Frost was chairman of the board of directors of Key Pharmaceuticals, from 1972, until its acquisition by Schering-Plough in 1986, for $835 million.
[7] Frost served as chairman of the board of directors and chief executive officer of Miami pharmaceutical manufacturer Ivax Corporation from 1987.
[9][10] Frost was one of the first and largest investors in Protalix BioTherapeutics, investing $24 million in the company that would later go on to develop a U.S. Food and Drug Administration-approved treatment for Gaucher disease.
A 2010 U.S. Securities and Exchange Commission filing indicated that Frost donated around $8 million in Protalix shares to a charitable organization.
[11][12][13] Frost became the CEO and chairman of OPKO Health, Inc. upon the consummation of the merger of Acuity Pharmaceuticals Inc., Froptix Corporation and eXegenics, Inc., on March 27, 2007.
[14] Frost and OPKO were charged on September 7, 2018, with participating in a "pump and dump" scheme to defraud investors.
Frost also serves as chairman of the board of directors of PROLOR Biotech, Inc. (NYSE Amex: PBTH), a development stage biopharmaceutical company.
He previously served as a director for Northrop Grumman Corp., SearchMedia Holding Limited (NYSE Amex:IDI) formerly Ideation Acquisition Corp., Protalix Bio Therapeutics, Inc., and SafeStitch Medical Inc., and as governor and co-vice-chairman of the American Stock Exchange, (now NYSE Amex).
[22] In May 2014, Frost became a director and 10% shareholder of Senesco Technologies, which changed its name to Sevion Therapeutics, in September 2014.
[32] The Frost family supports scholarships for advanced study at the University of Oxford in STEM (science, technology, engineering, and mathematics) subjects.
The initiative is funded by a $100 million gift by the Frosts announced during Frenk's inauguration last year to support basic and applied sciences and engineering.