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H.D. Smith closes acquisition of stake in Triplefin
June 20th, 2013
SPRINGFIELD, Ill. – H.D. Smith has completed its purchase of a majority interest in Triplefin, a Cincinnati-based provider of reimbursement, patient assistance and pharmaceutical brand-support services.
The pharmaceutical distributor said Thursday that under the deal announced in mid-January, financial terms of which weren't disclosed, it has attained majority board representation in Triplefin and secured majority stock ownership in the company.
According to H.D. Smith, the addition of Triplefin forms an end-to-end service value chain covering all area of prescription drug distribution and support, with Triplefin working with Smith Medical Partners, H.D. Smith's specialty distribution business unit. The integration of the two units is continuing.
"The completion of this acquisition affirms the service power of two highly specialized, focused organizations that help advance traditional and specialty brand pharmaceutical support offerings to manufacturing partners, specialty pharmacy customers, health care professionals and, most importantly, patients with highly specialized health care needs," Dale Smith, chairman and chief executive officer of H.D. Smith, said in a statement.
Both subsidiaries fall under H.D. Smith's Specialty Solutions division, a new unit that the company created following its purchase of the majority interest in Triplefin and its acquisition of Valley Wholesale Drug, a regional health products distributor, last fall.
"The benefit of Triplefin joining H.D. Smith Specialty Solutions is already seen across all channels of our business," Smith stated. "We are now a stronger partner for brand and specialty manufacturers; a highly valuable service provider for institutions, acute care, physician offices, specialty and retail pharmacies; and a trusted supplier for patients expecting reliable access to prescription medicines."
With the transaction now done, Smith Medical Partners' clients will benefit from expanded service offerings provided by Triplefin, including distribution and fulfillment, marketing, pharmacy services, technology and specialty product education functions, H.D. Smith noted. The combined organization will support offerings to specialty product manufacturers and pharmacy partners formerly provided by Smith Medical Partners.
"The specialty health services model of today does more than just ensure that a product travels safely and securely from manufacturer to patient. Today's model must ensure that the needs of pharmacists, physicians, payers, group purchasing organizations and patients are met — from patient care information and education materials to clinical needs," explained Joseph Conda, president of H.D. Smith Specialty Solutions. "Meeting these multiple mandates requires highly specialized fulfillment complimented with specialized handling and patient treatment support services that provide the safety, security and knowledge to successfully treat the patient. With a larger and more diversified Specialty Solutions portfolio, we are now well-equipped to provide varied services and support functions for all of the players involved in the care and treatment of patients requiring specialty pharmaceuticals."