CoreRx to buy new manufacturing site
The new 80,000 sq ft facility will provide clinical trial manufacturing services for the pharmaceutical industry and create as many as 55 new high tech manufacturing jobs as it is rolled out over the next three years.
The plant, further details of which have not yet been released, is approximately eight times the size of CoreRx’ existing manufacturing unit, and will include capacity for the firm’s formulation, analysis and research offering.
CEO told the paper that, as a result of the jobs it will create: “the firm has applied for Florida’s Qualified Target Industry Tax Refund (QTI) programme,” explaining that the roles will have average salaries of at least $58,445, equivalent to 150 per cent of the state average.
Demand for manufacturing still strong
While the preclinical research and clinical research markets have been hurt by the cost cutting and R&D cutbacks that dominate the drug industry at the moment, in general, demand for contract manufacture has continued to grow.
What is unclear is how the slow down in drug development will impact on the contract production of drug batches for clinical trials in the medium to long term as fewer drug candidates move into human trials.
This lack of visibility is perhaps why CoreRx is hedging its bets with the new facility and providing a range of contract development and manufacturing services.
