Onco360 to Establish Headquarters in Louisville; Create 150 Jobs
Another health care company, OncoMed Specialty LLC (Onco360), is bringing its headquarters to Louisville and establishing a facility in Jeffersontown, Governor Steve Beshear and Mayor Greg Fischer announced today.
Onco360, one of the world’s fastest-growing providers of oncology and hematology pharmacy services, is expected to create up to 150 new jobs and invest $2 million into the project.
“Having a global leader like Onco360 choose Louisville as base for its critical, life-saving services truly validates our economic development strategy and underscores that our community is an increasingly desirable place to live, work and grow a business,” Fischer said. “The recent decisions by so many health care giants to locate and expand here give us tremendous momentum in growing our area economy and solidifying our reputation as the leader in lifelong wellness and aging care.”
“It seems like every month, we’re celebrating a major headquarters locating or expanding in Louisville,” said Gov. Beshear. “Onco360’s investment will be a tremendous contribution to our booming health care industry. I am honored the company chose Kentucky as the place to provide its innovative and life-saving services to the nation.”
Onco360 plans to locate its headquarters in the PharMerica building, near Bluegrass Parkway. The new headquarters, which will allow the company to better serve the growing population of oncology and hematology patients and physicians across the country, will be operational this summer.
“We are very excited about coming to Louisville as it will enable Onco360 to quickly and efficiently scale our unique Oncology Pharmacy Dispensing and Clinical Care model,” said Paul Jardina, president and CEO of Onco360. “This new National Oncology Pharmacy Center will equip Onco360 with an even greater ability to deliver locally focused care and support on a national level.”
Onco360 is the largest independent provider of oncology pharmacy services in the country. The company serves the specialized needs of oncologists, patients, hospitals, cancer centers, manufacturers and health plans. Onco360’s clinical and dispensing model was developed specifically to meet the unique needs of oncology-treating physicians and their patients.
In December 2013, Louisville-based PharMerica Corporation, a leading institutional pharmacy, specialty infusion and hospital services company servicing healthcare facilities in the United States, made a significant strategic investment in Onco360.
“We are happy to participate with the Commonwealth and Louisville Metro to support Onco360, but, more importantly, we are very pleased PharMerica has the confidence in Jeffersontown to support Onco360’s decision to co-locate to the facility in Bluegrass Commerce Park,” said Jeffersontown Mayor Bill Dieruf.
Oncology continues to be a growing sector of the healthcare industry. In 2013, there were more than 1.5 million new cancer cases, a number that’s expected to increase 50 percent by 2030. Annual oncology drug spending is expected to reach $175 billion in the next five years.
Louisville’s reputation as the world leader in lifelong wellness and aging care continues to grow. The city is home to more than 18,000 health care professionals producing more than $48 billion in revenue. The city also is home to the nation’s largest collection of headquarters in nursing home, rehabilitation, assisted living and home health administration.
To encourage the investment and job growth in Jefferson County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $1.6 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.