mPharma, the Ghanaian startup that manages prescription drug inventory for pharmacies and their suppliers, has made a decision to downsize and lay off 150 employees.
About 150 employees—40 in Nigeria—were affected by the layoffs, and severance packages were provided to the affected employees.
mPharma will now be focusing primarily on its main healthcare business, Mutti. Mutti is mPharma’s online pharmacy and according to their impact report, they are looking to have a Mutti pharmacy in every community on the continent.
“We took the difficult decision to right-size the team,” said Gregory Rockson, the company’s CEO;
“[the layoffs are] in light of the current macroeconomic conditions driven by the devaluation of the Naira. We allowed affected employees to keep their health insurance, and we extended the period for them to exercise their stock options from 90 days to 3 years,” Rockson said.
According to Rockson, “This decision will allow us to continue to serve the over 200,000 patients who rely on our Mutti services for their healthcare needs each month.”
