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The lessons from the Theranos scandal can be applied in today's business environment in several ways. Firstly, it highlights the importance of transparency in business operations. Companies should be open about their capabilities and not make false claims about their products or services. Secondly, it underscores the need for proper corporate governance and ethical leadership. Leaders should not mislead investors and stakeholders about the company's performance or prospects. Lastly, it emphasizes the need for due diligence. Investors and partners should thoroughly vet a company before getting involved with it. These lessons can help prevent similar scandals and promote a more ethical and sustainable business environment.
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Hunter, an expert in clinical laboratories, was hired by Walgreens to evaluate the partnership. Theranos claimed to have a commercially ready lab that could perform 192 different blood tests on their devices. In reality, the company had only a research lab and the Edison could do only a limited set of tests called immunoassays. When Hunter asked to see the lab and do a live test on Theranos devices, he was politely refused. To verify the reliability of Theranos technology, Hunter asked for a patient study where Theranos results would be compared to results from Stanford Hospital. This was again swiftly rejected by Elizabeth. Theranos claimed that its technology had been reviewed by Johns Hopkins University's medical school. When Hunter asked for the documents, he was shocked to see a generic 2-page letter with an explicit disclaimer saying the letter was not an endorsement of the technology by Johns Hopkins Medicine. Frustrated by Hunter's probing, Elizabeth and Sunny ensured Walgreen...
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Learn why and how a $9 billion dollar company vanished in a few weeks. The story of Theranos is the Silicon Valley equivalent of the Enron scandal rep...
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