Diplomat Pharmacy

Diplomat Pharmacy
Traded as NYSE: DPLO
S&P 600 Component

Diplomat Pharmacy, Inc., is the largest independent provider of specialty pharmacy services in the United States.[1] The company partners with manufacturers, payers, providers, hospitals, and more.[2] Headquartered in Flint, Michigan, Diplomat has facilities across the United States and dispenses drugs in all 50 states.[3] Diplomat offers specialized medication and medication management programs for patients with complex and chronic conditions such as cancer, hepatitis, multiple sclerosis, HIV and others.[4]

In October 2014, Diplomat Pharmacy launched an initial public offering (IPO) on the New York Stock Exchange after raising $173 million.[5] Diplomat is the only publicly traded company in the United States that offers a specialty pharmacy independent of pharmacy benefit manager, health plan, retail chain, or wholesaler ownership.[6] Diplomat currently ranks 29th in the state of Michigan on the list of the top publicly traded companies based on revenues.[7]

Services

Diplomat distributes many medications in CarePak™ adherence packaging, specially designed to improve patient adherence.[8] Diplomat also serves as the specialty pharmacy for many retail pharmacies, hospitals and health systems throughout the United States.[9]

For hemophilia and other blood disorder patients, they offer in-home and outpatient specialty infusion services.[10]

Accreditations

Diplomat is accredited by third-party agencies including URAC, the American Society of Health-System Pharmacists, Accreditation Commission for Health Care, Health Information Trust Alliance, and the Center for Pharmacy Practice Accreditation. The company also holds Verified-Accredited Wholesale Distributors and Verified Internet Pharmacy Practice Sites accreditations from the National Association of Boards of Pharmacy.[11]

History

Dale Hagerman founded Diplomat Pharmacy in 1975 in Flint, Michigan. For over 40 years, Diplomat has been working with patients living with chronic diseases.[12] In December 2010, Diplomat moved its headquarters back to a 600,000-square-foot distribution facility in Flint from Swartz Creek, Michigan. Its headquarters used to be General Motors’ Fisher Body Plant No. 1, which manufactured Buick bodies and pressed-metal parts. In 2014, Diplomat ranked 69th on the Inner City 100 list of fastest growing companies based in inner cities.

In July 2014, Diplomat acquired MedPro Rx, a specialty pharmacy based in North Carolina.[13]

In February 2015, Diplomat acquired BioRx, a specialty pharmacy in Cincinnati, Ohio for $315 million. According to documents filed with the Securities and Exchange Commission, the purchase "added significant scale to [Diplomat's] specialty infusion services.[14]

In June 2015, Diplomat acquired Philadelphia-based Burman’s Specialty Pharmacy for $73 million, growing their geographic presence.[15]

In June 2016, Diplomat acquired Valley Campus Pharmacy Inc., doing business as TNH Advanced Specialty Pharmacy, a specialty pharmacy focusing primarily on oncology, hepatitis, and immunology.[16]

In December 2016, Diplomat unified its family of infusion companies to operate under one name—Diplomat Specialty Infusion Group. The brand united subsidiaries including American Homecare Federation, At-Home IV Infusion Professional, BioRx, MedPro Rx, and XAS Infusion Suites.[17]

In February 2017, Diplomat acquired Affinity Biotech Inc., a specialty pharmacy and infusion services company in Houston, Texas. The company provides treatments and nursing services for patients with hemophilia.[18]

In March 2017, Diplomat acquired Comfort Infusion, based in Birmingham, Alabama. The company specializes in intravenous immune globulin therapy to support patients’ immune systems. The company is now doing business as Diplomat Specialty Infusion Group.[19]

In May 2017, Diplomat acquired WRB Communications Inc. The company specialized in relationship management programs for pharmaceutical manufacturers and healthcare service organizations.[20]

In September 2017, Diplomat acquired Focus Rx Pharmacy Services Inc., a customer-focused healthcare partner that provides home infusion and specialty prescription management services.

In October 2017, Diplomat acquired 8th Day Software and Consulting LLC, based in Tennessee. 8th Day Software operates under EnvoyHealth, expanding its service offerings for healthcare partners to include IT outsourcing, consulting, and product development.

