Diplomat Specialty Pharmacy's Phil Hagerman Receives Prestigious Ernst & Young Entrepreneur of the Year Award

SWARTZ CREEK, Mich., June 11 /PRNewswire/ -- Diplomat Specialty Pharmacy, the nation's largest privately held specialty pharmacy company, announces Diplomat Specialty Pharmacy President and CEO Phil Hagerman, R.Ph., was named Ernst & Young Entrepreneur of the Year for the Michigan and Northwest Ohio Region.  Mr. Hagerman received the award on June 10th at an awards ceremony at the Ritz Carlton Hotel in Dearborn, Michigan. Recognized globally, the Ernst & Young Entrepreneur of the Year is the world's most prestigious business award for entrepreneurs, and honors outstanding entrepreneurs who inspire others with their vision, leadership and achievement.  As the Michigan/Northwest Ohio winner in the Retail and Services category, Mr. Hagerman is now a candidate for the National Entrepreneur of the Year award, which will be announced at the annual Ernst & Young awards event in November 2010 in Palm Springs.

Mr. Hagerman founded Diplomat Pharmacy fresh out of Ferris State University in 1975 with his father, Dale Hagerman, also a pharmacist. The Company quickly entered the developing niche field of specialty pharmacy, a branch of the pharmaceutical delivery system that focuses on comprehensive and coordinated systems of pharmacological care for patients with serious and chronic illnesses and complex medical conditions. Diplomat offers its services through contracts with prescription benefit managers and health plans, and through direct relationships with physicians, patients and pharmaceutical companies. The Company also provides services to large retail pharmacies not equipped to handle the specialty pharmacy needs of patients requiring expensive, highly specialized drugs.

The specialty pharmacy industry, and Diplomat Specialty Pharmacy in particular, are experiencing explosive growth as new medications and therapies enter the  marketplace. Further, the pharmacy community, which represents a sometimes untapped yet highly trained medical resource, is now taking a much more active role in health care as part of a coordinated health care team, especially as an estimated 30 million new patients are expected to be added to the ranks of the insured as a result of health care reform.

Specialty pharmacy was recently pegged as a $100 billion industry, with recent and anticipated annual growth of 15% to 20% per year. In July 2009, Diplomat was named to the INC. 500 list of fastest growing private companies in America, with a three year growth rate of 917% from 2006 to 2009. Company revenues for 2010 are expected to reach $600 million. In April 2010, Diplomat received a Michigan Economic Growth Authority (MEGA) tax credit from the state of Michigan for $61.5 million, along with $14 million in workforce training funds, and additional incentives from the City of Flint that will allow the Company to focus its immediate expansion efforts in Flint at the Great Lakes Technology Centre. As part of the expansion, the Company plans to hire 1000 new employees, mainly in Michigan, over the next five years.

Mr. Hagerman received his bachelor's degree in pharmacy from Ferris State University. In addition to his efforts as a business leader, Mr. Hagerman is a regular speaker at state and national pharmacy and hospice conferences.  He has worked as a consultant for the United States Department of Justice and served as an expert witness in drug diversion cases. He is a resident of Fenton, Michigan.

About Diplomat Specialty Pharmacy

Michigan-based Diplomat Specialty Pharmacy, founded in 1975, is the nation's largest privately held Specialty Pharmacy and focuses on complete medication management programs for patients with serious and chronic conditions. Key programs include: Oncology, HIV/AIDS, Hepatitis C, Multiple Sclerosis, Rheumatoid Arthritis, Crohn's, Hemophilia, Growth Hormone and Psoriasis. Other specialty areas include Transplant, Fertility, Dialysis Medication Management, Bio-Identical Hormone Therapy and Specialty Compounding. The company also specializes in disease management programs for chronic kidney disease patients. With locations in Flint, Swartz Creek and Grand Rapids, MI; Cleveland, OH; Chicago, IL; Ft. Lauderdale, Florida; and Los Angeles. Learn more about Keeping Patients Healthier…Longer™ at www.diplomatpharmacy.com

Media Contacts: Dan Roelofs, Diplomat Specialty Pharmacy, 616.808.3232; [email protected]; Lisa Bower, Ernst & Young, 313.628.8212

SOURCE Diplomat Specialty Pharmacy