In a press release from Innovative Health Solutions, Inc. (IHS), a developer of non-narcotic, non-surgical pain treatments and devices, it has been announced that the company plans to expand its operations in central Indiana, with plans to create up to 32 new, high-wage jobs by 2019.
"As Indiana continues its comprehensive and coordinated effort to attack the opioid epidemic, we’re fortunate to have companies like Innovative Health Solutions growing right here in our own back yard,” Indiana Governor Eric J. Holcomb said. “We’re glad the FDA has approved IHS’s innovative technology to provide much-needed relief and assistance for those fighting to overcome opioid addiction.”
The Versailles, Indiana-based company will invest nearly $500,000 to grow its operations in central Indiana. Currently functioning at near-capacity between its offices at 829 S Adams St. in Versailles and at 11550 N. Meridian St. in Carmel, the company plans to maintain its Versailles headquarters and expand into a larger office in central Indiana early next year.
The U.S. Food and Drug Administration (FDA) last week gave IHS clearance for a neurological device with an indication to aid in the reduction of opioid withdrawal symptoms. The NSS-2 BRIDGE device, pioneered by Indiana-based medical technology firm Innovative Health Solutions, Inc. (IHS), is placed behind the ear with micro-needle arrays that percutaneously implant in and around the ear. Research study results of the technology show an 84.6 percent reduction of withdrawal symptoms in as little as 60 minutes. The NSS-2 BRIDGE device is a patented technology and is Rx (prescription) only.
“Our vision is for every person in withdrawal, preparing for withdrawal, or suffering from post-acute withdrawal symptoms (PAWS), to have access to this technology,” said Brian Carrico, president of IHS. “Significantly reducing withdrawal symptoms lessens the dependency on opioids, allows for easier transition to Medically Assisted Treatment (MAT) and ultimately works as another tool to combat the opioid epidemic facing our country.”
Founded in 2011, IHS focuses on commercialization and implementation of patented research for pain treatment. The company currently employs eight associates, including one in Carmel and seven in Versailles. IHS plans to begin hiring within 30-45 days for positions across the company, including executive, customer service and nursing roles. These positions are expected to pay an average wage that is more than 60 percent higher than the state average wage.
“This is good news for Innovative Health Solutions and for our Meridian Corporate Corridor, which continues to be a magnet for new jobs in Carmel. This is why we spend so much time and money investing in our quality of life initiatives,” said Carmel Mayor Jim Brainard. “We know that this helps give Carmel an edge when it comes to attracting new private investments such as this expansion. We look forward to watching them grow and succeed.”
The Indiana Economic Development Corporation offered IHS up to $275,000 in conditional tax credits and up to $150,000 in training grants based on the company’s job creation plans. These incentives are performance based, meaning until Hoosiers are hired, the company is not eligible to claim incentives.
"The town of Versailles supports and appreciates IHS in their efforts to aid the withdrawal symptoms for recovering patients," said Roxanne Meyer, president of the Versailles Town Council. "We are excited about their growth and plans for the expansion of their business."
Innovative medical device companies like IHS are choosing to locate their operations in Indiana because the Hoosier state is a global leader in the life sciences industry. According to BioCrossroads and the Indiana Business Research Center, Indiana is the second largest exporter of life sciences products in the U.S., totaling nearly $10 billion and accounting for nearly one-third of Indiana's total exports. More than 1,600 life science companies operate in Indiana, supporting more than 56,000 Hoosier jobs with average wages of nearly $99,000 annually.
Established in 2011, (IHS) pioneers modern treatment for opioid addiction through the use of its NSS-2 BRIDGE device. IHS products are delivered in single-use, disposable convenience kits and proudly assembled and packaged in the United States.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.