WARSAW — Iconacy Orthopedic Implants has announced a major expansion that will result in 50 new jobs by 2015.
The orthopedic developer and manufacturer, 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. It moved into the 50,000-square-foot facility in mid-August.
Iconacy recently announced its first Food and Drug Administration clearance to market a total hip replacement system under the trademark name I-Hip.
“Products such as the I-Hip system align well with our overall strategy of providing clinically proven geometries of the highest quality while advancing technology,” Cox said. “This system will allow us to deliver a best in class hip with advanced wear characteristics at an optimum value.”
Iconacy, which currently employs 14, plans to begin hiring additional manufacturing, engineering, finance, marketing and administrative positions beginning next year.
A lot of signs are pointing upward for the Warsaw company, which was founded in 2009.
“If you look at total hip replacements, about 90 percent are covered by Medicare, so obviously it’s an older population, which bodes well because the demographics of the U.S. population are such that baby boomers are getting more elderly and they’re the ones that are receiving these types of technologies,” he said.
“If you look at the hip market, in the U.S., it’s about a $7 billion market for reconstructive devices and it’s growing 5 to 6 percent annually.”
Tom Allen, president and chief executive officer of Iconacy, cited the Warsaw area’s more than 100 years of experience in orthopedics. “Warsaw is the ideal strategic setting for doing business in this entrepreneurial endeavor focused on changing the orthopedic space,” he said in a news release.
The city of Warsaw approved additional property tax abatement at the request of the Kosciusko Economic Development Corp.
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