Vice President Biden Visits Medtech Innovator Theranos

NEWARK, Calif.--(BUSINESS WIRE)--Theranos, Inc. hosted U.S. Vice President Joe Biden, along with thought leaders in the health industry, for a preventive health summit entitled “A New Era of Preventive Health Care.” The conversation focused on the critical role early detection and prevention of disease can play in changing outcomes, reducing costs in our health system, and fueling economic growth. National health care industry leaders addressed the core challenges and associated actions central to creating a preventive health care system. In addition to meeting with health industry thought leaders, Vice President Biden joined Theranos Founder and CEO Elizabeth Holmes on a tour of the company’s Newark, California-based laboratory and manufacturing facility, seeing Theranos’ finger stick test and innovative test system, and meeting many of the company’s employees.

Vice President Biden, along with industry leaders who participated in the summit, saw firsthand Theranos’ laboratory as well as its proprietary systems on which it runs its groundbreaking finger stick blood tests. In addition, the group toured the manufacturing facility where its proprietary systems are manufactured. The FDA recently cleared Theranos’ HSV-1 test as well as the finger stick blood test technology and underlying system on which the test is run, and approved a waiver that paves the way for putting Theranos’ tests in the field at point of care, a major milestone for the company and the national preventive care landscape.

During the tour of Theranos’ facilities, Vice President Biden met more than a dozen of the hundreds of Theranos employees at its lab and manufacturing sites. As it further expands its business, Theranos has committed to creating thousands more manufacturing jobs in the United States.

“It is a tremendous honor to have Vice President Biden visit Theranos and participate in a preventive health care summit,” said Elizabeth Holmes, Theranos Founder and CEO. “I convened this roundtable as a call to action. Leaders in health must collectively come together because that’s the only way that we’ll change this health care paradigm from one focused on reactive care to one focused on preventive care. Nobody knows that as well as the Vice President, who has spent his entire career taking bold action to improve people’s lives.” Holmes added, “A new era of preventive care can transform our economy, as people undertake less costly interventions when they’re still healthy instead of expensive interventions when it’s too late to fundamentally change outcomes. Our discussion focused on these issues and identified concrete actions each of us can take with our organizations and through public policy to facilitate the early detection and prevention of disease.”

All of Theranos’ tests are 50% or more below the Medicare reimbursement rate. The company offers tests ranging from full fertility panels ($35) to simple cholesterol tests ($2.99). And Theranos is leading transparency in lab testing, including committing to FDA review of all of its laboratory developed tests and publishing its prices, lab proficiency testing scores, customer satisfaction scores, guest visit times, and more.

Participants in Summit

• Vice President Joe Biden
• Elizabeth Holmes - Founder & CEO, Theranos
• Darin Gordon – Director, TennCare
• Robert Harrington, MD – Chair, Stanford University Department of Medicine
• Mark Laret – CEO, UCSF Medical Center
• Bert Lubin, MD – President and CEO, Children’s Hospital and Research Center of Oakland
• Michael Roizen, MD – Chief Wellness Officer, Cleveland Clinic
• Amir Rubin – President and CEO, Stanford Hospital & Clinics
• Gary St. Hilaire – President and CEO, Capital BlueCross

Select Highlights from the Summit

Vice President Joe Biden

“I just had a short tour and I’m glad because you can see first hand what innovation is all about just walking through this facility…this is the laboratory of the future.”

“Talk about being inspired. This is inspiration. It is amazing to me, Elizabeth, what you’ve been able to do.”

“I know the FDA recently completed favorable reviews of your innovative device. The fact that you’re voluntarily submitting all of your tests to the FDA demonstrates your confidence in what you’re doing.”

“What’s most impressive to me is you’re not only making these lab tests more accessible, you’re charging historically low prices, which is a small fraction of what is charged now, while maintaining the highest standards, and empowering people whether they live in the barrio or a mansion, putting them in a position to help take control of their own health.”

Darin Gordin, Director, TennCare

“If we can leverage some of the things Theranos has discussed, that’s the start. Looking at some of the barriers, whether it be access or cost. I believe breaking down those barriers, getting information, trying to get information.”

Mark Laret, Chief Executive Officer, UCSF Medical Center

“As we can find ways to leverage technology, there’s also a cost saving there. We can have the doctor spend time with the patient focusing on the big issues. That’s all happening because we have the technology. For Elizabeth, it’s an honor to see what a brilliant mind can do to transform a very staid, big industry.”

Amir Rubin, President and CEO, Stanford Hospital and Clinics

“It’s such an exciting time because there are a couple of themes that are coming together. The freeing up of information, whether it’s from the human genome or innovative testing approaches. It’s all centered around the patient. These patients want to walk in and get a Theranos lab test, they want to track their results. We do think these approaches will help change behavior and engage people. We’re at the precipice of an exciting time. It’s an incredible time of innovation and technology.”

Gary St. Hilaire, President and CEO, Capital BlueCross

“With the advancement of technology, people can monitor with their iPhones some of their conditions. Being able to track those things that are important to them and then being able to do something about it. Our focus is now on the consumer. We announced an arrangement with Theranos where we have the capability of people having access to that technology in a spa like setting. They’re having a wonderful experience to get a simple finger prick at a fraction of the cost. The transformation is real and is coming.”

About Theranos:

Headquartered in Palo Alto, Theranos, Inc. is a consumer health care technology company. Theranos’ clinical laboratory offers comprehensive laboratory tests from samples as small as a few drops of blood at unprecedented low prices. Founded in 2003 by Elizabeth Holmes, Theranos’ mission is to make actionable health information accessible to people everywhere in the world at the time it matters, enabling early detection and intervention of disease, and empowering individuals with information to live the lives they want to live. Visit us at theranos.com. Follow us at @theranos.