CARMEL, Ind. (Aug. 18, 2008) - Pharmakon LTC Pharmacy, Inc., a provider of pharmaceuticals to long-term care facilities, announced today it will expand its central Indiana packaging and distribution operations here, creating 52 new jobs by 2011.
The company, which provides pharmaceuticals and packaged medications to psychiatric hospitals and long-term care facilities, will invest $1.2 million to relocate its headquarters and distribution center to an existing 21,000 square-foot facility in the suburban Indianapolis city.
"From pharmaceuticals to medical devices, Indiana is competing and winning in the global competition for new job-creating investment in this vitally important industry," said Governor Mitch Daniels.
Pharmakon, which employs 60 associates at its Indianapolis facility, plans to begin hiring pharmacists, pharmacy technicians and shipping personnel to coincide with the move to its new facility in the first quarter of 2009.
"Without this assistance, my business could have definitely gone in another direction for our future," said Paul Elmer, R. Ph. president of Pharmakon. "The assistance from the state and local governments will allow us to add new high paying jobs and bring new technology into the healthcare setting."
Founded in 2003, Pharmakon has grown from a local supplier of medications to nursing homes to a regional pharmaceutical distributor serving more than 4,000 patients at more than 60 healthcare facilities throughout Indiana, Illinois and Kentucky. The company plans to begin distributing patient-specific intravenous medications to hospitals throughout the Midwest beginning in January 2009.
The Indiana Economic Development Corporation offered Pharmakon up to $150,000 in performance-based tax credits and up to $55,000 in training grants based on the company's job creation plans. The city of Carmel will provide property tax abatement.
"I am pleased that Pharmakon has decided to expand its corporate headquarters and move to Carmel," said Carmel Mayor Jim Brainard. "Our focus and commitment to a high quality of life is always key in attracting and retaining these life science companies. This is exactly the type of opportunity that provides a good match for our professional workforce."
Pharmakon's expansion in central Indiana marks the third pharmaceutical distributor to announce plans to grow in central Indiana in less than a year. In late 2007 Medco Health Solutions (NYSE:MHS) announced plans to locate the world's largest automated pharmacy in Boone County, creating 1,300 new jobs. In October 2007, Arcadia Healthcare (AMEX: KAD) announced plans to relocate its suburban Detroit headquarters and its personalized pharmaceutical packaging operations to Indianapolis, creating more than 400 new jobs by 2010.
About Pharmakon
Pharmakon Long Term Care Pharmacy, Inc. has been providing tailored long term care services to long term care facilities in Indiana, and the Greater Midwest since 2003. Since the inception of Pharmakon the main goal has been to provide customers with cost efficient products while providing a personalized service and packaging needs to fit a customer's individual needs.
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 Nathan Feltman serves as the chief executive officer of the IEDC. Since Daniels created the IEDC, the state has posted three consecutive years of record-breaking commitments for new jobs. For more information about IEDC, visit www.iedc.in.gov.
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Media Contacts:
Paul J. Elmer, R.Ph. (Pharmakon) - 317.818.1059
Mitch Frazier (IEDC) - 317.232.8873 or MFrazier@iedc.in.gov
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