ECONOMY
Eden Pharmacy鈥檚 $2.7 million expansion to bring dozens of jobs, $78 million boost to Albuquerque
The specialty compounding pharmacy will double its size with help from state and city funding
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Eden Pharmacy will double the its size in Albuquerque, which could result in a $78 million economic impact over the next decade.
The $2.7 million project, which is getting a boost from state and city funding, is expected to create more than 45 new high-paying jobs over the next two years and at least 56 positions over the next decade, according to the company. Eden currently has 22 employees, Chief Operating Officer Daniel Dietz said.
The expansion 鈥� supported by $300,000 in Local Economic Development Act, or LEDA, performance-based funding from the state and $100,000 from the city of Albuquerque 鈥� will take place at its only Albuquerque location, 8300 Carmel NE.
Dietz said the company is in the process of purchasing the building next door, and he hopes to break ground mid-summer. Dietz said the pharmacy will grow to 7,000 square feet once the expansion is complete, allowing the company to serve more providers across the country.
The pharmacy services functional and integrative medicine providers around the country for specialty compounding 鈥� the method of preparing medication from pure raw materials tailored to the patient鈥檚 needs.
The project will convert the existing pharmacy into a state-of-the-art, U.S. Pharmacopeia-compliant compounding facility serving patients and providers, company officials said. USP develops standards for preparing compounded sterile medications to help reduce risks such as contamination, infection or incorrect dosing, according to U.S. the organization.
Being a USP-compliant facility means maintaining pristine cleanliness, proper room flow and closures so that no material passes from room to room unnecessarily, Dietz said.
鈥淎s a graduate of (the University of New Mexico), I鈥檓 proud to bring strong jobs to Albuquerque,鈥� Dietz said in a statement. 鈥淓den is investing here because the talent, the values and the ambition line up. We鈥檙e building a company that moves precision medicine forward right here in New Mexico.鈥�
As a result of the expansion, the new positions will have an average salary of $69,197 a year, a news release said.
Eden has also been approved for assistance through New Mexico鈥檚 Job Training Incentive Program to support the training of the new positions. Hiring is already beginning with roles including pharmacists and pharmacy technicians.
In a statement, Eden Pharmacy CEO Adam McBride said delivering on the company鈥檚 mission 鈥渢akes a team that cares about the work as much as we do, and Albuquerque has given us that.鈥�
鈥淭his expansion lets us grow more of those careers in New Mexico while continuing to serve the patients across the country who count on us,鈥� McBride added.
The expansion comes following Eden鈥檚 acquisition of Contigo Compounding and Infusion Pharmacy. Dietz said the expansion is not limited to Albuquerque and that the company intends to serve all 50 states in the near future.
鈥淭his project carries the momentum in advanced sectors we鈥檙e seeing across New Mexico into healthcare,鈥� Economic Development Cabinet Secretary Rob Black said in a statement.
Gregory R.C. Hasman covers the economy and healthcare. He can be reached at ghasman@abqjournal.com or 505-823-3820.
