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Verily announced other organizational changes, 1/13/2023

Reporter: Aviva Lev-Ari, PhD, RN

The layoffs come just a few months after Verily raised $1 billion in an investment round led by Alphabet. At the time of the investment round, Verily said the $1 billion would be used to expand its business in precision health. 

In addition to the layoffs, Verily announced other organizational changes.

“We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model,” Gillett said in his email. “We will advance fewer initiatives with greater resources. In doing so, Verily will move from multiple lines of business to one centralized product organization with increasingly connected healthcare solutions.”

The company will specifically focus on AI and data science to accelerate learning and improving outcomes, with advancing precision health being the top overarching goal. In addition, the company will simplify how it works, “designing complexity out of Verily.” 

Among its product portfolio, Verily plans to “do fewer things” and focus its efforts within research and care. The company is “discontinuing the development of Verily Value Suite and some early-stage products, including our work in remote patient monitoring for heart failure and microneedles for drug delivery,” Gillet said. By eliminating Verily Value Suite, some staff will be redeployed elsewhere, while others will leave the company, Gillet said.

The 15% of eliminated staff include roles within discontinued programs and redundancy within the new, simplified organization. Gillet also announced leadership changes, including expanding the role of Amy Abernethy to become president of product development and chief medical officer. Scott Burke will expand his responsibilities as chief technology officer, adding hardware engineering and devices teams to his responsibilities, as well as serving as the bridge between product development and customer needs. Lisa Greenbaum will expand her responsibilities in a new chief commercial officer role, overseeing sales, marketing and corporate strategy teams.

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SOURCE

https://healthexec.com/topics/patient-care/precision-medicine/verily-lays-15-workers-months-after-raising-1b?utm_source=newsletter&utm_medium=he_news