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New facility will be company’s largest and most advanced laboratory
FRANKFORT, KY - On Oct. 24, 2024, Gov. Andy Beshear announced continued economic growth in Kentucky’s health care industry as HealthTrackRx, a provider of infectious disease laboratory services, plans to locate a new facility in Louisville, creating 230 quality full-time jobs with a $45.5 million investment.
“Ensuring that Kentuckians from every corner of the state have access to quality health care services is critical to the commonwealth’s continued growth,” said Gov. Beshear. “Innovative companies providing quality services and high-paying jobs, like HealthTrackRx, are choosing Kentucky to locate and grow their business. I want to thank the company’s leadership for believing in the commonwealth and the Louisville community, and I looking forward to their future success.”
The new operation, located at 2425 Universal Way, will be the company’s largest and most advanced laboratory to date, supporting the rapid growth and demand company leaders anticipate in the molecular diagnostics space. The facility will not only house some of the most sophisticated equipment in the industry but also allow the company to employ a highly skilled workforce in the expanding biotech sector. The jobs created will offer above-average wages and foster a skilled labor pool of Kentucky workers that aligns with the growing needs of the biotech and health care industries.
“Our decision to establish this new facility in Louisville is a key step in our mission to bring industry-leading next-morning diagnostics to more providers and patients,” said Martin Price, executive chairman and CEO of HealthTrackRx. “This location at Louisville Muhammed Ali International Airport on the UPS WorldPort campus allows us to serve more health care providers and patients nationwide with differentiated next-morning diagnostic results. We are excited to bring more highly skilled health care jobs to the metro area and continuing our broad investment to the community.”
HealthTrackRx is a premier infectious disease laboratory, delivering next-morning results against an industry standard of three to five days. For more than 20 years, the company has provided diagnostic laboratory services to clinicians and served as a trusted partner to health care professionals nationwide. The company’s nationwide next-morning results with clinically actionable treatment recommendations have helped reshape patient care by mobilizing faster clinical decisions, cultivating insight on antibiotic stewardship, and providing rapid, actionable results that enable providers to make informed patient treatment.
Louisville Mayor Craig Greenberg mentioned the impact this project will have: “HealthTrackRx’s decision to choose Louisville as the location for its largest and most advanced testing laboratory in the United States keeps us at the forefront of the growing biotech industry. This expansion will not only generate high-paying jobs for existing residents, but also helps us attract top-tier talent to our city and shows the growing momentum that companies know Louisville is a great place to do business.”
HealthTrackRx’s investment and job creation build on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $32.8 billion in announced investments, creating more than 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) last month preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2.5 million in tax incentives based on the company’s investment of $45.5 million and annual targets of:
- Creation and maintenance of 230 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $33.65, including benefits, across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, HealthTrackRx can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on HealthTrackRx, visit HealthTrackRx.com.
A detailed community profile for Jefferson County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.