Truepill has implemented another layoff for its employees, making it fourth this year. Truepill is a digital health service that provides several companies with diagnostics and prescriptions, as per report by TechCrunch.
Truepill's reduction to its workforce is impacting approximately 20% of employees across the organization - resulting directly from the company's decision to focus on its core pharmacy business and achieve significant cost reductions.
As per an employee who did not reveal their identity, the positions were labeled as "no longer sustainable" because of economic factors. The news was revealed through one on one phone calls with the team leaders of certain teams.
They added, "investors made some requests in order for the company to extend the financial runway so they made tough choices, but that we were now on good footing." The company aimed to not go through another layoff after the August round, as Fierce Healthcare reported.
No explanations or announcements have been made by Truepill regarding the September layoffs.
August Layoffs
The third layoff of this year impacted 175 people. As per a different report from TechCrunch, the entire team from the United Kingdom has been terminated, and the virtual pharmacy's product team.
Alongside the two, the data team was also affected. Meanwhile, diagnostics and telehealth components remained as it was the company's core services.
If the recent layoffs were announced via phone calls, the third was conducted through a Zoom call and were given detailed information days after the announcement.
Truepill's Timeline
Prescribing ADHD medications were discontinued last April as several concerns were coming and coming regarding digital health. This affected employees from the company's latest acquisition, Ahead, an adult ADHD treatment company.
June when Truepill experienced a layoff that affected 15% of its workforce with 150 employees. Chief Executive Officer and Co-Founder Sid Viswanathan stated that the company would be focusing on growing its revenue by making a new strategy in the market.
Viswanathan was just recently appointed as the company's CEO in February this year. Since he co-founded the company, he served as the President for years before having this position, a report from Global Newswire confirmed.
Meanwhile, former CEO Umar Afridi continues to give guidance to the company as he was still given a seat on the board of directors to give strategies for the betterment of the company.
Truepill has been founded by the two, back in 2016, and aims to innovate consumer healthcare. Different expansions have been added to the company, which made them the only platform to deliver all elements of digital healthcare.
This article is owned by TechTimes
Written by Inno Flores
