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Medpace announces $150M expansion in Cincinnati creating 1,500 new jobs

Medspace

Medpace announces $150M expansion in Cincinnati creating 1,500 new jobs

Medpace Holdings Inc. plans to add 1,500 jobs in Cincinnati over the next six years. Investing $150 million in its offices and business operations there, announced CEO Dr. August Troendle on Wednesday, December 21.

Troendle said the expansion would be the most ambitious in the medical research company's history.

Medpace President Jesse Geiger said: “On our 30th anniversary, we are proud to continue our growth here in Cincinnati where we established Medpace with a vision of helping patients, families and communities by advancing new and better medical treatments,”.

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The $150 million investment will be put to use at the Medpace headquarters in Cincinnati's Madisonville district to increase operations and office space.

The expansion will include brand new office space of 250,000 square feet and new parking garages for 1,000 additional parking spaces.

According to the corporation, the infrastructure investment will enable Medpace to increase operations as a clinical contract research organization and increase employment in Ohio by around 80 percent.

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The new jobs will create $90 million in payroll over the next six years, according to Medpace.

Cincinnati Mayor Aftab Pureval said the jobs represent the biggest commitment to job creation in Cincinnati since The Regional Economic Development Initiative (REDI) Cincinnati was formed in 2014 to specifically help attract "young, diverse talent" to the city.

"The Medpace expansion is a big deal for Ohio and the Cincinnati region,” said Lt. Governor Jon Husted. “This expansion further solidifies the region as a bio-medical leader and serves as a biotech talent magnet for the region as thousands of high-paying careers develop in this sector of the economy.”

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Dozens of local employees attended the press conference when the announcement was made at Medpace's headquarters as well as Husted, representatives from JobsOhio, REDI and Mayor Pureval.

Medpace, which was founded in 1992, it offers development expertise and helps biotechnology, pharmaceutical, and medical device firms run clinical trials so that their products can reach a global audience.

According to the business, which went public in August 2016, it currently employs over 5,000 people in 40 different countries and generates annual sales of a little over $1.4 billion.

Source: Cincinnati

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