The Fishers City Council approved a plan on June 19 to bring Carmel-based Pure Pharmacy to Fishers.
The business’ planned expansion includes $2.5 million in capital investments and increasing the number of employees by 50 by the end of 2027. According to the city, those new jobs will focus on the compounding, compliance, dispensing and support areas of the company.
The council unanimously approved a tax-abatement incentive for the company to open a facility in Fishers. That five-year abatement includes zero property taxes in the first year, with the amount gradually increasing each year. According to city documents, the incentive is worth about $71,000.
The new facility will be located at 6950 E. 96th St.
“We are very excited to expand our operations to Fishers and appreciate the support that the city has given us,” said Ryan Hayes, co-owner of Pure Pharmacy.
Pure Pharmacy is a compounding pharmacy that focuses on health, wellness and innovative therapies, according to the city. It is part of the growing health and wellness sector, valued at $3.4 trillion.
Compounding pharmacies create tailored medications for patients using base ingredients, rather than distributing ready-made medication.
“It’s incredible to see the life-science innovation that is happening in central Indiana right now,” Fishers Mayor Scott Fadness said. “With the addition of Pure Pharmacy, Fishers’ I-69 corridor is competing across the life-science industry in new technologies, and the momentum is just getting started.”
The life-sciences and biotech industries in Fishers have grown exponentially since 2020, with $750 million in investment and nearly 2,000 jobs established or committed to in the next three years.
Pure Pharmacy opened in late 2019. The new facility will be located at the Patch Development building under construction at 96th Street and Masters Road.
For more about the company, go to purerxcompounding.com.