Early Life and Education
Phillip Frost was born in 1936 into an observant Jewish family in the United States. He grew up in an observant Jewish family in the U.S. with two elder brothers who fought in World War II. At 13, he got his first job working in a local hardware shop after school. Frost earned a B.A. in French literature from the University of Pennsylvania in 1957. He then received an M.D. degree from the Albert Einstein College of Medicine in 1961 and attended the University of Paris from 1955 to 1956.
Rise to Success
Frost's career includes significant roles in the medical field. From 1963 to 1965, he served as a lieutenant commander in the U.S. Public Health Service at the National Cancer Institute. He was a professor of dermatology at the University of Miami School of Medicine from 1966 to 1972. Frost was the chairman of the Department of Dermatology at Mt. Sinai Medical Center of Greater Miami from 1972 to 1990. He has a long history of entrepreneurial success, including his involvement with Key Pharmaceuticals, which he and Michael Jaharis acquired in 1972 and later sold. He then founded Ivax Corporation, a generic drug maker, which he sold to Teva Pharmaceutical for $7.6 billion in 2005. He is currently the Chairman and CEO of OPKO Health, Inc..
Key Business Strategies
Frost has consistently demonstrated a knack for identifying and capitalizing on opportunities in the pharmaceutical and healthcare industries. His strategies have included acquiring and improving existing pharmaceutical companies, such as Key Pharmaceuticals, and founding companies in the generic drug market like Ivax. Frost is known for his investments in personalized therapies and early cancer detection methods, bringing innovation to the forefront of modern medicine.
Philanthropy
Phillip Frost is known for his philanthropic contributions, particularly in the fields of science, education, and the arts. He and his wife, Patricia, have donated millions to various institutions. These donations include significant gifts to the University of Miami, which named the Phillip and Patricia Frost School of Music and the Patricia & Phillip Frost Art Museum at Florida International University in their honor. In 2011, the Frosts donated $35 million towards the construction of the Miami Science Museum building.