ST. LOUIS, Dec. 17, 2010 /PRNewswire/ -- Express Scripts, Inc. (Nasdaq: ESRX), today announced plans to build a 227,000-square-foot structure in the NorthPark development area — the third office building and fourth facility at its headquarters campus in North St. Louis County.
The company also announced results from a recent independent study that found Express Scripts generates about $1 billion in economic benefits for Missouri each year. Edward C. Lawrence, Ph.D., finance professor at the University of Missouri–St. Louis College of Business, conducted the study.
"As the report shows, Express Scripts provides significant financial benefit to Missouri ― nearly $1 billion in 2010 ― and is poised to continue these high-value contributions to the state over the next decade," Dr. Lawrence said. "The expansion of its headquarters is another step in the mutually beneficial partnership between the company and the state."
The academically rigorous analysis of company data shows that Express Scripts generated more than $986 million in economic contribution to St. Louis and Missouri in 2010. This includes:
- $902 million in spending by the company, its suppliers and related parties
- 3,858 jobs at the company, with an additional 2,048 created indirectly
- $59 million in new capital expenditures
- $25.5 million in taxes
In addition, conservative projections for spending and growth indicate that the company will produce $10.5 billion in economic benefits over the next decade for the St. Louis metropolitan area and state of Missouri.
The site of the new facility is near the Express Scripts Technology & Innovation Center, which formally opened in June, and its two headquarters buildings on the campus of the University of Missouri–St. Louis.
The initiative, projected to cost in excess of $70 million, will bring together functions now performed at several sites in the Riverport area of Maryland Heights. Approximately 1,500 Express Scripts employees will move into the new facility upon completion, and the company will create 150 jobs in the area within two years of opening the building.
George Paz, chairman, president and chief executive officer of Express Scripts, said: "By increasing our operational efficiencies, development of this new site advances Express Scripts' mission of making the use of prescription drugs safer and more affordable. It also continues our commitment to attracting a high-quality, diverse workforce from the St. Louis metropolitan area."
Groundwork has started for the project. Pending necessary approvals and permits, the scheduled completion is the fourth quarter of 2011.
"Express Scripts appreciates the efforts of Governor Jay Nixon and County Executive Charlie Dooley and their staffs, as well as our development partners, in helping to help make this happen," Paz said. "We are increasingly happy to call the St. Louis region our home and proud of the economic benefits our growth has contributed to the state and the county."
The economic impact study is available at www.express-scripts.com/pressroom/pressreleases/UMSLEconomicImpactStudy.pdf.
About Express Scripts
Express Scripts, Inc., one of the largest pharmacy benefit management companies in North America, is leading the way toward creating better health and value for patients through Consumerology®, the advanced application of the behavioral sciences to healthcare. This approach is helping millions of members realize greater healthcare outcomes and lowering cost by assisting in influencing their behavior. Headquartered in St. Louis, Express Scripts provides integrated PBM services including network-pharmacy claims processing, home delivery services, specialty benefit management, benefit-design consultation, drug-utilization review, formulary management, and medical and drug data analysis services. The company also distributes a full range of biopharmaceutical products and provides extensive cost-management and patient-care services. More information can be found at www.express-scripts.com and www.consumerology.com.
SOURCE Express Scripts, Inc.