Orange County, Florida Approves Economic Development Incentives For CVS Health Expansion

Caremark, LLC, a division of CVS Health that provides support for their comprehensive care program, is planning an expansion of its operations in Orange County, FL.

Caremark

Caremark (photo – caremark.com)

Supported by a package of Orange County and State of Florida economic development incentives, the expansion will bring approximately $18,700,000 in new investment to the county tax roll, along with 500 new jobs.

The new jobs being created include 100 high-wage pharmacy positions, along with 350 pharmacy technician positions and 50 administrative positions. The result will be an average salary of at least $48,995 for the 500 jobs combined, which is 115 percent of the prevailing $42,604 average salary in the county.

Caremark has had operations in Orange County, FL since 2003. These new jobs and Caremark’s new operations in Orange County will support 10 existing CVS specialty pharmacies in the southeast by providing product and service delivery along with customer and physician consultation.

Patients receive ongoing disease education, counseling, and benefits verification, as well as coordination of care with multiple health providers, comprehensive patient education and adherence management.

CVS Health has 27 such specialty pharmacies that support individuals that require complex and expensive drug therapies. Overall, CVS/pharmacy has over 7,800 retail drug stores in 44 states, the District of Columbia, Puerto Rico and Brazil, and is located in 98 of the top 100 drugstore markets.

Woonsocket, RI-based CVS Health is the largest pharmacy health care provider in the U.S., and employs more than 24,000 pharmacists, part of a workforce of over 211,800 employees in 46 states, the District of Columbia and Puerto Rico. They also have a retail drugstore chain in Brazil, and an Information systems development office in Northern Ireland.

In order to secure the Caremark expansion and support their job creation plans, the State of Florida is offering the company $1.5 million in tax incentives ($3,000 per job) under the Qualified Target Industry (OTI) Tax Refund Program.

The Orange County Board of County Commissioners has approved a resolution that commits a total of $300,000 in Orange County economic development funds as the 20 percent local share of the incentive award, and recommending approval of the applicant as a target industry. These steps are necessary in order for an applicant to receive designation as a qualified applicant for the QTI Program.

The announcement of the expansion and job creation by Caremark in Florida will be made at a later date.

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