Hip Replacement Manufacturer Adding Jobs in World’s Orthopedic Capital
(Sept. 24, 2012) – Iconacy Orthopedic Implants, LLC
, an orthopedic developer and manufacturer,
announced plans today to expand its operations here, creating up to 50 new jobs by 2015.
Iconacy, which produces and markets a total hip replacement system, invested $2.63 million to lease, renovate and equip a new facility at 4130 Corridor Drive in Warsaw to house the company’s growing operations. The 50,000 square-foot facility opened its doors in August.
“Whether it is scientific research or medical device manufacturing, Indiana continues to provide a vibrant life science sector for innovative companies like Iconacy to not only grow, but create a foundation for its future success,” said Dan Hasler, Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
Iconacy, which currently employs 14 Hoosiers, plans to begin hiring additional manufacturing, engineering, finance, marketing and administrative positions beginning next year.
“The Iconacy family is honored to call the orthopedic capital of the world, in the heartland of America, its home,” said Tom Allen, president and chief executive officer of Iconacy. “With over 100 years of rich experience and seasoned talent in orthopedics, Warsaw is the ideal strategic setting for doing business in this entrepreneurial endeavor focused on changing the orthopedic space. As the healthcare landscape changes over the next three or more years, we are poised to be the nimble player in a market driven by diminishing reimbursement and complex distribution models.”
Founded in 2009 in Warsaw, Iconacy was formed by Tom Allen, Dr. Roy Hori, Dr. W. Andrew Hodge and Ann Harman after several orthopedic surgeons indicated they were in need of a clinically-proven and economically-priced hip implant system. With plans to produce all of its products in the United States, the company develops and manufactures a total hip replacement system under the trademark name I-Hip and provides instruments used by orthopedic surgeons in the implantation process.
The Indiana Economic Development Corporation offered Iconacy Orthopedic Implants, LLC up to $575,000 in conditional tax credits based on the company’s job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Warsaw approved additional property tax abatement at the request of the Kosciusko Economic Development Corporation.
“With the founding of Depuy in 1895, Zimmer in 1926 and Biomet in 1977, Warsaw has established itself as a world class community of orthopedic industry excellence,” said Warsaw Mayor Joseph Thallemer. “Today, I am pleased to welcome Iconacy Orthopedicswith their line of hip, knee and shoulder systems, as our newest innovator! Iconacy will join a community of orthopedic manufacturers and support industries committed to improving the quality of life worldwide for those suffering from joint related disease and injury, strengthening Warsaw’s reputation as the ‘Orthopedic Capital of the World.’”
Known as the "Orthopedic Capital of the World," Warsaw is home to the headquarters of some of the world's largest makers of artificial joints and related surgical instruments. The total economic impact of Kosciusko County’s orthopedic establishments on the state was an estimated $3.7 billion in 2009, nearly one percent of Indiana’s total economic output, according to a 2011 study released by the Kelley School of Business and OrthoWorx.
ICONACY is an entrepreneurial orthopedic company started by seasoned professionals with a view focusing on the needs of patients, surgeons, and hospitals without the bureaucracy and costly infrastructure of a large organization. ICONACY will produce all of its product in the United States which will include hip, knee, and shoulder joint replacements. The commitment to U.S. based manufacturing demonstrates a long-term view toward quality and efficiency. Moreover, ICONACY is committed to providing best-in-class service to its customers, ultimately driving patient care and efficiency through the orthopedic market. ICONACY will do this by providing individualized service levels at the hospital setting while eliminating inefficiencies within the traditional supply chain. ICONACY’s trademark I-Hip system consists of femoral stem and acetabular cup porous coated components intended for cementless, pre-fit fixation, patented highly cross-linked polyethylene liners and Co-Cr alloy femoral heads.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov .
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Kevin Cox (Iconacy) – 574.269.4266 or firstname.lastname@example.org
Katelyn Hancock (IEDC) – 317.234.2294 or email@example.com