Phillip Frost

$2.29 B

Ranked #1763 in World

About Phillip Frost

Phillip Frost, an esteemed leader in the pharmaceutical sector with a rich tapestry of contributions, began as a young hardware store employee before ascending to a world-class business titan. With an educational background in French literature (BA) and medicine (MD), Frost's strategic acquisitions and leadership, especially at Key Pharmaceuticals and Ivax Corporation, cemented his reputation. His philanthropic endeavors significantly enriched the University of Miami and the Miami science community, illustrating his dedication to fostering education and innovation. Despite a storied career, Frost faced legal challenges asserting his involvement in a stock scheme. Nonetheless, his philanthropy and business acumen continue to influence the healthcare industry.

Born

November 11, 1936

Age

89 years

Source Of Wealth

Pharmaceuticals

Industries

Healthcare

Citizenship

United States

Residence

Miami Beach, Florida

Education

Bachelor of Arts/Science, University of Pennsylvania; Medical Doctor, Yeshiva U Albert Einstein College of Medicine

Spouse

Patricia Orr

Phillip Frost was born around 1936 into an observant Jewish family in the United States. He has two elder brothers who fought in World War II. Frost got his first job at the age of 13, working in a local hardware shop. He went on to earn a B.A. in French literature from the University of Pennsylvania in 1957 and an M.D. degree from the Albert Einstein College of Medicine in 1961. Frost also attended the University of Paris from 1955 to 1956.

Phillip Frost: Family

Phillip Frost is married to Patricia Orr, an elementary school principal. The couple resides on a six-acre parcel on Star Island, Miami Beach.

Phillip Frost: Career Highlights

Frost served as a lieutenant commander in the U.S. Public Health Service at the National Cancer Institute from 1963 to 1965. He then became a professor of dermatology at the University of Miami School of Medicine from 1966 to 1972. From 1972 to 1990, he served as the chairman of the department of dermatology at Mt. Sinai Medical Center of Greater Miami, Miami Beach, Florida.

Phillip Frost: Companies

Key Pharmaceuticals: Frost, along with Michael Jaharis, purchased Key Pharmaceuticals, Inc. in 1972. He served as the chairman of the board of directors until its acquisition by Schering-Plough in 1986 for $835 million. Frost's share of the sale amounted to $100 million, and his estimated net worth in 1986 was $150 million.
Ivax Corporation: Frost served as the chairman of the board of directors and CEO of Ivax Corporation from 1987. In January 2006, he sold Ivax to Israel-based Teva Pharmaceuticals for $7.4 billion.
Teva Pharmaceutical Industries: Frost became the vice chairman of Teva Pharmaceutical Industries in January 2006. He was named chairman of the board in March 2010 and reelected in May 2012. Frost stepped down from this position in 2015.
Protalix BioTherapeutics: Frost was one of the first and largest investors in Protalix BioTherapeutics, investing $24 million in the company.
However, he resigned from the company's board of directors in 2007 and donated around $8 million in Protalix shares to a charitable organization.
Current Business: Frost currently serves as the CEO and chairman of OPKO Health, Inc. since March 27, 2007. He is also the chairman of the board of Ladenburg Thalmann Financial Services and a director of Ladenburg Thalmann. Additionally, Frost is the chairman of the board of directors of PROLOR Biotech, Inc. and a director of Castle Brands, Continucare Corporation, and Chromadex. He previously held director positions at Northrop Grumman Corp., SearchMedia Holding Limited, Protalix Bio Therapeutics, Inc., and SafeStitch Medical Inc. Frost also served as a governor and co-vice-chairman of the American Stock Exchange (now NYSE Amex) and is the largest shareholder in the Coconut Grove Bank. He has invested in MusclePharm MSLP, Drone Aviation Holding Corp., Senesco Technologies (now Sevion Therapeutics), and Cocrystal Pharma, Inc.

