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Digital health unicorn Truepill executes third round of layoffs in 2022 – londonbusinessblog.com

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truepila platform which helps other companies provide diagnostics, telehealth services and prescriptions, has made its third massive layoff in a series of staff cuts, sources tell londonbusinessblog.com. The layoff affected about a third of the company, or 175 people.

A source says Truepill’s entire UK team has been fired, as well as a significant portion of the virtual pharmacy platform’s product team. The data team was also affected, while the company’s diagnostic and telehealth components – its core services – will only receive light support going forward. The affected employees were told they had lost their jobs via a Zoom call, and some were told details of the departure would be shared in the coming days.

The next chapter of Truepill will be the pharmacy operations portion of the company, a return to form after Truepill’s frantic COVID-19 product sprint. When Truepill first launched, it described itself as the AWS for pharmacies, powering companies like Hims, Nurx, LemonAID and other direct-to-consumer brands in healthcare.

Over time — and several rounds of funding — Truepill saw opportunities in the sale of diagnostic and telehealth services. Eventually, it expanded beyond brands serving directly to consumers and targeting institutions such as health insurance companies, life science companies, and providers.

Today’s move is in stark contrast to how Truepill characterized his company several months earlier; when it appeared to be in an abusive position, the company claimed to be generating $300 million in revenue in 2021.

In an all-hands with those who will remain employed by the company, sources say chief executive and co-founder Sid Viswanathan spoke about the digital health company’s need for a Series E round, or a Series D extension. round, to raise a $142 million. installment was closed in October 2021. As part of that funding, Truepill was valued at $1.6 billion, entering officially unicorn territory.

in April, Truepill stopped prescriptions for ADHD drugs due to growing concerns about digital health. The service interruption impacted the employees of Truepill’s recently acquired ADHD treatment company for adults, forward. According to reports, Truepill was the preferred pharmacy partner of Cerebral, which is under federal investigation amid claims that employees were pressured to prescribe drugs to customers.

In June, Viswanathan confirmed that he has laid off an additional 15% of the workforce, affecting 150 people. Viswanathan said in a letter that the company was “focused on defining a new category in healthcare and increasing revenue,” but what was essential was that the company operates “with a new level of financial discipline and prioritization, ensuring the longevity of Truepill for both our customers and our teams.”

With today’s layoffs, the company is focusing on boosting the morale of its remaining staff. According to sources, Truepill now conducts merit surveys for all employees to ensure everyone is adequately paid. In addition, the other employees also receive two days of mental health care. Viswanathan told staff he will send executives to meet employees in person in small groups.

Just weeks prior to Truepill’s layoffs, the company announced the appointment of Paul Greenall as chief business officer, the first person to assume the position since launch. In April, Truepill hired its first CFO, Ana Schrank.

Meanwhile, resources continue to move for affected Truepill employees. A Slack group of former Truepill employees shows that those affected by previous layoffs are struggling to gain clarity about severance pay and country access to health care coverage.

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