Theranos was putting people in harm’s way

  • Elizabeth demanded absolute loyalty from her employees and if she sensed that she no longer had it from someone, she could turn on them in a flash.
  • The staff turnover was like nothing ever experienced and the employees were troubled by what they saw as a culture of dishonesty at the company.
  • Lying is a disgusting habit, and it flows through the conversations here (Theranos) like it’s our own currency.

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What happened to the pharma industry?

  • There has been a transformation within the pharma industry during the last decade.
  • Although they say that patients are first their actions indicate that Wall Street is first.
  • It starts with CEO’s that are over compensated and brainwashing employees to believe their products benefit all of us.
  • Career “pharma employees” are hurting the industry while people who understand the challenges are being driven out of the industry.
  • Phony pharma awards don’t help acknowledge the problems of the industry.

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Theranos: Biggest failure of corporate governance in history

  • Elizabeth Holmes built her company Theranos on this invention she named the Edison. A miniaturized blood analyzer that would disrupt the $60 billion lab testing industry dominated by giants LabCorp and Quest Diagnostics.
  • By February 2015 the Theranos fairytale was about to unravel publicly.
  • John Carreyrou, the Wall Street Reporter who broke the story on Holmes and Thernos said “She (Homes) is a pathological liar. She wanted to be a– celebrated tech entrepreneur. She wanted to be rich and famous. And she wouldn’t let anything get in the way of that.
  • For the media, Elizabeth Holmes’ story proved irresistible: a bright young woman revolutionizing blood testing, in Silicon Valley no less. Fortune magazine put her on their cover. Forbes named her one of the richest self-made women in the world. Time selected her as one of its 100 Most Influential People.
  • To this date, most people in the media are not being held accountable for their part in building up Ms Holmes without asking tough questions.

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Pharma refuses to acknowledge that a storm is coming

KEY TAKEAWAY: Large majorities of Republican, Democratic and independent voters say they would be more likely to vote for candidates in this year’s midterm elections who are committed to bringing down the cost of prescription drugs according to a poll released last week by the Kaiser Family Foundation (KFF).  Yet companies like AbbVie raised prices of drugs and are blocking generic versions of their medications.  Change is coming, but too many pharma CEO’s are still too subservient to Wall Street.  Continue reading

PhRMA defines chutzpah

(PhRMA) president and CEO Stephen J. Ubl issued the following statement on President Donald Trump’s drug pricing blueprint: “These far-reaching proposals could fundamentally change how patients access medicines and realign incentives across the entire prescription drug supply chain. While some of these proposals could help make medicines more affordable for patients, others would disrupt coverage and limit patients’ access to innovative treatments”. Folks, that is chutzpah. Continue reading

Disruption in the drug industry does not need to cease because of the “ecosystem”

  • The drug industry cannot continue to do business “as usual” and ignore the concern about drug prices.
  • Prices of many of the most popular brand-name drugs increased at nearly ten times the cost of inflation from 2012 to 2017.
  • At least 28 million Americans have experienced a spike in the cost of their prescription medications in the past 12 months.
  • 67% of drug companies increased their annual profit margins during between 2006 and 2015—with margins up to 20 percent for some companies in certain years.

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mHealth diabetes apps fail to show improvements in patient quality of life

  • None of the studies showed patient improvements in quality of life, blood pressure, weight, or body mass index. More rigorous and longer-term research studies could determine whether apps help people manage their diabetes and reduce complications.
  • Some apps for diabetes self-management may improve outcomes in the short-term, but the effect cannot be distinguished from the concomitant effect of additional support from a health care provider.

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