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Report: Feds To Ban Theranos Founder Elizabeth Holmes For 2 Years (cbsnews.com)
An anonymous reader writes: According to the Wall Street Journal, health regulators have proposed pulling the federal license for the company's California laboratory and banning its founder and CEO, Elizabeth Holmes, and company president Sunny Balwani from the blood-testing business for two years. The letter which the WSJ cited in its report found that Theranos had not corrected problems at its lab in Newark, California, and faced possible sanctions as a result. In October 2015, the WSJ reported all but one of Theranos' analyzers in use were off the shelf, and that their tiny samples may not always have been accurate. The company was facing allegations of data manipulation in late December 2015. Earlier this year, U.S. regulators found serious deficiencies at Theranos' laboratory in Newark, California, putting the company's relationship with the Medicare program in danger. Theranos has said that The Centers for Medicare and Medicaid Services (CMS) has not imposed sanctions on its Newark Lab. "Due to the comprehensive nature of the corrective measures we've taken over the past several months, which has been affirmed by several experts, we are hopeful that CMS won't impose sanctions," the company said in an emailed statement. "But if they do, we will work with CMS to address all of their concerns."
Anyone who has the least bit of common sense could have told you she's a fraud. She has yet to submit her process to anyone else for confirmation it does what it says it does, her own company has been relying more and more on standard tests rather than their supposed "miracle" process, and companies which have been using her service have been dropping her and going back to what is known to work.
I remember seeing her listed as one of those youngest self-made billionaires and all I could think was how much she's pulled the wool over on everyone. I can't wait for the lawsuits to come flying in.
We will bankrupt ourselves in the vain search for absolute security. -- Dwight D. Eisenhower
When investors are willing to place a $9B valuation on a tech unicorn that is so secretive nobody even knows what their actual product is or whether it even works.
The ACA didn't actually change the privateness of the healthcare system. It didn't nationalize anything. It simply implemented some minor regulatory reforms, coupled with insurance mandates and major regulatory reforms on insurers, and made more subsidies available.
So it really isn't relevant here one way or another.
You are not alone. This is not normal. None of this is normal.
Perhaps you need a proper national medical scheme then - regardless of what you think of the quality of it, I would much rather live with the NHS here in the UK than have to use the US system.