Sermo Changes Strategy to Gain More Pharma Business, CEO Declines to Discuss Layoff Talk
Summary
Sermo Changes Strategy to Gain More Pharma Business, CEO Declines to Discuss Layoff Talk Xconomy Boston — Sermo, provider of the nation’s largest online community of doctors, has had a tough year in getting financial services firms to pay for access to its physician network and has decided to shift its strategy more toward serving drug and medical devices manufacturers, CEO Daniel Palestrant tells Xconomy.The change comes amid talk of layoffs circulating at Cambridge, MA-based Sermo, according to a source familiar with the matter.He did say, however, that Sermo has had to adjust its plan because the company has been affected by turmoil in the financial services sector and widespread consolidation and staff reductions in the pharmaceutical industry.Sermo, which has raised more than $39 million in venture capital since its founding in 2005, allows physicians to circulate questions among their peers about how to best diagnose and treat patients with certain symptoms.Sermo aims to sell subscriptions to those clients who want access to its database, but evidently, Wall Street wasn’t in a position to widely adopt this new tool for research this year.
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