Caremark has gained approval and the promise of tax incentives to expand its business operations near Orlando, Fla.
Caremark has gained approval and the promise of tax incentives to expand its business operations near Orlando, Fla. The expansion is expected to create an estimated 500 jobs, including 100 pharmacist jobs.
Caremark, a pharmacy benefits manager owned by CVS Health, will be granted $1.5 million in tax refunds from the state, and another $300,000 from Orange County as an incentive for expanding its facilities in the area, according to the Orlando Sentinel.
In addition to the pharmacist positions, about 350 pharmacy technician jobs are planned to support the facility’s operations. Caremark plans to add 275 jobs by the end of 2016 and another 225 jobs in 2017.
County commissioners voted 6-1 to approve the expansion project, which is expected to add $18.7 million to the county's tax roll.
The state’s incentive program provides tax refunds for some qualifying projects that create high-wage jobs. The pharmacist and technician jobs will have an average salary of at least $48,995.
"There are a number of things about this that make me more comfortable than if we were just talking about 350 [technician] jobs," Orange County Mayor Teresa Jacobs told the newspaper. "I, for one, am excited about getting 500 jobs in the pharmaceutical industry."
The Caremark announcement follows the recent decision by Nephron Pharmaceuticals to lay off 180 workers at its Orlando headquarters.
Nephron, which makes inhalers and other pharmaceutical devices, decided to build a new facility in Columbia, South Carolina instead of expanding its facility in the Orlando area.