Health care information technology firm ConsortiEX Inc. is opening an office in Milwaukee with the help of a $250,000 loan from the Wisconsin Economic Development Corp.
Andover, Mass.-based ConsortiEX designs and installs high-tech software used by hospitals to produce medications. The firm was founded in May 2013 to help the University of Wisconsin Health System’s Pharmacy Department find a way to safely distribute sterile injectable compound pharmaceuticals to other Wisconsin hospitals. The growing supply shortages, price fluctuations and safety concerns surrounding compounding of drugs has led many hospitals to consider developing their own compounding systems.
ConsortiEX plans to use the WEDC loan to increase its product development efforts and sales, which could create up to 77 jobs over the next three years. It was secured through the Technology Development Loan Program, which helps state companies bring products to market. WEDC also bestowed Qualified New Business Venture status on the health care company, which makes ConsortiEX’s investors eligible for a 25 percent tax credit on the amount invested in the business.
“Our administration has laid the groundwork to attract high-tech life science firms like ConsortiEX to Wisconsin,” said Lt. Gov. Rebecca Kleefisch, who met with company officials this week in Madison. “Not only does ConsortiEX have the potential to improve access to life-saving medications, but also to help lower health care costs and create dozens of family-supporting jobs in the Milwaukee area.”
“The state of Wisconsin and Governor Walker’s administration are to be commended for creating a business environment that attracts innovation and enterprise,” said Neal Long, ConsortiEX founder and chief executive officer. “We’re really looking forward to launching and growing in Wisconsin.”