Most consumers don’t think about it, but it takes more than 10 years and $2.6 billion to develop a pharmaceutical drug. If that sounds like a lot of time and money, consider this: less than 12% of drugs entering clinical trials actually make it to market. As of 2015, there are 7,000 medicines in development around the world, and one company is working hard to make sure more of them result in FDA-approved drugs. BioPoint, recently named the fastest growing privately held company in Massachusetts, helps companies in the life science industry navigate the complex regulatory landscape and successfully bring their products to market.
The biopharmaceutical industry supports nearly 3.4 million jobs in the U.S. As clinical trials grow, companies find themselves needing experts to dot their i’s and cross their t’s, and BioPoint matches them with the human capital they desperately need. In such a dynamic industry, geography is not a barrier to placement. In fact, most of their consultants work remotely, and it’s not unusual for BioPoint to onboard and place 5-10 people in one day. Given their business model, it was crucial for BioPoint to have an HRIS that worked quickly from the cloud.
“As a startup getting things off the ground, having a system like Zenefits means we’re able to compete with bigger companies that have a staff with so many HR people doing all this work,” says co-founder Edwin Matos. “You’ve changed the dynamics of HR.” In a nutshell, the faster BioPoint gets its consultants onboarded, the faster they can start working on their clients’ cases. Prior to Zenefits, BioPoint’s recruiters spent a lot of time waiting to collect new hire information. Now, recruiters are freed up to make more calls, recruit more candidates, and help more companies realize their goals.
For one particular job, BioPoint onboarded 40-45 drug safety associates in 1.5 months. Zenefits swiftly collected all the HR information and displayed payroll deductions online, allowing BioPoint’s consultants to get straight to work. “We had an insurance agent before, and if we’d tried to do that project with them, we probably wouldn’t have captured the business,” says Edwin. “After a week or two, they would’ve noticed we couldn’t handle the volume of people we were hiring and would’ve looked elsewhere.”
But BioPoint can handle the volume, and business is booming. The company’s annual revenue has grown 5,302%—from $120,000 in its first year to $7.2 million last year. In 2015, BioPoint entered Inc 500’s fastest growing companies in America list at number 49.
It’s not just onboarding that saves Edwin and his partners time. As BioPoint grew, automated PTO tracking “has been a lifesaver”, and managing health insurance through one central location is a favorite feature. “With ACA compliance coming right now, health insurance is on every employer and employee’s minds. Being able to direct employees to the Zenefits website, and having a support staff to answer questions, is huge.” Edwin used to have to deal with COBRA administration—a task that made him feel more like a bill collector than a co-founder—and now Zenefits takes care of that seamlessly for him.
“Little things you take for granted, but a lot of the information we’re capturing on the front end is key,” says Edwin. “You lose track if you wait to gather it.” With such a large amount of consultants, BioPoint takes measures to make its experts feel appreciated. Zenefits ensures BioPoint’s HR staff have a birthday calendar and get notified of birthdays, so they’re able to acknowledge consultants’ milestones. They also recently had a couple situations where consultants were absent, and they easily reached out using the automatically collected emergency contact info.
Automation and employee self-service have created new efficiencies at BioPoint. What used to be a tedious game of “who’s on first”—with recruiters reaching out to operations and operations reaching back out to recruiters—is now smoothly handled through the Zenefits’ dashboard. “I always tell my partners, the devil’s in the details,” says Edwin. “When you look at the back office—the nuts and bolts, the stuff that really counts, like our consultants’ onboarding experience—Zenefits has really helped us grow.”
With a brand new call center in Miami and the five co-founders now able to focus on their business, BioPoint is planning to open satellite offices in Chicago, New York, and San Francisco. Edwin is prepared for whatever comes next: “I’m rolling up my sleeves. I like the challenges.”