Leading contract research organization (CRO) IQVIA has formed a joint venture with Quest Diagnostics called Q2 Solutions. And Research Triangle’s (RTP) Durham County will now benefit with an expansion of 749 jobs over the next eight years based on the two-part expansion based on a nearly $10 million state of North Carolina incentive package. The clinical research and related life science sector booms in RTP.
States Incentives can Matter
The North Carolina Commerce Department has ensured that the Q2 Solutions expansion dollars stays local. And why not—Q2 will invest $73 million in the county as it readies for expansion of laboratory space in the area. Based in Morrisville, the company runs clinical trials for biotech and pharma companies with a focus on genomic testing which represents a rapidly growing area.
Clinical Trials Boost Economies
New career positions will pay well with a minimum average salary of $89,379—far higher than Durham County’s average wage of $68,731. The second phase of expansion will include an average minimum salary of $82,603 and the company must be compliant with the state’s requirements for the first phase of expansion reports Beth Gargan, deputy secretary for communications at the North Carolina Commerce Department. Note the first phase is worth $4.3 million and the second could produce $5.3 million from the state. The incentives were recently improved by the state’s Economic Investment Committee. Chipping in as well with nearly $1 million is Durham County.
Competition for Life Sciences
Q2 operates worldwide and was considering Marietta Georgia for the expansion. But Research Triangle Park prevailed. RTP is one of the most concentrated clinical research hubs in the world. In fact, most of the world’s largest CROs have a major presence there.
Who is Q2 Solutions?
Launched in 2015, Q2 Solutions is a joint venture between IQVIA and Quest Diagnostics to form a leading clinical trial laboratory services organization. Focus is of paramount importance in value-added business and hence the two behemoths formed a venture to zero in on bioanalytical, genomics, vaccines, flow cytometry, anatomic pathology, immunoassay, companion diagnostics and central laboratory services including secure, enterprise-wide biospecimen and consent management solutions.