On October 9, 2017, co-founder Dale Hagerman died at the age of 90.[21]

In November 2017, Diplomat acquired Pharmaceutical Technologies Inc., doing business as National Pharmaceutical Services (NPS). NPS is a full-service pharmacy benefit manager based in Omaha, Nebraska. It features a proprietary claims-processing system and offers mail-order service under its Integrated HMO Pharmacy.[22]

In December 2017, Diplomat acquired Leehar Distributors LLC, doing business as LDI Integrated Pharmacy Services, from Nautic Partners LLC, Oak HC/FT Partners LLC, and management. LDI is a full-service pharmacy benefit manager based in St. Louis, Missouri.[23]

On January 5, 2018, Phil Hagerman announced his retirement. Jeff Park was appointed interim CEO effective immediately.[24]

In April 2018, Diplomat introduced CastiaRx, a new brand to represent the combined capabilities of recently acquired pharmacy benefit managers LDI and NPS.

In May 2018, Diplomat announced Brian Griffin as its new CEO and chairman of the board of directors, effective June 4, 2018. Griffin was hired from Anthem, Inc., where he served as CEO of in-house pharmacy benefit manager IngenioRx.[25]

References

  1. ↑ Lauerman, Michelle Cortez FayCortez John. "Valeant's Favorite Pharmacy Made Life Easy for Doctors, at a Price". Bloomberg.com. Retrieved 2015-12-10.
  2. ↑ "Diplomat 2017 10-K Report via the Security Exchange Commission" (PDF). Security Exchange Commission. February 27, 2018.
  3. ↑ "How one family pharmacy just might bring Flint, Michigan back to life". Fortune. Retrieved 2015-12-10.
  4. ↑ "Flint's Diplomat Pharmacy to buy competitor BioRx". Detroit News. Retrieved 2015-12-10.
  5. ↑ "Flint-based Diplomat Pharmacy launches IPO, joins NYSE". Detroit Free Press. Retrieved 2015-12-10.
  6. ↑ "Diplomat CEO on public stock sale: 'A great opportunity for the city' of Flint". MLive.com. Retrieved 2015-12-10.
  7. ↑ "Fortune 500". Fortune. Retrieved 2015-12-10.
  8. ↑ Wild, David. "Care Teams Are Hallmark of Ibrutinib Distribution". Specialty Pharmacy Continuum. Retrieved 4 December 2015.
  9. ↑ "2015 Hub Services Report". pharmaceuticalcommerce.com. Retrieved 2015-12-10.
  10. ↑ "Diplomat bulks up in infusion services". Chain Drug Review. Retrieved 2015-12-03.
  11. ↑ "Diplomat Sets the Standard for Independent Specialty Pharmacies". Specialty Pharmacy Times. Retrieved 2018-05-16.
  12. ↑ "How one family pharmacy just might bring Flint, Michigan back to life". Fortune. Retrieved 2015-12-10.
  13. ↑ Johnsen, Michael. "Diplomat Acquires MedPro RX". Drug Store News. Retrieved 2 December 2015.
  14. ↑ "Flint's Diplomat Pharmacy to buy competitor BioRx". Detroit News. Retrieved 2015-12-10.
  15. ↑ Roberts, Adrienne. "Flint-based Diplomat Pharmacy Acquires Specialty Pharmacy for $73M". DBusinees. Retrieved 2 December 2015.
  16. ↑ House, SA Editor Douglas W. (2016-04-28). "Diplomat buys CA-based specialty pharmacy". Seeking Alpha. Retrieved 2018-05-16.
  17. ↑ "Diplomat unifies infusion companies under new Diplomat Specialty Infusion Group - Drug Store News". Drug Store News. 2016-12-07. Retrieved 2018-05-16.
  18. ↑ "Diplomat acquires Houston-based Affinity Biotech - Drug Store News". Drug Store News. 2017-02-02. Retrieved 2018-05-22.
  19. ↑ "Diplomat Pharmacy Inc. 10-Q for the quarterly period ended March 31, 2017". Security Exchange Commission. Archived from the original on 2017-05-09.
  20. ↑ "Diplomat acquires WRB Communications - CDR – Chain Drug Review". CDR – Chain Drug Review. 2017-05-09. Retrieved 2018-05-22.
  21. ↑ Diplomat Pharmacy co-founder dead at 90 The Flint Journal via MLive.com, October 9, 2017
  22. ↑ "Diplomat Pharmacy in Flint to Acquire National Pharmaceutical Services". Retrieved 2018-05-16.
  23. ↑ "Diplomat Pharmacy buys LDI for $595 million - CDR – Chain Drug Review". CDR – Chain Drug Review. 2017-11-16. Retrieved 2018-05-16.
  24. ↑ "Diplomat Pharmacy founder, CEO Phil Hagerman retires after 43 years". MLive.com. Retrieved 2018-05-16.
  25. ↑ "Diplomat Pharmacy appoints new CEO to replace retired co-founder". Crain's Detroit Business. 2018-05-11. Retrieved 2018-05-16.
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