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- 📉 Health Tech Company Once Valued at $2.3B Lays Off All Workers
📉 Health Tech Company Once Valued at $2.3B Lays Off All Workers
San Diego-based medical tech company, Cue Health, announced last Monday that it is laying off its entire staff. Similar industry reports indicate a complete shuttering of operations.
Jean Fernandes
May 27, 2024
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Cue Health, once valued at $2.3 billion, has laid off its entire workforce of 230 employees as demand for its COVID-19 testing products plummeted post-pandemic. The San Diego-based medical technology firm has undergone several rounds of layoffs, representing 49% of its staff, as it struggles to adapt to changing market conditions. This latest move comes as a blow to the company, which experienced meteoric growth during the pandemic before going public in 2021.
🏥 70% of Hospitals Embrace Healthcare Interoperability
Over 70% of hospitals now participate in healthcare interoperability initiatives, a significant increase in recent years . Interoperability, the ability for different health IT systems to exchange and use data, has become a critical priority for the industry. While challenges remain, the healthcare sector has made substantial progress in electronically sharing information to support better patient care and improve system-wide efficiency .
💡 Why Healthcare Organizations Are Launching Innovation Centers
Healthcare organizations are increasingly launching innovation centers to develop and test emerging technologies that improve patient care, increase productivity, and reduce costs. These hubs provide a controlled environment to experiment with new solutions and enhance the organization's reputation. As of 2022, over 110 U.S. health systems have established innovation centers, up from about 25 a decade ago.
💰 Spectrum.Life Secures €17M for Digital Health Solutions
Spectrum.Life, an Irish healthtech company, has raised €17 million in investment for its digital health solutions. The funding round was led by Act Venture Capital and will support Spectrum.Life's expansion and growth as a leader in digitally delivered healthcare. Founded in 2018, the company provides clinically-backed digital health, mental health, and wellbeing solutions to millions of individuals in the UK and Ireland.
