mPharma, a Ghanaian startup specializing in managing prescription drug inventory, has laid off approximately 150 employees, citing challenging macroeconomic conditions due to the devaluation of the Naira as the primary reason for the workforce reduction. Severance packages and extended stock option exercise periods were offered to the affected employees. Despite these layoffs, mPharma, which has raised $90 million in funding, remains committed to its main healthcare business, Mutti, an online pharmacy. The company aims to have a Mutti pharmacy in every African community and continues to serve over 200,000 patients who rely on its services each month. mPharma operates in nine African countries and expanded its presence through acquisitions in countries like Nigeria and Uganda.
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