Chennai: Axtria, which added 800 employees during the pandemic, plans to hire 1,000 more over the next 12 to 18 months to meet the company’s surge in demand last year.
Axtria was founded in 2010 and is a global provider of cloud software and data analytics for the
Industry that helps companies get therapeutics to market faster. It recently became a unicorn – valued at least $ 1 billion – after raising $ 150 million from Bain Capital Tech Opportunities.
According to the Gurugram-based company, it had around 1,400 employees when the Covid-19 pandemic began in 2020 and it is now around 2,200.
“There is a war for talent. There has always been a lot more demand for talent than supply, but it has reached another level,” said Jaswinder Chadha, CEO of Axtria (US).
“We need three kinds of skills in our business. We need pharmaceutical and industry knowledge, we need digital technologies, and we need data and analytics skills. India has a very large and a very deep pool. With a focus on data and analytics and that With a focus on digital technologies, we don’t find too many talent in India, and especially with people who have experience in pharmaceutical and commercial operations. ”
However, that is gradually changing as the number of people with these skills is growing every year. He said that many of the fast growing companies doing data analytics either have a large Indian workforce to work for them or that they actually have teams in India.
ALSO READ TECH NEWSLETTER OF THE DAY
Reserve Bank of India’s new norms will prohibit merchants from storing card details and payment providers from offering a one-click checkout service.
“India is very well positioned for data analysis and digital technologies. The market is moving because India has been mostly services driven. So that’s people’s expertise, they’re basically selling their time, ”said Chadha. “Where the market is changing and we are seeing an increase in companies in India where they go beyond digital technologies and build products and platforms.”
He said this is a differentiator and it is not just technical know-how but also the ability to create products that companies are looking for.
Chadha said the market in which Axtria operates is very large, currently over $ 5 billion and growing rapidly. Over the next five years, he expects this marketplace to be worth $ 8-10 billion in just the commercial segment. However, he said that adding the clinical area would increase that number significantly, creating a large and lucrative market for the company.
He said health care is a very large part of world GDP. And a lot is invested in the product, in drug research and how the drugs reach patients. He said Axtria’s cumulative growth rate has been over 30% over the past five years. And in 2020 it was over 50%. The company currently had sales of over $ 150 million and was profitable, said Chadha.
“And a company like ours has the potential to have $ 1 billion in sales. Most of it will be organic, some of it may be inorganic because we’re very strong in the commercial space. Where we see a lot of opportunities.” is in the clinical area. We don’t do a lot in the clinical field. We have some products and some capabilities, but most of our expertise is in the commercial field. And if you look at the pharmaceutical industry’s spending on clinical versus commercial spending, they are spending twice as much as they are on commercial, ”he said.
Chadha said the company will continue to focus on attracting large global companies, most of which will be based in the United States, Western Europe and Japan.
“The rest of the world, if you look at India, China, Brazil, South Africa and the other BRIC countries, most of these countries are actually not developing new molecules. They have a strong focus on the genetics and the ingredients that are in those drugs. ”And since we have a strong focus on bringing these new products to market, our natural selection of customers is usually in the US, Western Europe and Japan, “he said.