Hagerman, 62, who co-founded the company with his father, said the initial public offering provides the company with the capital it needs to expand faster just as the nation's needs for chronic healthcare treatment explodes.
Diplomat carries and sells drugs to people with cancer therapy, Hepatitis, multiple sclerosis, and other complex diseases.
"These are patients that need incredibly expensive, very costly and sometimes drugs with challenging side effects and as a result the normal pharmacy model just doesn't work," Hagerman said. "Ten of the top 25 drugs that we dispense are not even available at a traditional pharmacy."
According to Hagerman, the treatment of the chronically ill is a $63 billion business.
Diplomat, with nine locations in seven states, had total revenue of $1.3 billion in 2013, or only about 2% of the total market.
The company employs about 1,000 in Flint in a former General Motors former Great Lakes Tech Center. That's up from the 295 employees Diplomat employed when it moved into center in 2010.
Description
Diplomat Pharmacy, Inc. is an independent specialty pharmacy. The Company offers a range of solutions to address the dispensing, delivery, dosing, and reimbursement of clinically intensive and specialty drugs. The Company’s patient-focused services ensure that patients receive a standard of care, including assistance with complicated medication therapies, refill processing, third-party funding support programs, side effect management and adherence monitoring. The Company customizes solutions for each patient based on the patient's overall health, disease and family history, lifestyle and financial means.
Address
4100 S Saginaw St
FLINT, MI 48507-2683
United States
FLINT, MI 48507-2683
United States
Key stats and ratios
| Q4 (Dec '14) | 2014 | |
| Net profit margin | -0.55% | 0.21% |
| Operating margin | -0.22% | 0.57% |
| EBITD margin | - | 0.94% |
| Return on average assets | -3.78% | 1.51% |
| Return on average equity | -31.60% | 10.00% |
| Employees | 1,055 |
