Africa-Press – Rwanda. <\/strong><\/span>Reports indicate that Babylon Health, operating as Babyl in Rwanda, has ceased its operations in the country.<\/p>\nThe development follows the permanent closure of Babylon Health’s U.S. operations in August, resulting in the laying off of 94 employees.<\/p>\n
The news came on the heels of the company’s failed rescue merger. Babylon’s initial plan was to transition into a private entity through a partnership with Swiss digital therapeutics firm MindMaze and Babylon creditor AlbaCore Capital.<\/p>\n
Forbes, in August, reported that the UK-based company, which went public in a 2021 Special Purpose Acquisition Company (SPAC) deal, has been grappling with financial challenges for several months. The company, led by founder and CEO Ali Parsa, had pitched the concept that artificial intelligence software could enhance the affordability and accessibility of primary care. However, it struggled to achieve profitability.<\/p>\n
In 2022, Babylon reported an operating loss of USD 369.8 million despite generating USD1.1 billion in revenue. As of the first quarter of 2023, the company had USD77.7 million in cash and cash equivalents, with USD52.1 million reserved for an impending sale.<\/p>\n
Babylon faced further setbacks when the New York Stock Exchange suspended trading and delisted the company at the end of June.<\/p>\n
According to a former Babyl Rwanda employee who requested anonymity, the company ceased operations around September 7, and its employees have been out of work ever since. They mentioned that they are currently unemployed.<\/p>\n
When one checks the company\u2019s X (formerly Twitter) page, they’ll observe that their most recent post was on August 31. This differs from their earlier habit of posting nearly every day, which could indicate a potential cessation of operations.<\/p>\n
Babyl has been operational in Rwanda since 2016 building partnerships, capacities and systems that have tested and proven the telemedicine approach effective.<\/p>\n
In March 2020, the company signed a 10-year partnership with the Government of Rwanda, enabling Rwandans countrywide to access healthcare services through their mobile phones.<\/p>\n
The healthcare delivery model dubbed \u2018Digital-First Integrated Care\u2019, aimed at convenient access to qualified doctors and nurses, especially for people living in remote areas.<\/p>\n
According to Julien Mahoro Niyingabira, the Rwanda Health Communication Centre (RHCC) Division Manager, the Ministry of Health is in discussions with Babyl Rwanda to ensure continuity of services despite the closure of Babylon Health.<\/p>\n
\u201cWe will communicate the results of our discussions as soon as we have reached a conclusion,\u201d he said.<\/p>\n
In the meantime, Niyingabira encourages the population to always seek prompt treatment in the nearest health facilities in the event of sickness.<\/p>\n
As of the current press time, communication from Babyl Rwanda has not been received.<\/p>\n
For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Patrick Nzabonimpa Africa-Press – Rwanda. Reports indicate that Babylon Health, operating as Babyl in Rwanda, has ceased its operations in the country. The development follows the permanent closure of Babylon Health’s U.S. operations in August, resulting in the laying off of 94 employees. The news came on the heels of the company’s failed rescue merger. […]<\/p>\n","protected":false},"author":84,"featured_media":53467,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,758],"class_list":["post-53468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\n
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