Medly set out to disrupt the pharmacy industry. Instead it burned through money and laid off more than half its staff as its business crumbled, leaving patients in the dark.
By June 2022, Medly was serving 32,000 patients in 51 stores across the US and had raked in nearly $270 million in revenue since the start of the year, according to a company presentation obtained by Insider. It planned to have 100 locations in three years.
Insider spoke with seven former employees at Medly, six of whom held managerial positions or higher, and obtained internal documents that together show how the startup came close to collapse. The former employees who spoke with Insider for this story requested anonymity out of concerns of retribution from the company.
Rzeszutek seems to have been one of those patients Medly left in the dark. She was able to get an emergency supply of her medications from a local hospital after Medly failed to refill them in September. She's now getting her medications from a community pharmacy."Over the past six months I've been getting better, but if this was beforehand, if I had missed even one dose, I would've landed in the hospital," she said.
Medly had an"aggressive" plan for remodeling Pharmaca's stores into Medly stores, which included not only changing the stores' branding from Pharmaca to Medly but also switching out how Pharmaca handled tasks like compensating employees and collecting patient data, the former employee said. The startup also planned to build new Medly locations.
The company pulled together some money from existing investors and bank partners and came up with a plan to cut Medly's losses and break even, Willis said in the meeting. "I resigned in August because it became apparent that Medly was moving away from the vision that I felt sparked our success," Patel said in the statement."To that end, we decided a mutual parting of ways was the best path forward.
To fill staffing gaps that arose after the August layoffs, Medly devised an unorthodox solution: Get its sales team to work behind some of its pharmacy counters, according to three former employees.
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