Originally published by The Niagara Gazette on May 2, 2018
The owners of a longstanding Niagara Falls pharmacy celebrated the start of a new venture on Wednesday.
Representatives from Pine Pharmacy inside the City Market announced the opening of a new manufacturing plant to be operated under a subsidiary, Pine Pharmaceuticals LLC.
The drug outsourcing company, which had been located in a 4,280-square-foot building, moved to a 25,000-square-foot building located at 355 Riverwalk Parkway in the Riverview Solar Technology Park. The new $5.6 million state-of-the-art facility allows the company to create 28 new full-time permanent employees and retain 15 existing full-time permanent employees.
“New York continues to make major investments in manufacturing, bioscience, and workforce development,” Governor Andrew Cuomo said in a release issued by his office. “With this grand opening for Pine Pharmaceuticals, we are further establishing Western New York’s reputation as a thriving hub of high-tech manufacturing and are continuing this region’s momentum.”
Pine Pharmaceuticals provides pharmaceutical compounding, including specialized sterile formulations serving ophthalmologists, retinal specialists, hospitals, medical practices and clinics. Also, as an FDA-registered 503B Outsourcing Facility, Pine Pharmaceuticals has the ability to address drug shortages by working with hospitals, clinics, medical practices and physician offices to provide sterile compounded pharmaceuticals, officials said.
“Pine Pharmaceuticals has been committed to delivering the highest quality compounded products for over 30 years,” said owner Alfonse Muto. “Thanks to the support of New York State and the Erie County IDA we have been able to expand, create new jobs and continue preparing the highest quality products.”
The 25,000-square-foot manufacturing facility for Pine Pharmaceuticals includes several clean rooms and provides the company with nearly six times the space that it previously had in its leased facility. It was designed from the ground up to comply with the US Food and Drug Administration’s Current Good Manufacturing Practice.
Pine Pharmaceuticals is receiving $500,000 in refundable tax credits from the state’s Excelsior Jobs Program and a 136-kilowatt low-cost power allocation from the New York Power Authority’s ReCharge NY program if it meets its job-creation and investment targets. The company currently has 15 employees and has pledged to create 12 new high-paying jobs within two years. By 2021, the company has promised to create 28 new positions. The company also received $1.2 million in tax breaks from the Erie County Industrial Development Agency to build the manufacturing facility.
ReCharge NY 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 MW is lower-cost power bought by NYPA on the wholesale market.