Evaluating only SaludClick’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Regulation.
Key Events Timeline
FOUNDING
MILESTONE
CRISIS
SHUTDOWN
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Documented cause
SaludClick launched Argentina's first subscription telemedicine platform, connecting patients with licensed physicians for video consultations and e-prescriptions. The timing looked ideal during COVID-19: in-person consultations were restricted and Argentines rapidly adopted digital health. The platform reached 80,000 subscriptions at its peak. But Argentina's recurring peso crises created severe operational challenges: medical software licenses, cloud infrastructure, and specialist physician fees were partly dollarized, while subscription revenue was collected in peso at increasingly unfavorable exchange rates. The 2022 devaluation cycle — the blue dollar reached three times the official rate — made technology costs effectively triple in peso terms. The company could not raise fresh capital in a market where investors demanded dollar returns on a peso revenue business.
Lesson
“In Argentina, price in dollars or design a dynamic repricing mechanism tied to the official exchange rate. Any subscription product with peso revenue and dollar cost exposure will see its margins destroyed in the next devaluation.”