Catamaran Opens in River RidgePosted: Updated:
A pharmacy benefit management company has opened an operation in the River Ridge Commerce Center in Jeffersonville. Earlier this year, officials announced the plans by Catamaran Corp. (Nasdaq: CCT) to create more than 200 jobs at the facility by 2015. Governor Mike Pence attended an event Friday to mark the opening. October 24, 2013
JEFFERSONVILLE, Ind. (Oct. 25, 2013) - Governor Mike Pence joined executives from Catamaran Corp. (NASDAQ: CTRX, TSX: CCT), a provider of pharmacy benefit management (PBM) technology and services, today to announce the company's plans to locate a specialty pharmacy facility here, creating up to 205 new jobs by 2015.
"Indiana's life sciences industry continues to be a catalyst for discovery and advancement to the world around us," said Pence. "The caliber of Hoosiers working in the life science industry is unrivaled, with companies like Catamaran choosing to operate here. Indiana is home to breakthroughs that will improve our livelihood today and in the future. As a national industry leader, Indiana is a state that works for life sciences."
The company constructed a specialty pharmacy facility on Patrol Road in Jeffersonville's River Ridge Commerce Center. The facility supports Catamaran's national specialty brand BriovaRx, delivering personalized, holistic care to patients with complex and chronic conditions.
Catamaran, which currently has nearly 4,000 employees across North America, has already begun hiring for various positions at the Jeffersonville facility, including pharmacists, pharmacy technicians and call center personnel.
"Catamaran is pleased to be opening this state-of-the art facility here in Indiana," said Mark Thierer, chairman and chief executive officer at Catamaran. "The state of Indiana, the Indiana Economic Development Corporation and the Jeffersonville community have been excellent partners in this endeavor. We look forward to servicing our patients from this outstanding location."
A provider of PBM software and services, Catamaran manages more than 250 million prescriptions annually, designs drug benefit plans and provides customized reporting and data analysis services to help individuals and organizations control health care costs. The Illinois-based company currently operates 11 other specialty pharmacy facilities across the country. Catamaran also recently opened a Center of Excellence in Indianapolis at 150 Market St., Suite 300.
The Indiana Economic Development Corporation offered Catamaran LLC up to $2,500,000 in conditional tax credits and up to $100,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. River Ridge Development Authority approved additional property tax abatement at the request of One Southern Indiana.
"Catamaran's plan to build a new facility at the River Ridge Commerce Center is just tremendous," said Jeffersonville Mayor Mike Moore. "This project represents a significant step forward in terms of the types of jobs we want to attract to the city of Jeffersonville. Economic development is a competitive game, and a victory like this is an endorsement of Jeffersonville's competitive edge in the global arena. We welcome Catamaran to our community with enthusiasm!"
Indiana is a national life sciences leader in the areas of exports, employment concentration, job growth and FDA filings, according to the most recent report by BioCrossroads and Battelle. With more than 1,600 life sciences companies employing 55,000 Hoosiers in Indiana, the state's life sciences exports totaled $9.3 billion (one-third of Indiana's total exports), ranking as the third highest in the United States, behind only California and Texas.
Catamaran, one of the industry's fastest-growing pharmacy benefit managers, helps organizations and the communities they serve take control of prescription drug costs. Managing more than 250 million prescriptions each year on behalf of 25 million members, our flexible, holistic solutions improve patient care and empower individuals to take charge of their health. Processing one in every five prescription claims in the U.S., Catamaran's skill and scale deliver compelling financial results and sustainable improvement in the overall health of members. Catamaran is headquartered in Schaumburg, Ill. with multiple locations in the U.S. and Canada. For more information, please visit Catamaranrx.com, and for industry news and information follow Catamaran on Twitter, @CatamaranCorp.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.Source: Indiana Economic Development Corp.