Medco To Expand Life Sciences and Logistics Operations in Indianapolis Region
$17.3 million investment in new oncology Therapeutic Resource Center® will create 160 pharmacy-related jobs in Boone County, Indiana
WHITESTOWN, Ind. (June 23, 2009) — Just 18 months after locating an advanced automated pharmacy in the Indianapolis Region that will create 1,300 high-paying jobs, Medco Health Solutions, Inc. (NYSE:MHS), has announced that it will invest $17.3 million and create 160 additional jobs in the region at its first Medco Therapeutic Resource Center® (TRC), a specialty pharmacy designed to treat oncology patients.
Indy Partnership worked closely with the Boone County Economic Development Corporation, Indiana Economic Development Corporation (IEDC), and Indiana’s life sciences initiative BioCrossroads, to provide a comprehensive proposal for expanding the new Medco TRC® in the Indianapolis Region.
“Medco choosing to expand here even before construction on the initial project has been completed is a testament to the strengths of the life sciences and logistics industries in the Indianapolis Region,” said Ron Gifford, president and CEO of Indy Partnership. “The collaboration between these four economic development entities that provided a compelling case for locating the new Medco TRC® in the Indianapolis Region.”
Whitestown and the Boone County Redevelopment Commission offered Medco tax abatement on real and personal property, infrastructure improvements, job placement and training assistance for the TRC® expansion, which will be located in Medco’s state-of-the-art 452,000 square-foot automated pharmacy that is currently under construction at AllPoints at Anson.
“Medco and its leadership have already proven to be excellent community partners and we are thrilled that they have chosen Whitestown in Boone County for this advanced oncology care management operation,” said Dax Norton, executive director of the Boone County Economic Development Corporation.
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.