Med tech startup expanding in New Albany
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A medical technology company in New Albany is growing. RxLightning, which has developed a software platform to streamline the specialty medication enrollment process, says it will expand its headquarters in the city’s downtown and create up to 175 jobs over the next several years.
RxLightning is investing more than $500,000 in the expansion.
The startup, which launched in late 2020, plans to occupy a three-story historic building at the corner of Market and Pearl streets in downtown New Albany by the end of the year.
RxLightning says its platform connects prescribers, specialty pharmacies, manufacturers, hubs, payers and foundations in one place with the goal of helping patients get access to more than 1,200 specialty medications in a much more efficient manner.
Co-founder and CEO Julia Regan says the company considered other locations, but decided to remain in southern Indiana.
“This is an incredibly exciting move for RxLightning,” Regan said in written remarks. “Our new expanded headquarters will allow us to continue our growth and work collaboratively to accelerate the speed at which patients get access to medicine they need.”
Regan says the company currently employs around 35 people. The company is currently hiring for software engineers, implementation managers, business development leaders, marketing experts and other positions.
RxLightning was a big winner at this year’s TechPoint Mira Awards, taking home Tech Product of the Year and Startup of the Year honors.
Speaking to Inside INdiana Business Host Gerry Dick at the Mira Awards gala in April, Regan said the RxLightning platform automates the lengthy paper processes required to receive specialty medications.
“When providers prescribe those medications, there’s a lot of paperwork, phone calls and faxes that occurred. And as a result, sometimes takes weeks or months for patients to get through the approval processes and get to start the meds,” said Regan. “And now patients are getting the medications and days instead of weeks.”
The Indiana Economic Development Corp. plans to offer RxLightning up to $4 million in conditional tax credits, pending approval from the IEDC Board of Directors. The company will not be eligible to claim the incentives until Hoosier workers are hired for the new jobs.
The city of New Albany has offered $120,000 in training grants, which will be distributed over a five-year period.