Phillip Frost: Major Achievements

Frost is credited with building Key Pharmaceuticals into a successful pharmaceutical company and negotiating its sale for $835 million.
He led Ivax Corporation to become a global leader in generic pharmaceuticals before selling it for $7.4 billion.
Frost has been involved in numerous philanthropic endeavors, including significant donations to the University of Miami and the Phillip and Patricia Frost Museum of Science.

Phillip Frost: Awards & Achievements

Frost has received honorary degrees from the University of Miami, Florida International University, and Nova Southeastern University.
He was named "Entrepreneur of the Year" by Ernst & Young in 1986.
Frost was inducted into the Florida Business Hall of Fame in 2008.

Phillip Frost: Personal Life & Legacy

Phillip Frost is known for his philanthropic contributions, particularly in the fields of science, education, and the arts. He has made significant donations to various institutions, including the University of Miami, the Phillip and Patricia Frost Museum of Science, and the Smithsonian Institution.

Frost's legacy is marked by his entrepreneurial success, business acumen, and commitment to giving back to the community.

Phillip Frost: Trivia

Frost is an avid art collector and owns a substantial collection of modern and contemporary art.
He is a licensed pilot and enjoys flying his own plane.
Frost is a member of the exclusive "Billionaire's Club" at the Fontainebleau Miami Beach hotel.

Wealth History

Timeline

c. 1936

Phillip Frost is born into an observant Jewish family in the United States.

1955-1956

Attends the University of Paris.

1957

Earns a B.A. in French literature from the University of Pennsylvania.

1961

Receives an M.D. degree from the Albert Einstein College of Medicine.

1963-1965

Serves as a lieutenant commander, U.S. Public Health Service at the National Cancer Institute.

1966-1972

Professor of dermatology at the University of Miami School of Medicine.

1972

Buys Key Pharmaceuticals, Inc. with Michael Jaharis.

1972-1990

Chairman of the department of dermatology at Mt. Sinai Medical Center of Greater Miami, Miami Beach, Florida.

1986

Key Pharmaceuticals is acquired by Schering-Plough for $835 million. Frost's share is $100 million, and his estimated net worth is $150 million.

1987

Serves as chairman of the board of directors and CEO of Ivax Corporation.

January 2006

Sells Ivax to Israel-based Teva Pharmaceuticals for $7.4 billion.

January 2006

Becomes vice chairman of Teva Pharmaceutical Industries.

March 2010

Named chairman of the board of Teva.

May 2012

Reelected as chairman of the board of Teva.

2015

Steps down as chairman of the board of Teva.

2007

Resigns from the board of directors of Protalix BioTherapeutics.

March 27, 2007

Becomes CEO and chairman of OPKO Health, Inc.

2018

Charged with participating in a "pump and dump" scheme to defraud investors.

July 2006

Becomes chairman of the board of Ladenburg Thalmann Financial Services.

March 2005

Becomes a director of Ladenburg Thalmann.

N/A

Becomes chairman of the board of directors of PROLOR Biotech, Inc.

N/A

Becomes a director of Castle Brands, Continucare Corporation, and Chromadex.

N/A

Previously served as a director for Northrop Grumman Corp., SearchMedia Holding Limited, Protalix Bio Therapeutics, Inc., and SafeStitch Medical Inc.

N/A

Served as governor and co-vice-chairman of the American Stock Exchange (now NYSE Amex).

N/A

Largest shareholder in the Coconut Grove Bank.

N/A

Invested in MusclePharm MSLP, Drone Aviation Holding Corp., Senesco Technologies (now Sevion Therapeutics), and Cocrystal Pharma, Inc.

N/A

Donated $33 million to the University of Miami School of Music, renamed the Phillip and Patricia Frost School of Music.

N/A

Donated $35 million towards the construction of the Phillip and Patricia Frost Museum of Science in Downtown Miami.

N/A

Additional $10 million to support the development of the Frost Planetarium.

