Early Life and Career
Stewart Rahr was born in Brooklyn, New York, and grew up in Far Rockaway, Queens, in a Jewish family. He began his career by working at his father's pharmacy in Brooklyn. He graduated from Poly Prep Country Day School in Brooklyn in 1963 and earned a B.A. from New York University. After attending New York University Law School, he left to take over his family's pharmacy business. He transformed the small business into Kinray Inc., a major pharmaceutical distributor.
Rise to Success
Under Rahr's leadership, Kinray Inc. became a leading pharmaceutical distributor, serving over 2,000 pharmacies in the Northeastern United States. Rahr's strategy included stockpiling pharmaceuticals and leveraging drug price inflation to maximize profits. This approach, while successful, later attracted controversy due to consumer ethics concerns. In 2010, he sold Kinray to Cardinal Health for $1.3 billion, which established his status as a billionaire.
Key Business Strategies
The expansion of Kinray was driven by strategic decisions such as implementing an automated order-packing system in 1993, improving turnaround times, and enhancing customer service. Rahr focused on serving independent pharmacies, offering twice-a-day deliveries, and automating operations to keep prices low.
Philanthropy
Rahr is recognized for his philanthropy, contributing to various causes. He made a $10 million donation to the Make-A-Wish Foundation in 2013, the largest contribution in the organization's history. He has supported various charities, including the Israel Cancer Research Fund, the Salvation Army for Hurricane Sandy relief efforts, and the Prostate Cancer Foundation. He has also contributed to the Knesset and United Hatzalah. His philanthropic efforts are managed through The Stewart J. Rahr Foundation, which supports youth, education, and medical research.
