VFP Names EMD Serono Executive Richard J. Burkett as CEOSeptember 7, 2018 | Village in the News
Burkett brings extensive leadership experience in the U.S. fertility market to Village Fertility Pharmacy
Waltham, Mass. (Sept. 6, 2018) — Village Fertility Pharmacy (www.villagefertilitypharmacy.com), a leading independent fertility specialty pharmacy, appointed Richard J. Burkett Chief Executive Officer to drive the company’s expansion nationwide. The company is dedicated to providing exceptional service and educational resources to the growing number of Americans seeking support to resolve issues regarding infertility.
Recognizing the opportunities presented by the rapidly growing U.S. fertility market, Village tapped Burkett, who previously served as a senior leader within EMD Serono’s U.S. fertility business, to set and oversee the strategic expansion of the company’s fertility specialty pharmacy
services nationwide. Burkett, who has a BS in biology from the University of Missouri and an MBA from the Olin School of Business at Washington University in St. Louis, will assume his new position on Sept. 10, 2018.
“I’m thrilled to join the Village team at this critical point in the company’s history,” said Burkett. “I look forward to working with my management team to build on Village’s successes to date as we expand into new markets.”
Burkett spent 16 years at EMD Serono’s U.S. fertility business where he held leadership positions of increasing responsibility. Most recently, Burkett served as U.S. head of sales, marketing, and strategic partnerships, setting the strategic direction for EMD Serono’s U.S. fertility organization. While at EMD Serono, Burkett drove cultural and organizational change and built alliances with key fertility stakeholders including specialty pharmacies, managed care organizations, and fertility management companies. Most importantly, Burkett established long-lasting relationships with fertility clinicians and staff. Prior to joining EMD Serono, Burkett supported multiple brands at Pfizer, Inc.
In addition to Burkett’s appointment, Village has also added Michael Abramo as Village’s Chief Financial Officer. He most recently was the chief administrator of the Massachusetts Bay Transportation Authority.
“Village has recently undergone a significant transformation, reflecting growth into new markets and the company’s unique service offering. We’re excited that Rich, a seasoned executive with extensive leadership experience in the fertility market, has joined the Village team at this
juncture,” said Nathan Kronforst, Managing Director at BelHealth Investment Partners which is Village’s financial sponsor. “As a strong, people-oriented leader, Rich will enable Village to fulfill its mission to provide best-in-class customer service and support as it expands operations to
serve the fertility community nationwide.”
A recent report by Allied Market Research found that the global fertility services market is anticipated to grow by a CAGR of 9.3% between 2017 and 2023. According to the U.S. Centers for Disease Control and Prevention, 7.3 million women in the United States are affected by infertility, representing about 12% of the population. In addition, the market may benefit from a significant level of investment into developing new fertility products. Pitchbook estimates that more than $178 billion was invested in startups focused on developing fertility products.
Village aims to capitalize on that growth by strategically investing and expanding its business and capabilities to deliver excellent customer-focused fertility pharmacy and educational services to address the entire U.S. market.
“The U.S. fertility market represents a significant opportunity for future investment by BelHealth and we see Village as key to that strategy,” said Harold S. Blue, Managing Partner at BelHealth. “Rich brings to Village a unique set of skills and strategic thinking to help the company fulfill its long-term goals. Under his leadership, Village will continue its expansion into new markets to better serve the growing, and still underserved, market for fertility treatment and support.”
With more than 30 years in the industry, Village’s highly-skilled pharmacy and nursing staff are renowned for their knowledgeable and compassionate understanding of the needs of patients and the complicated nature of their treatments. The company’s team of specialists provides a supportive, responsive, and confidential environment in which patients and medical professionals can ask questions about fertility medications, injections, and insurance and payment options. It is these attributes which has established Village as partner to some of the largest fertility clinics,
payors and pharmaceutical manufacturers.
About Village Fertility Pharmacy
Village Fertility Pharmacy (www.villagefertilitypharmacy.com) is a specialty pharmacy dedicated to offering the best service and education to infertility patients and clinics. In operation for more than 30 years, Village has developed a deep understanding of the complicated nature of infertility treatments and the unique needs of infertility patients. Headquartered in Waltham, Mass., and with a location in Warrenville, IL, Village has established a national presence as one of the largest, independent fertility-focused specialty pharmacies.
About BelHealth Investment Partners
BelHealth Investment Partners (www.belhealth.com), based in New York, is a healthcare private equity firm focused on lower middle market companies. BelHealth has a unique combination of investing, executive management and entrepreneurial experience. BelHealth acquires majority positions in entrepreneur-owned companies that it believes would benefit from its extensive operating and private equity investment expertise. The firm invests across three core healthcare segments: Services, Products and Distribution. BelHealth is investing from its current $350 million
For more information contact:
BelHealth Investment Partners
Phone: (347) 308-7011