H.D. Smith completes purchase of reimbursement, patient assistance and brand-support services company
SPRINGFIELD, Ill. — H. D. Smith on Monday announced full ownership acquisition of Triplefin, a reimbursement, patient assistance and pharmaceutical brand-support services company headquartered in Cincinnati. H. D. Smith secured majority representation on Triplefin’s board of directors in January 2013 and majority stock ownership interest in May 2013.
H.D. Smith has now acquired the remaining 49% of shares in Triplefin, giving the wholesaler full ownership. Triplefin will operate as a wholly owned subsidiary of H. D. Smith within the H. D. Smith Specialty Solutions Operating Unit.
"H. D. Smith is committed to providing end-to-end value throughout the healthcare chain to our customers and the patients they serve — and the Triplefin mission to remove barriers, connect patients and grow brands fits perfectly with the H. D. Smith Specialty Solutions focus on the patient journey," stated Dale Smith, chairman and executive officer, H. D. Smith. "Our interest in Triplefin began a year ago, sparked by the company’s specialized offerings across patient support programs, distribution/fulfillment, marketing, pharmacy services, technology and specialty product education functions. Together, our organizations have already integrated many of our functions, and established an end-to-end service value chain touching all aspects of prescription medicine distribution and support."
Together, the combined organization will continue to provide support services to traditional brand and specialty product manufacturers and pharmacy partners, including distribution and fulfillment functions, patient assistance and reimbursement programs, third-party logistics, pharmaceutical marketing and product education.
"Triplefin shares the H. D. Smith Specialty Solutions commitment to supporting patients from the moment they begin receiving care, to the completion of their treatment," said Joseph Conda, president of H. D. Smith Specialty Solutions. "We remain impressed and inspired by the organization that Greg LaLonde and Rick Randall have built over the past 10 years, and we are enthusiastic about driving their mission forward — reshaping the patient journey through end-to-end solutions."
Financial terms of the full ownership acquisition were not disclosed.
NACDS, NCPA, GPhA express support for Drug Quality and Security Act
WASHINGTON — A bill designed to strengthen the security of the drug supply chain by creating an electronic track-and-trace system and national standards for sterile pharmacy compounding has attracted support from trade groups representing retail pharmacies and generic drug makers.
In letters to legislators Friday, the National Association of Chain Drug Stores, the National Community Pharmacists Association and the Generic Pharmaceutical Association expressed support for the Drug Quality and Security Act, which would tie together "patchwork" state-level prescription drug supply chain laws under one federal law.
In its letter, addressed to members of both houses of Congress, the NACDS touted the contributions that chain pharmacy retailers have made to strengthening the pharmaceutical supply chain.
“We believe [the agreement] will help guarantee patient safety through a more secure supply chain and appropriate and improved oversight of compounding activities,” the NACDS letter read. “We believe that the reforms contained within the legislation meet the overarching goal of protecting patients while allowing chain pharmacies to operate effectively and efficiently in dispensing needed medications.”
"As you know, the current patchwork of State prescription drug supply chain laws has left our nation’s pharmaceutical supply vulnerable to the entry of counterfeit and adulterated prescription drugs, which threaten the health of patients and the integrity of our industry," GPhA president and CEO Ralph Neas wrote in a letter to members of the House and Senate. "That is why GPhA has worked with Congress to enact a single, uniform, and national pharmaceutical distribution supply chain law."
Meanwhile, the NCPA highlighted the law’s goals of improving the safety of pharmacy compounding.
"This compromise proposal provides a balanced and effective approach to address critical and complex issues surrounding compounded medications, as well as strengthening our nation’s pharmaceutical supply chain," NCPA CEO B. Douglas Hoey wrote in a letter to members of the Senate.
FlavoRx to honor independents with annual award
COLUMBIA, Md. — FlavoRx will start recognizing independent pharmacies that have implemented its program next month, the company said Friday.
FlavoRx, which makes flavorings that pharmacists can add to drugs, announced the inaugural FlavoRx Independent Pharmacy of the Year award, to be presented every October.
"Our roots are in independent pharmacy, so we’re excited to recognize the great achievements of our best independent pharmacy partners," FlavoRx VP marketing Chad Baker said. "This award is one way we can thank pharmacists and pharmacy technicians for the enthusiasm and dedication they put into improving pediatric adherence with FlavoRx."
The award recognizes those pharmacies that have successfully implemented the company’s program, shown a commitment to improving patient care and a willingness to go "above and beyond" to develop their pharmacy business.