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Truepillplatform The company, which helps other companies provide diagnostics, telehealth services and prescription drugs, has made its third mass layoff in a series of layoffs, sources told TechCrunch. The layoffs affect a third of the company, or 175 people.
A source says Truepill’s entire UK team has been laid off, as well as a significant portion of the virtual pharmacy platform’s product team downsized. The data group has also been impacted, with the company’s diagnostic and telehealth units – its core services – being less supported going forward. Affected employees have been told they are out of a job in an escalation call, and some have been told layoff details will be shared in the next few days.
Truepill’s next phase of business will be its pharmacy operations, which will return to form after Truepill’s sluggish Covid-19 production pace. When Trupil first launched, it described itself as an AWS for pharmacies like Himes, Nurx, LemonAid and other direct-to-consumer healthcare brands.
Over time — and various rounds of financing — an opportunity to sell Truepill diagnostic and telehealth services emerged. Eventually, it moved beyond direct-to-consumer brands and targeted institutions such as health care plans, life sciences companies and suppliers.
Today’s move is a stark contrast to how Trupil disclosed the trade months ago. Then it looked as if there was something wrong. The company says it will generate $300 million in revenue by 2021.
All hands on board with the continued hiring of the company, CEO and founder Sid Viswanathan spoke about the importance of the digital health company’s Series E round or Series D round extension. $142 million closed in October 2021.. As part of that financing, Trupil was valued at $1.6 billion and officially entered unicorn territory.
In April Trupil has stopped prescribing medications for ADHD With growing concern about digital health. The service disruption affected employees at Trupil, an adult ADHD treatment company recently acquired. in the future. According to reports, Trupil was Cerebral’s preferred pharmacy partner, which is the subject of a federal investigation into allegedly pressuring employees to supply drugs to customers.
In June, Viswanathan confirmed layoffs of an additional 15% of employees, affecting 150 people. In the letter, Viswanathan said the company was “focused on defining a new category in healthcare and growing higher revenues,” but what was important was that the company “will operate with a new financial discipline and prioritization that will ensure the longevity of Truepill for both our customers and our team.”
With today’s strike, the company is focusing on boosting the morale of the remaining workers. Across sources, Trupil now conducts quality surveys to ensure all employees are being adequately compensated. In addition, the rest of the staff also get two mental health days. Viswanathan said he would send executives to meet employees in small groups in person.
Trupil was fired weeks before the company announced his hiring Paul Greenall As Chief Business Officer, the man who took over the first position since his inception. In April, Trupil hired its first CFO; Anna Schrank.
Meanwhile, resources are being mobilized for affected Trupil employees. A Slack team of former Trupil employees shows that those affected by earlier layoffs are struggling to gain clarity on reduced payments and ground health care coverage.
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