Phillip Frost
– Founded OPKO Health Company, Ivax Corporation
Experience of Great Innovators: At the age of 13, Phillip Frost started working at a hardware store for pocket money.
“Graduated in literature, went for treatment for a tumor on elbow and was advised to pursue a career in dermatology”
Phillip Frost founded OPKO Health Company in 2007. However, this is not his first company. Before that, he had set up a pharmaceutical company with a partner. This was his first company. It started in 1960. At a practice in Miami then, he created a disposable device that made biopsies easier. He felt that this was useful both in patient screening and in the market as well. Then in 1987 created the generic drug maker company Ivax, and sold it to Teva Pharmaceuticals in 2005 for $7.6 billion. Phillip is known for starting from zero and becoming a billionaire. He acquired loss-making pharmaceutical companies and sold them at a profit.
“When he sold the first company in 1986, he got $100 million from it”
He was born in South Philadelphia in 1936. His father owned a shoe store in an Italian market. His family lived above this store. Phillip started working at the age of 13. Worked at a local hardware store for pocket money. After finishing school, he went to study at the University of Paris. Completed education here for two years till 1955 and 1956. But returned home in 1957 without completing the course and took admission in the University of Pennsylvania. From here he took a graduation degree in French Literature.
“He bought bankrupt bloated companies and reaped the profits, so called the Warren Buffett of Pharma. Total assets 3.5 billion dollars”
While studying here, he got a tumor in his elbow. He met a dermatologist. He was treated and advised that a career in dermatology could be pursued. The only problem was that there was no money for fees and lodging. But if he found a way, he got a scholarship at Albert Einstein Medical College in New York. Began career as a lieutenant commander in the US Public Health Services. Worked here for three years. He then became a professor of dermatology at the University of Miami Medical School. While working here, he developed the disposable biopsy in 1971. He was a good doctor but now he has turned into a good businessman. He bought a struggling pharmaceutical company – Key Pharmaceutical. No one paid for it. Just stocks were traded. Before that he bought the technology rights for a teeth cleaning product using ultrasound technology. Initially faced with a severe financial crisis but this company later launched Asthma Time Release Capsules in the market and started making money. After selling the company in 1986, his share of $835 million came to $100 million. A year later, he founded a company called Ivax Corporation. This was a group of three pharma companies. The trend of developing a new product began. He was also the chairman and also the CEO. He continued to practice as a dermatologist until 1990 but became a businessman. He expanded Ivax to Latin America and Europe. In 2006, the Israeli company bought Teva Pharmaceuticals for $7 billion. In this company too, he first became the Vice Chairman and then the Chairman. In 2005, several smaller pharma companies were merged to form OPKO Health Pharmaceutical Company.
