The life science industry is growing in the country. In life science, pharmaceutical segment alone was estimated to be around USD 18.3 billion in 2013. It is forecast to rise an average of 10.3 per cent annually in 2014-18 to reach USD 33.8 billion. The Indian biotechnology market was estimated to be around USD 4.3 billion in 2012 and has witnessed continuous growth in the past decade.
Amidst the growth, the career demand in the segment has also increased. However, lack of proper job channels in this particular segment has caused problems for both job seekers and employers. Job portal platform DNAJOBZ claims to address this challenge and helps life science professionals find the right career avenue and life science employers, the right talent.
In November 2014, DNAJOBZ started out as a recruitment consulting company catering exclusively to life science industry with a clear focus on technical recruitment. As a consulting firm, it used to get a mandate of open positions from its clients. While DNAJOBZ was enjoying its success, achieving bigger growth and serving a larger audience seemed difficult. So, in August 2015, the platform made the decision to switch to a job portal model and launched DNAJOBZ.com.
Ravi Kshirsagar, Founder & Managing Director, DNAJOBZ says, “As a job portal, we help life science companies find the right talent and help job seekers find the right opportunities. DNAJOBZ has a systemic segmentation of life science industry in 20-odd segments such as generics, new drug discovery, bio-similar, vaccines, IVD, medical devices, fine chemicals, regenerative medicines and a few more. An employer can easily navigate through our innovative search engine and find the candidates”.
Ravi adds that what differentiates the platform from other portals is the workflow and algorithms he has designed keeping in mind the need of hiring managers and HR managers recruiting for life science industry.
Uniqueness of the idea
Online job portal is not a new idea and there are already many strong players in this space. In the recruitment industry, it finally boils down to a single point: Are you hiring the right person for a given position? “Most often the capabilities of a job portal is measured by the number of profiles it hosts. However, for us, the measuring criteria of its capabilities is the accuracy and correctness of user profile data. We work closely with each registered user, help them make a good online profile and teach them how to use DNAJOBZ as a tool for their career progression. We don’t deny the importance of having large number of registered users. However, we believe it’s the accuracy of the data that will make our portal a success,” adds Ravi.
Revenue model and growth
The platform started with an initial investment of Rs 1,00, 000, which was more of a statutory requirement in building the job portal. In its revenue model, employers pay the platform for job postings and resume database subscription.
From the date of launch in August, it has over 2,000 users and is working hard to reach a user base of 20,000 by December 2015. Currently, it has also tied up 10 companies such as Stelis Biopharma, Syngene and BioMall, among others.
Market and competition
In the life science industry, between 2000 and 2010, the amount of FDI increased from Rs 18,486 crore to Rs 12,33,378 crore. In fiscal year 2012, biotechnology and pharmaceuticals observed CAGR of 19 per cent and 15 per cent respectively. In fiscal year 2011, in medical devices, it observed CAGR of 17 per cent.
The job market is growing proportionally with the growth in the industry. In the job portal segment, DNAJOBZ faces challenges from many established players such as Naukri.com, Monster.com, TimesJobs.com and many others. In India, life science segment is still maturing. According to industry experts, there will be more than 2,000 startups in the next five years.
On competition, Ravi says most of the job portals, except social media platforms, are country specific. DNAJOBZ is not a local platform, but has global job opportunities.
“Out of the total recruitments, more than half of them are Indians returning from Europe and US. We are committed to improving this platform so that employers and job seekers from life science fraternity can connect with each other and benefit mutually,” says Ravi.