Location: Quincy, MA
Industry: Professional services
Founder and President
STEPPING OUT OF THE SHARK TANK
Founder and president Megan Driscoll started Pharmalogics Recruiting as a traditional recruiting firm offering contingency and retained searches within the bio-pharmaceutical industry. But after the market turmoil in 2008, she threw tradition out the window. Frustrated by the “sharky” nature of the recruiting industry, she turned her back on the poor conditions and payment structure that plagued recruiters and their clients. Instead, Pharmalogics adopted a recruiting model that bases its fees on actual time spent filling a role, as opposed to fixed rates. The company offers four different platforms, including one specific to small businesses, which allows clients to keep options open and make decisions that suit their goals best.
Quick Tip “[With] a dramatic left turn from the 25-percent fee that came standard otherwise, PharmaLogics shifted toward a newer ideal … to support the idea that success was possible through nontraditional practices.”
Under this new strategy, Pharmalogics’ revenue grew 193 percent from 2010 to 2013. One top pharmaceutical company hired Pharmalogics to complete a build-out project for more than 300 jobs. In just five months, Driscoll and her team have filled more than 160 of these positions. Through the success of Pharmalogics’ restructuring, Driscoll learned that calculated, tactical risks could pay off in a big way. What’s more, the company has been able to help its clients focus on getting on with their work, which includes cancer research and the development of new medicines.