Penn Medicine announced today that it is moving its first-of-its-kind outpatient pharmacy from its headquarters in New Jersey to Princeton’s Main Campus.
The move will create about 250 new jobs and create about 200 more jobs by 2023, the company said in a statement.
“This is an exciting step for our team and our community,” said Dr. Christopher A. Bensahel, the president of Penn Medicine.
“We are committed to improving the lives of people living with HIV/AIDS through innovative new therapies and innovative education and research.
We will be working closely with the faculty, staff and community members of Penn Medical School, the faculty of the University of Pennsylvania, and the Penn community to develop a plan for our new campus.”
The move will help ensure Penn Medicine’s expansion plans are financially sound.
As part of its expansion plans, the university said it will provide incentives to encourage people to visit the campus and become Penn Med users.
Penn Medicine has said it plans to spend $40 million over five years to expand the facility and increase its number of pharmacy slots.
Penn Med, a specialty pharmacy owned by Merck and Johnson, is a leader in the development of drugs and therapies for HIV and other diseases.
Penn has said its pharmacy plans will be in place by the end of the year.
The company said it also will open a second, smaller pharmacy at its new campus.
Penn Medical said it is not sure when the new pharmacy will open.
“I believe it is a great time for us to make the most of our new location and continue to build on our legacy of innovation,” said CEO Stephen M. Mascarenhas.
Penn Medicine’s main campus, located in Princeton, New Jersey, is just a few miles from the site of its first clinic.
Last year, Penn Medicine said it had 1,800 clinical pharmacy slots available and 1,500 slots in the clinical pharmacology group.