N/A

Serves on the board of regents of the Smithsonian Institution, the University of Miami, the Scripps Research Institute, the Miami Jewish Home for the Aged, and Temple Emanu-El (Miami Beach, Florida).

N/A

Supports scholarships for advanced study in STEM subjects at the University of Oxford for Israeli and Florida students.

N/A

$100 million gift to the University of Miami for basic and applied sciences and engineering.

N/A

Married to Patricia Orr, an elementary school principal.

N/A

Lives on a six-acre parcel on Star Island, Miami Beach.

Phillip Frost : FAQs

What is Phillip Frost's current net worth?

Phillip Frost's current net worth is $2.29 billion.

What is Phillip Frost's current global rank among billionaires?

Phillip Frost holds the 1763rd position globally among billionaires.

What is Phillip Frost's current ranking within the United States?

Phillip Frost holds the 597th position in United States.

What was the change in Phillip Frost's net worth compared to the previous year?

Phillip Frost's net worth increased by 142.12 million dollars compared to the previous year 2025, when his net worth was 2.15 billion dollars.

What is the recent change in Phillip Frost's net worth?

Phillip Frost's net worth increased by 26.39 million dollars recently, a 1.15% increase, with his net worth standing at 2.29 billion dollars.

What are Phillip Frost's main sources of wealth?

Phillip Frost's main source of income comes from Pharmaceuticals.

In which industry does Phillip Frost primarily operate?

Phillip Frost is primarily involved in the Healthcare industry.

What is Phillip Frost educational background?

Phillip Frost holds a Bachelor of Arts/Science from the University of Pennsylvania and a Medical Doctor from Yeshiva U Albert Einstein College of Medicine.

How old is Phillip Frost?

Phillip Frost is 89 years old.

Who is Phillip Frost and what are his early life achievements?

Phillip Frost, born circa 1936, grew up in an observant Jewish family in the US with two elder brothers who fought in World War II. His strong work ethic manifested at age 13 with his first job at a local hardware shop. Frost earned a B.A. in French literature from the University of Pennsylvania in 1957 and an M.D. degree from the Albert Einstein College of Medicine in 1961, also studying at the University of Paris for a year during his academic pursuits.

What notable positions did Phillip Frost hold during his medical and academic career?

Phillip Frost served as a lieutenant commander in the U.S. Public Health Service at the National Cancer Institute from 1963 to 1965. He later became a professor of dermatology at the University of Miami School of Medicine (1966-1972) and chaired the department of dermatology at Mt. Sinai Medical Center of Greater Miami until 1990.

How did Phillip Frost contribute to the pharmaceutical industry through Key Pharmaceuticals and Ivax Corporation?

Phillip Frost made significant strides in the pharmaceutical industry by purchasing Key Pharmaceuticals, Inc. with Michael Jaharis in 1972 and serving as its chairman until its $835 million acquisition by Schering-Plough in 1986. He then led Ivax Corporation as CEO and chairman, eventually selling it for $7.4 billion to Teva Pharmaceuticals in January 2006.

What impact has Phillip Frost had through his philanthropic efforts?

Phillip Frost's philanthropy has been profound, with substantial donations including $33 million to rename the University of Miami School of Music, $35 million for the Phillip and Patricia Frost Museum of Science, and a $100 million gift to the University of Miami for sciences and engineering. He supports scholarships at the University of Oxford, serves on several notable boards, and contributes to various educational and cultural institutions.

What are the current business roles and past controversies involving Phillip Frost?

Currently, Phillip Frost is the CEO and chairman of OPKO Health, Inc. since 2007, and the chairman of Ladenburg Thalmann Financial Services since July 2006. Throughout his career, he has held various director roles in companies across different sectors. Frost faced legal issues in 2018 when he was charged with participating in a 'pump and dump' scheme. He is also an influential investor with interests in diverse entities like MusclePharm and Drone Aviation Holding Corp.