IN: Arcadia Announces Major Expansion of Headquarters and DailyMed(tm) Pharmacy Operations
27 May, 2010
Governor Mitch Daniels joined executives from Arcadia HealthCare (NYSE Amex:KAD) and Mayor Greg Ballard to announce the company's plans to expand its national headquarters and pharmacy operations here, creating up to 930 new jobs by 2013.
In addition to new jobs, the provider of home health care and pharmacy services will invest $3.9 million to expand corporate operations and centralize pharmacy fulfillment functions to the company's headquarters on the city's north side.
"In less than three years after we first welcomed Arcadia to Indiana from Michigan, they are expanding their commitment to our state by consolidating more work here," said Daniels. "We've always known Indiana to be a leader in health care and life sciences, but with recent growth from Medco, Express Scripts and now Arcadia's DailyMed Pharmacy, we are home to some of the top pharmacies in the world."
Arcadia will continue hiring corporate staff for its headquarters as well as managers, pharmacists, pharmacy technicians, account managers and sales personnel for its pharmacy business as it prepares to expand services for clients including Indiana-based WellPoint and Health Alliance Medical Plans, Inc. Currently, the company employs approximately 500 individuals throughout the state.
"Indiana continues to be a terrific building block for our company," said Marvin R. Richardson, president and chief executive officer of Arcadia. "By establishing a pro-business partnership with the state and local governments, higher education and community leaders, we have been able to expand our business, recruit in-state talent and set the foundation for greater national expansion. We are thrilled with the traction on the DailyMed Pharmacy front, and anticipate even greater opportunities in the coming years."
Arcadia recently reported its sixth consecutive quarter of sequential revenue growth with its DailyMed Pharmacy, the company's proprietary medication compliance and adherence program that includes a drug packaging system that puts patients' multiple prescription and over-the-counter medicines and vitamins into single-dose packs based on the time and date the drug should be administered. The program is complemented by a medication therapy management program administered by pharmacists and trained staff and is offered throughout the United States.
The Indiana Economic Development Corporation offered Arcadia up to $13.5 million in performance-based tax credits based on the company's job creation plans. The city of Indianapolis will consider additional property tax abatement at the request of Develop Indy.
"Arcadia's decision to grow its operations here demonstrates confidence that the time is right to invest in the city of Indianapolis and that our central location and experienced labor pool continue to make good business sense," said Mayor Greg Ballard. "Arcadia's success in the fast-growing industries of health care, life sciences and pharmacies will bring new jobs and capital investment to Indianapolis - vital components of our economy - and we thank them for choosing to do business in Indianapolis."
Arcadia's expansion comes just under three years after the company relocated its headquarters from Southfield, Mich. to Indianapolis.