A local company’s expansion will help create new Florida pharmaceutical jobs.
Biotest Pharmaceuticals recently announced its plan to expand its facility in Palm Beach to help increase production, a move that will create 50 new jobs. The company also plans to reconfigure and renovate its current building location to accommodate increased manufacturing.
“The growth of Biotest Pharmaceuticals in Florida demonstrates the strength of our business environment and skilled workforce,†Governor Charlie Crist said in a press release. “The economic impact for the expansion is estimated at $89 million, which is good business for Florida’s economy. I congratulate everyone involved in advancing this project to where we are today.â€
The expansion will enable the company to increase its research, development, manufacturing and quality processes. Biotest currently has a facility in Boca Raton, which is used for plasma protein production and supports nine plasma collection facilities throughout the country.
Biotest received a state tax incentive, approval from the Palm Beach County Board of County Commissioners and assistance from the Business Development Board of Palm Beach County. The company also is eligible to receive up to $200,000 from the Qualified Target Industry Tax Refund Program from the State of Florida. The funding requires the company to create 50 Florida jobs at $4,000 per job and a 20-percent match from Palm Beach County.
“Clearly, the Biotest expansion is another example of how Palm Beach County is gaining internationally as a welcoming place to do business, “ Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County, said in the press release. “Locally, our economy wins because companies such as Biotest are providing high wage, high tech, knowledge-based jobs. Having a company like Biotest grow in Palm beach County is a strong statement that this is an excellent environment for international corporations to grow and succeed.â€