Triton Pacific Closes Another Private Equity Transaction
Los Angeles, California (May 15, 2015) – Triton Pacific Investment Corporation, announces its investment into IWP, an Andover, MA based institutional pharmacy. Injured Workers Pharmacy (“IWP”), founded in 2001, is the leading specialty pharmacy serving patients in the $8 billion Workers’ Compensation and Personal Injury claim markets in the United States. These are highly specialized and complicated claims being paid largely by indemnity insurers as opposed to traditional healthcare plans or Medicare.
The workers’ compensation market is unique as each State maintains its own complex rules including drug pricing, reimbursement processing and pharmacy selection. IWP has developed expertise and systems that enable it to navigate the complicated, state-by-state, plan-by-plan billing process. The complex nature of managing through all these regulations creates a natural barrier to entry and generally results in a much more stable reimbursement environment.
IWP does enjoy the high growth characteristics associated with continued increases in healthcare spending. Each year, approximately 3 million U.S. workers make new claims related to injuries and illnesses sustained in the workplace. Since medications are utilized in approximately 38% of injury cases (typically to treat severe symptoms such as inflammation or extreme back and shoulder pain), obtaining pharmaceuticals is a critical component of treatment for injured workers and an important step to-ward their recovery and return to productivity. However, traditional pharmacy operations are designed to accommodate the needs of more common “group health” insurance systems and are not properly equipped to manage workers’ compensation pharmacy claims.
About IWP
IWP is a national pharmacy service working on behalf of chronically injured individuals. Fully licensed in 48 states, IWP re-moves the financial burden of the medication process by shipping medications directly to the patient and collecting payment from the insurance company. Through its state-of-the-art facilities located in Andover, Massachusetts and Phoenix, Arizona, IWP offers a full range of pharmaceuticals to ease pain and discomfort caused by injury and meets each patient’s individual needs through a dedicated team of pharmacists. In addition, IWP serves as a powerful resource to those who represent injured individuals. IWP serves attorneys and physicians by minimizing their staff’s time and expenses spent on medication and reimbursement issues. For more information on the company, please visit www.IWPharmacy.com
About Triton Pacific
Triton Pacific Capital Partners, LLC, founded in 2001, is a private equity firm that invests in middle-market companies in high growth or rapidly changing industries. Headquartered in Los Angeles, California, Triton Pacific currently manages four private equity funds and is the sponsor of Triton Pacific Investment Corporation, a non-traded public Business Development Company. For more information, visit www.tritonpacificbdc.com
