Theranos Settles Walgreens Case
The epic legal saga surrounding Theranos has come closer to reaching a final conclusion as the company announced a settlement between it and Walgreens. Walgreens was among Theranos’s largest partners. Their case sought to get back the $140 million that was agreed to as part of the joint venture.
Theranos is a blood testing company that promised to revolutionize the industry with their one drop blood tests. Basically, it promised to do what is currently not possible: perform a myriad of the standard blood tests using only a single drop. Unfortunately, the company was unable to deliver on its futuristic promises, leaving its business partners justifiably upset.
Confidential Settlements Don’t Inspire Confidence
While the terms of the settlement between Theranos and Walgreens are confidential, one might safely assume that Walgreens received a substantial sum. This assumption is rather safe as Theranos has been on paying end of settlements since their technology was unmasked as a failure.
Although the company is trying to pivot, after a nearly $100 million settlement with investors, and the several other settlements, financial solvency might be as much of an issue as the failed technology for this former cutting edge industry leader. The value of Theranos has absolutely plummeted, and as part of the settlement agreements that are public, the company cannot perform laboratory blood work for two years.
Although Theranos was trying to do something revolutionary, their story is one of caution. It is not disputed that to advance in society, life, business, or anything, risks are sometimes necessary. However, certain risks, such as claiming medical technology works when it doesn’t, are just unacceptable.
Fortunately for Theranos there have not been any deaths publicly linked to their failed tests, but the possibility exists that some might still be found. Millions of tests were performed, and if a person took action based on inaccurate information, in theory, any harm that resulted, including death, could be attributed, at least in part, to Theranos.