IN: PharmaCord Plans Major Indiana Expansion, Creating 850 Jobs
18 Jun, 2019
PharmaCord, a privately-held health care solutions provider offering customized patient support services for the life sciences industry, announced plans to establish operations in Clark County. With its growth, the company plans to create up to 850 new jobs by the end of 2023.
“It’s an exciting day for Indiana and the city of Jeffersonville as we welcome PharmaCord to the Hoosier state,” said Governor Eric J. Holcomb. “Indiana has quickly established itself as a global leader in life sciences, gaining national recognition and attracting new businesses from around the world. I’m confident that Indiana’s pro-business environment and talented workforce will allow the company to grow and thrive here as they work to deliver critical health care solutions.”
The Louisville, Kentucky-based company will invest more than $52 million to launch its Indiana operations at the River Ridge Commerce Center in Jeffersonville, initially leasing two floors at America Place's Gallery Building at 101 Logistics Ave. and later constructing and equipping an 80,000-square-foot facility at 850 Trey St. The new building, which will serve as a state-of-the-art call and operations center, will allow PharmaCord to enhance its patient access and support services while continuing to grow its client base of pharmaceutical companies. PharmaCord plans to be fully moved into the initial expansion site by August 2019.
To support its rapid growth, PharmaCord, which has approximately 150 employees, plans to begin hiring immediately for customer service representatives, benefit specialists, case managers and specialty nurses. Interested applicants may apply online.
“It was important to us to find an expansion site that would not only afford us the space to grow and fulfill our potential as a company, but also to expand our presence in the Louisville metro area," said Nitin Sahney, founder and CEO of PharmaCord. "River Ridge Commerce Center and America Place provided us with a world-class facility, while still being convenient and close to our existing offices in Louisville. I believe this new location will give us the space and ability to support future pharmaceutical client programs while creating more jobs in health care for the Metro area. We are very excited about this decision and its implications for the continued growth of PharmaCord.”
Founded by Sahney in 2017, PharmaCord offers a full suite of commercialized health care solutions designed to increase accessibility, clinical oversight and market acceptance of prescription therapy. The company links reimbursement services, mail-order pharmacy operations, care coordination, clinical services and patient assistance programs through a unique technology-based platform. PharmaCord's patient-centric approach of integrating services helps streamline and enhance the therapy experience, which in turn, improves access to quality health care.
“On behalf of the city of Jeffersonville, I’d like to thank PharmaCord for choosing America Place, in the River Ridge Commerce Center, as the location for its expansion," said Jeffersonville Mayor Mike Moore. "The growth of both residential and commercial activities along East 10th Street and Highway 62, as well as the attraction of new or expanding businesses, have been driven by the development of the River Ridge Commerce Center, as well as the city’s $7.5 million investment in the East 10th Street area. The city’s foresight is paying off. PharmaCord’s decision to expand here provides opportunities for jobs with above-average wages which, in turn, benefit the entire region. We wish them nothing but success in this new endeavor.”
Pending approval from the Indiana Economic Development Corporation (IEDC) board of directors, the IEDC will offer PharmaCord up to $7.85 million in conditional tax credits based on the company’s job creation plans and up to $1.2 million in conditional tax credits from the Hoosier Business Investment (HBI) tax credit program based on the company’s planned capital investment in Indiana. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The River Ridge Development Authority will consider Urban Enterprise Zone (UEZ) benefits at today's meeting.
PharmaCord will join more than 1,750 companies contributing to a strong and growing life sciences industry in Indiana. According to BioCrossroads and the Indiana Business Research Center, Indiana is the second largest exporter of life sciences products in the U.S. at $10.2 billion in total exports. Together, these companies support more than 56,000 Hoosier jobs with average wages of approximately $97,600 annually.
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