Pine Pharmaceuticals Expands Tonawanda, New York, Production Campus
The company, which moved to the 25,000-square-foot building at 355 Riverwalk Parkway in the Riverview Solar Technology Park in May of 2018, will use the additional space to produce IV bags and other complex products, as well as for inspection, packaging, labeling and storage. The expansion is expected to be completed by the end of 2021.
"This expansion marks the start of an exciting time for our company, our community, and our industry, said Pine Pharmaceuticals LLC Owner Alfonse Muto. “With New York State's support, we will be able to dramatically increase the production of essential drugs that people around the country rely on every day and enrich our local economy for years to come."
Pine Pharmaceuticals is receiving $650,000 in refundable tax credits as an incentive from the state's Excelsior Jobs Program.
"If COVID-19 has taught us anything, it's that we need to stop relying on foreign distributors and increase production of critical medical supplies and resources, including pharmaceuticals, right here in the United States," Governor Andrew Cuomo said. "As we work to build back better, our strategic incentives will allow Pine Pharmaceuticals to once again expand its operations in Western New York, where a thriving advanced manufacturing economy has been creating quality jobs and uplifting communities for years now as a result of New York's ongoing investments in the region."
Also, as an FDA-registered 503B outsourcing facility, Pine Pharmaceuticals has the unique ability to address drug shortages by working with hospitals, clinics, medical practices and physician offices to provide sterile compounded pharmaceuticals, state officials said.
The firm also benefits from a 136-kilowatt low-cost power allocation from the New York Power Authority's ReCharge NY program as part of its commitment to retain jobs and invest capital. ReCharge NY, launched by the Governor in 2011, offers up to seven-year power contracts. Half of the power—455 megawatts—is from NYPA's Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric power plants, which provide some of the greenest, cleanest and lowest-cost electricity in the state. The remaining 455 megawatts is lower-cost power bought by NYPA on the wholesale market.
"Pine Pharmaceuticals started out as a family business and has grown in size and success from there. This expansion continues their commitment to Western New York and reflects our strategic investment in keeping successful companies in New York State, to create the cutting-edge products and jobs critical to economic growth," said Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler.
Pine Pharmaceuticals provides pharmaceutical compounding, including specialized sterile formulations serving ophthalmologists, retinal specialists, hospitals, ambulatory surgery centers, medical practices and clinics. The sterile compounded preparations are made to order and formulated using cutting-edge technology and industry-leading quality assurance practices.
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