IN: Medco Announces Second Expansion; 160 New Jobs; Invest $17.3M
22 Jul, 2009
Medco Announces Second Expansion, New Jobs Medco Health Solutions, Inc., a leading pharmacy services provider, announced that it will be expanding its operations here, creating more than 160 additional jobs. The company, which is currently constructing a 452,000-square-foot automated pharmacy at AllPoints at Anson, will invest $17.3 million to add its first Medco Therapeutic Resource Center® (TRC), a specialty pharmacy designed to treat oncology patients. Medco's Oncology TRC will be operational by October 2009. "Indiana's climb as a center of life sciences leadership just advanced another rung," said Governor Mitch Daniels. "In total payroll dollars, Medco was already the biggest new company recruitment the state has seen, and this expansion will add tens of millions more dollars to our economy. What fabulous news." Medco's next-generation mail-order pharmacy will dispense one million prescriptions per week when it reaches peak capacity in 2012. The pharmacy, including the addition of the oncology TRC and a world-class personalized medicine research center, will bring more than 1,400 jobs, including pharmacists, researchers, pharmacy technicians, engineering technologists and administrative positions to Boone County. "With condition-specific TRCs throughout the country, Medco has established a new paradigm in care management that elevates the role of the pharmacist and has already proven to efficiently identify and close clinical gaps in care. This partnering of pharmacy with physicians improves health outcomes and lowers overall health care costs," said Kenneth O. Klepper, Medco president and chief operating officer. "The oncology TRC in Indiana will be home to specialist pharmacists who will work with physicians nationwide as they treat the more than one million Medco members living with this condition." The Indiana Economic Development Corporation offered Medco up to $3.3 million in performance-based tax credits and up to $300,000 in training grants based on the company's job creation plans. The Indy Partnership, BioCrossroads and the Boone County Economic Development Corporation coordinated Central Indiana's pursuit of the Medco facility expansion. "Indiana has long been a leader in cancer research as well as the development of important new cancer medicines and diagnostics, thanks to our first-class research universities, companies and entrepreneurs," said David Johnson, president and chief executive officer of BioCrossroads. "Medco's addition of such an important research center will add to that strength and is a testament to our robust and diverse life sciences sector." "Medco is a world-leader in the pharmaceutical services industry and is a company that every city in America would want to have located in their community," said Jason Tribby, president of Whitestown Town Council. "The fact that they have not only chosen Whitestown for their initial investment, but have also chosen to expand beyond initial projections is a strong vote of confidence for Central Indiana. We are thrilled by their commitment and welcome the employment opportunities they bring to our community." Medco's continued growth in Indiana builds on Central Indiana's $13.6 billion global life sciences sector. According to a recent study conducted by the Indiana Business Research Center of Indiana University's Kelley School of Business, Indiana ranked second nationally in the share of total workforce engaged in pharmaceutical manufacturing and third overall in productivity output per pharmaceutical worker. The study also revealed the average wage of a typical life science job was $82,000 in 2007. About IEDC Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Indiana Secretary of Commerce Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov . About Medco Medco Health Solutions, Inc (NYSE: MHS) is a leading health care company, serving the needs of more than 60 million people. Medco, the world's most advanced pharmacy®, provides clinically driven pharmacy services designed to improve the quality of care and lower total health care costs for private and public employers, health plans, labor unions and government agencies of all sizes, and for individuals served by Medicare Part D Prescription Drug Plans. Through its unique Medco Therapeutic Resource Centers® and the Accredo Health Group, Medco's Specialty Pharmacy, the company is creating innovative models for the care of patients with chronic and complex conditions. Medco is a leader in the emerging field of personalized medicine and in applying evidence-based protocols to elevate the practice of pharmacy -a key element in reforming America's health care system. Medco is ranked number 45 on the Fortune 500 list, with 2008 revenues of more than $51 billion. For more information about Medco, go to http://www.medcohealth.com . This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.