Phillip Frost

Phillip Frost is married to Patricia Orr, who has been an elementary school principal. The couple does not have any children.

Presently, they now live in a large property in Star Island. It consists of two adjoining plots together measuring 6 acres. Apart from a six bedroom house it also houses a large green house with 100 different types of plants collected from different parts of the world.

Phillip Frost was born in 1936 into a Jewish family residing in South Philadelphia. His father owned a shoe store in the Italian Market and the family lived in a quarter on top of it. Phillips had two brothers who were much older than him.

Not much is known about Phillip’s school days. However, it is known that at the age of thirteen, he took up a job in a local hardware shop, may be to earn some pocket money.

After coming out of school, Phillip went to France and enrolled at the University of Paris, popularly known as Sorbonne. He studied there from 1955 to 1956.

Phillips did not finish his courses there but came back home to enroll at the University of Pennsylvania. From there, he graduated in 1957 with a major in French literature.

While working for his BA degree in Pennsylvania Phillip had to see a dermatologist in connection with a wart that had appeared on his elbow. The dermatologist inspired Phillip to think about dermatology as a career option. Only problem was that he did not have money to bear the course fee and to sustain himself. However, the problem was solved when he won a full scholarship for Albert Einstein College of Medicine in New York City. He earned his MD in 1961 and then undertook research work under National Institute of Health in Maryland.

Phillip Frost started his career as a Lieutenant Commander under U.S. Public Health Service at the National Cancer Institute. He worked there from 1963 to 1965.

In 1966, Dr. Frost joined School of Medicine, University of Miami as a Professor of Dermatology and worked in that capacity until 1972. While serving there in 1971, Frost invented a disposable biopsy device that could be used both at indoor and outdoor locations. Technically speaking, it was a minor invention that had little commercial value. However, Frost was able to sell it and thus had his first taste of commercial success.

Soon he found his job at University Miami to be too constrictive. In 1972, he joined Mt. Sinai Medical Center at Greater Miami as the Chairman of the Department of Dermatology. He served in that capacity until 1990.

In fact, 1972 was a landmark year in Frost’s career. Although he was an efficient doctor the businessman in him began to raise its head now and on. Fortunately, he came to know about a product that cleaned teeth by using ultrasound technology and bought it. He then teamed up with Michael Jaharis to buy out a struggling pharmaceutical company called Key Pharmaceuticals by exchanging stock. There was no monetary transaction. Since Jaharis had the administrative experience, he became the Chief Executive and Frost served as the Chairman of the Board of Directors. He, however, continued to serve as a practicing dermatologist at Mt. Sinai Medical Center.

Initially they had to face a lot of problems, both financial and pharmaceutical. However, things began to improve drastically once Theo Dor, a time-release capsule to treat asthma was introduced in the market. Very soon, Key Pharmaceuticals became a profit making company. In 1986, the company was acquired by Schering-Plough at a price of $600 million; Phillip got $100 million out of it.

Turning a near bankrupt company like Key Pharmaceuticals into profitable organization is the first major achievement for Frost. Later he created IVAX Corporation and turned it into a profit making venture. When Teva Pharmaceuticals acquired IVAX, he first became its Vice Chairman and later was named the Chairman of the company.

OPKO Health is another feather in his cap. It was created by the merger of smaller companies like Acuity Pharmaceuticals Inc., Froptix Corporation and eXegenics Inc. OPKO has recently acquired Bio Reference Laboratories and is undertaking genetic researches.