular medications such as Ozempic and Wegovy, which are traditionally produced by Novo Nordisk. The company is providing a one-month supply for $199, significantly lower than the nearly $1,000 list price of Ozempic and the $1,349 for Wegovy.
The introduction of compounded medications by telehealth platforms is a response to the recent supply shortages of these well-known drugs. According to the Food, Drug, and Cosmetic Act, compounded drugs can be sold when approved medications are in short supply, allowing for customized treatments catered to individual patient needs.
Schultz commented on the future of compounded semaglutide, asserting that even after shortages are resolved, pharmacies will continue to play a vital role in customizing prescriptions for patients as needed.
As more companies embrace innovative models and adapt to the changing healthcare landscape, the outlook for telehealth solutions like Hims & Hers appears increasingly promising. The integration of experienced professionals like Schultz may further propel Hims & Hers in its mission to transform healthcare access for all patients, potentially leading to more affordable and personalized treatment options in the future.