Richard Friedman

Executive Chairman at Apothecary by Design LLC

Richard Friedman

Richard Friedman

Executive Chairman at Apothecary by Design LLC

Biography

Richard Friedman

Operating Partner

Richard Friedman serves as Operating Partner.

Mr. Friedman serves on the Board of Directors of Apothecary by Design (Executive Chairman) and Linden Care.

Mr. Friedman has 30 years of experience in the healthcare industry with a focus in generic pharmaceuticals, including specialty pharmacy, pharmacy benefit management (PBM) and infusion. Most recently he served as Chairman and CEO of BioScrip Inc., a publicly traded specialty pharmacy and PBM (Nasdaq: BIOS). During his tenure at BioScrip Inc., he was instrumental in growing the company into a $1.7 billion business and positioning it for the eventual sale of its specialty pharmacy operations to Walgreens in May of 2012.

Prior to his term at BioScrip, he was Chairman and CEO of MIM Corporation (Nasdaq: MIMS), a specialty pharmaceutical and benefit fulfillment organization that partners with healthcare providers and sponsors to control prescription drug costs. Mr. Friedman took MIM public in 1996 and oversaw a number of mergers and acquisitions, including its combination with Chronimed in 2004, which created BioScrip. Before joining MIM Corporation, Mr. Friedman served as the Chief Financial Officer for Zenith Laboratories Inc., a leading manufacturer and distributor of generic drugs. Mr. Friedman has also held a variety of senior finance positions including Chief Financial Officer of Goldline Laboratories, a distributor and manufacturer of generic drugs and Chief Financial Officer for Publicker Industries, an alcohol and chemical manufacturing company.

Overview
Career Highlights

Apothecary by Design LLC

RelSci Relationships

52

Number of Boards

1

Relationships
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Co-Founder at BelHealth Investment Partners LLC

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Operating Partner at BelHealth Investment Partners LLC

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Founder at Sandata Technologies LLC

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Co-Founder at BelHealth Investment Partners LLC

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Chief Financial Officer & CAO at BelHealth Investment Partners LLC

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General Counsel at BelHealth Investment Partners LLC

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Managing Director at BelHealth Investment Partners LLC

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Controller at BelHealth Investment Partners LLC

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Managing Director at BelHealth Investment Partners LLC

Relationship likelihood: Strong

Managing Director at BelHealth Investment Partners LLC

Relationship likelihood: Strong

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Richard Friedman
Executive Chairman at Apothecary by Design LLC
Career History
Executive Chairman
2016 - Current

Apothecary by Design LLC operates as an integrated pharmacy company that offers traditional retail prescriptions and compounded medications. It provides specialty pharmacy, compounding, generic drug programs, free shipping and automated refill systems. The company was founded by Tom Madden, Joe Lorello, Greg Boucouvalas, Mark McAuliffe and Catherine Cloudman in 2008 and is headquartered in Portland, ME.

Operating Partner
Current

BelHealth Investment Partners focuses exclusively on investments in small-cap companies in the healthcare industry. The firm targets undervalued or undermanaged, founder-owned, public or private companies in which their operating experience and resources can drive growth and profitability. BelHealth invests primarily in low to medium technology companies in the healthcare services, healthcare information technology, marketed pharmaceutical and marketed medical products industries.BelHealth looks for companies with enterprise value up to $100 million, revenues of $10 million to $100 million, proforma operating profits near break-even up to $10 million and the potential to improve operating margins. In addition, they seek companies with long-term competitive advantages in attractive potential markets and the potential for profitable exit opportunities within 3 to 5 years. BelHealth targets early growth stage companies with recurring revenue models, low customer concentration, little or no exposure to reimbursement risk, the potential for margin expansion and low operating leverage. The firm does not consider investments in companies that have not yet generated revenue, depend heavily on government reimbursement, market commodity products/services or companies requiring significant capital investment.BelHealth typically invests $10 million to $20 million per company. Investments are generally structured as equity stakes, although BelHealth may also use other structures such as convertible debt to mitigate or minimize risks as appropriate. They may utilize securities with liquidation preferences such as preferred, participating or convertible preferred stock or equity-linked debt. BelHealth employs a limited use of leverage. The firm prefers to make control investments, either through majority ownership and/or board control. BelHealth also prefers to participate in situations in which management retains meaningful ownership and receives compensation packages that reward strong performance.

Boards & Committees
Member, Operating Committee
Current

BelHealth invests in lower middle market companies located in the US. The firm focuses on companies with an enterprise value of $20 - $100 million, revenues between $10 and $100 million and EBITDA of $2 - $10 million. It targets companies operating in the fields of healthcare sectors, includes services, products and distribution.The firm acquires majority position and provides financing for buyout transactions with an investment size of $20 - $50 million. It takes seat on the board of directors.

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