H. D. Smith Plans To Secure Majority Ownership In Pharmaceutical Support Services Company Triplefin
SPRINGFIELD, Ill., Jan. 15, 2013 /PRNewswire/ — H. D. Smith, among the nation’s largest pharmaceutical wholesalers, today announced plans to secure majority ownership in Triplefin, a privately held reimbursement, patient assistance and pharmaceutical brand support services Company, headquartered in Cincinnati, Ohio. The investment will combine Triplefin under H. D. Smith’s Specialty Solutions business alongside Smith Medical Partners, creating an end-to-end service value chain touching all aspects of prescription medicine distribution and support. Exact terms of the agreement remain confidential. H. D. Smith will immediately obtain majority board vote, and by mid-2013, majority stock ownership.
“In keeping with our strategic intent of being the leader in controlling healthcare costs while maximizing patient outcomes, the collective strengths of Triplefin and Smith Medical Partners makes us an important voice in traditional brands and specialty medicines – a stronger partner for manufacturers; a more valuable service provider for institutions, acute care, physician offices, specialty pharmacies and retail pharmacies; and a reliable supplier for patients treated with prescription medicines,” said Dale Smith, chairman and chief executive officer, H. D. Smith. “The benefit of this investment is tremendous – providing both service and size expansion for our Smith Medical Partners specialty product business, and a boost to customers and patients with important, unique health needs. Together, our organizations create an end-to-end service value chain touching many elements of prescription medicine distribution and support.”
Beginning immediately, Smith Medical Partners’ customers will benefit from expanded service offerings provided by Triplefin, including critical distribution/fulfillment, marketing, pharmacy services, technology, and specialty product education functions, and will support offerings to specialty product manufacturer and pharmacy partners already provided by Smith Medical Partners.
“Our relentless focus on reshaping and enhancing the patient experience is the catalyst for this strategic step in our company’s history. The combination of these companies is complementary in both service offerings and value to our collective customers,” said Greg LaLonde, chief executive officer, Triplefin. “Smith Medical Partners brings to Triplefin critical support functions in traditional brand and specialty products distribution, clinical trial procurement and third-party logistics – all important functions necessary to support manufacturers, their brands and the patients that require specialized healthcare services in parallel with medical treatment.”
“Specialty health services focus on ensuring that the medicines and distribution support systems are in place to meet the varied needs of manufacturers, payers, group purchasing organizations, individual physicians and pharmacies and, most importantly, the patients we all serve,” said Tom Doyle, executive vice president of commercial solutions, H. D. Smith. “Together, Triplefin and Smith Medical Partners will provide a stronger piece of the healthcare puzzle to all.”
About H. D. Smith
Headquartered in Springfield, Illinois, H. D. Smith is among the largest national full-line, full-service wholesalers providing a complete line of prescription products, OTCs, HBAs, home healthcare products, durable medical equipment, seasonal merchandise and a wide array of marketing programs to retail pharmacies, regional chains and health systems. The company has distribution facilities in California, Florida, Kentucky, Illinois, New Hampshire, New Jersey and Texas that service major markets throughout the United States. Additional information about H. D. Smith can be found at hdsmith.com.
About Smith Medical Partners
As a wholly owned subsidiary of H. D. Smith, Smith Medical Partners focuses on specialty pharmaceutical distribution and services. Smith Medical Partners delivers to healthcare providers lifesaving medicines and supplies, including a full line of brand pharmaceuticals, injectables, vaccines and a robust generics portfolio. Licensed in all 50 states, Smith Medical Partners combines national reach with accessibility. With a knowledgeable team focused on providing exceptional customer care and offering valuable insight on item selection, patient assistance programs and reimbursement solutions, Smith Medical Partners services hundreds of specialty pharmacies and thousands of physician offices and clinics of all sizes. More than just product dispersal, Smith Medical Partners provides flexible offerings that facilitate cost-containment and efficiency throughout the supply chain, including helping manufacturers procure credentialed comparator products for clinical trials, third-party logistics and back-end telesales support for new and end-of-life cycle commercial products. Additional information about Smith Medical Partners can be found at smpspecialty.com.
Triplefin, privately owned and headquartered in Cincinnati, Ohio, is recognized as the premier provider of pharmaceutical marketing support solutions. For more than 30 years, Triplefin has continually helped pharmaceutical brand managers remove barriers to brand access and adherence and put prescription brands into patients’ hands…and keep them there throughout treatment.
Today, more than 45 pharmaceutical manufacturing companies (including 15 of the top 20), representing more than 150 brands across multiple therapeutic categories, have connected with Triplefin and experienced success with Triplefin’s solutions. Our mission is to connect patients, providers, pharmacies and payers to improve outcomes and to remove brand challenges with access, acquisition and adherence.
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H. D. Smith
SOURCE H. D. Smith