The Ritedose Corp., a Columbia-headquartered pharmaceutical company, is giving its 450-plus employees a $100-a-month “fuel subsidy” in their paychecks.
Jody Chastain, Ritedose president and CEO, estimated that the subsidy averages around $2.50 per gallon for company commuters.
“Americans rely upon Ritedose to fulfill their needs for vital medications, and our people work hard and show up daily to do that,” Chastain said in a news release. “While we have provided significant pay increases at many levels, the rising fuel costs have caused additional burdens and anxieties. I felt like we needed to do something during this price spike to further enhance the lives of those whose work enhances the lives of millions of Americans.”
Ritedose, founded in Columbia in 1995, manufactures branded and generic drugs using blow-fill-seal technology for customers including large pharmaceutical companies, major wholesalers, retail pharmacies and U.S. hospital systems.
The company, which has the capacity to produce about two billion single-unit dose ampoules per year, is expanding a new product line in its 503B Outsourcing Facility, delivering pre-filled syringes directly to hospitals and surgery centers.
Chastain said the company plans to hire 50 new employees as it grows.
“We are outperforming all expectations in the inhalation component of our operation as well as our new division that serves hospitals and large healthcare institutions,” he said. “This growth is directly attributable to the dedication of our workforce.”