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H.D. Smith to buy majority stake in Triplefin
January 15th, 2013
SPRINGFIELD, Ill. – H.D. Smith plans to acquire a majority interest in Triplefin, a privately held reimbursement, patient assistance and pharmaceutical brand support services firm.
The pharmaceutical distributor said Tuesday that the investment would bring Cincinnati-based Triplefin into the H.D. Smith Specialty Solutions business with Smith Medical Partners, forming an end-to-end service value chain for prescription drug distribution and support.
Terms of the deal weren't disclosed. H.D. Smith said it will immediately obtain majority board vote and, by mid-2013, majority ownership.
"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," H.D. Smith chairman and chief executive officer Dale Smith said in a statement.
"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," he explained. "Together, our organizations create an end-to-end service value chain touching many elements of prescription medicine distribution and support."
Customers of Smith Medical Partners, H.D. Smith's specialty pharmaceutical distribution and services unit, will immediately benefit from expanded service offerings provided by Triplefin, including key distribution/fulfillment, marketing, pharmacy services, technology and specialty product education functions, according to H.D. Smith.
"The combination of these companies is complementary in both service offerings and value to our collective customers," stated Triplefin CEO Greg LaLonde. "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 health care services in parallel with medical treatment."
Combining Smith Medical Partners' and Triplefin's core competencies will help rein in costs for all specialty health services stakeholders while improving patient outcomes and enhancing the patient experience, the companies said.
"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," stated Tom Doyle, executive vice president of commercial solutions for H.D. Smith. "Together, Triplefin and Smith Medical Partners will provide a stronger piece of the health care puzzle to all."