During his swing through California this week, Vice President Joe Biden paid a visit to Theranos Inc. (Palo Alto, CA). Biden visited the in vitro diagnostics (IVD) company's lab and manufacturing facility in Newark, CA, and participated in a summit on preventive health care.
Biden and members of industry who took part in the summit, which included Stanford Health Care CEO Amir Dan Rubin and Capital Blue Cross CEO Gary St. Hilaire, saw firsthand Theranos' laboratory as well as the proprietary systems on which it runs its finger-stick blood tests. In addition, the group toured the manufacturing facility where its proprietary systems are manufactured.
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). It also espouses 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.