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Date ArticleType
6/18/2019 Economic Update
PharmaCord LLC Operations Opening Third Location in River Ridge Commerce Center

PharmaCord Plans Call for 850 New Full-Time Positions by the End of 2023
 
On Monday, officials from One Southern Indiana (1si), the chamber of commerce and economic development organization for Clark and Floyd counties, Ind., in coordination with the Indiana Economic Development Corporation (IEDC), announced PharmaCord’s intention to lease the top two floors of the Gallery Building, owned by America Place, while constructing a $40 million facility at 850 Trey Street, also within the River Ridge Commerce Center. The company will be considered for Urban Enterprise Zone (UEZ) benefits this evening, with approval expected by the River Ridge Development Authority.

PharmaCord is a key connector between pharmaceutical companies and manufacturers, doctors and payers, ensuring patients receive specialty medications prescribed to them. The new facility will, in part, be an operations and call center providing support services to patients and physicians on behalf of pharmaceutical companies.

Established in 2017, PharmaCord has experienced exponential growth. The company employed fewer than 20 individuals at the start of 2017, and company officials estimate the employee count will reach 200 by the end of this calendar year. The wages for the 850 new positions ultimately created by the company’s growth are estimated to be 10 percent above the Clark County average.

The Louisville operations will remain unchanged. “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. 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,” said Nitin Sahney, Founder and CEO of PharmaCord. “I believe this new location will give us the space and ability to support future pharmaceutical client programs while creating more jobs in healthcare for the Metro area. We are very excited about this decision and its implications for the continued growth of PharmaCord.”

With assistance from 1si, the IEDC offered PharmaCord LLC up to $7,850,000 in conditional Economic Development for a Growing Economy (“EDGE”) tax credits based on the company’s job-creation plans. These tax credits are performance-based, meaning until Indiana residents are hired, the company is not eligible to claim incentives. the IEDC also offered tax credits of three percent of the amount invested or $1.2 million, whichever is less, under the Hoosier Business Investment Tax Credit program. The company’s total investment for the two-phase project is estimated to be $56,460,880.

"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. The growth of both residential and commercial activities along East Tenth 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 Tenth Street area. The city’s foresight is paying off,” said Jeffersonville Mayor Mike Moore. “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.”

“We’re very excited to see this locally grown company – led by a veteran management team – choose River Ridge as the site for its planned expansion,” said Jerry Acy, executive director of River Ridge Commerce Center. “This is a great example of how Louisville and Southern Indiana leaders are working together to recruit and retain growing employers. The is a big win for the entire region.”

"We are excited that PharmaCord is expanding services and growing jobs in our region, and will continue to work with them to support and grow their Louisville operations,” said Rebecca Fleischaker, director of Louisville Metro's Department of Economic Development. “Through our great relationship with our regional partners, we are able to assist in business development that benefits the community, industry, and employees."

“What a great win for our region. PharmaCord is a company with incredible growth potential and the resources to have gone anywhere in the country. The fact company officials have decided to stay here is not only a reflection of their dedication to the Southern Indiana/Louisville metro area, but also evidence of the prime opportunities, sites and benefits we can offer companies from any industry group,” said 1si President and CEO Wendy Dant Chesser. “The addition of their new facility to the River Ridge Commerce Center will continue to diversify our health care services industry, and the estimated 850 new jobs, with salaries that will raise Clark County’s average wage, will attract new residents, and the retail to support them, to the area. 1si will continue to work with company officials to assist in any way we can.”