4 ms·
The suggestion someone here made is that it was not an attempt to make an actual product, but a scam to defraud the US military. The idea was to get the militar
by danieltillett 9y ago
The suggestion someone here made is that it was not an attempt to make an actual product, but a scam to defraud the US military. The idea was to get the military to buy the technology for a multi-billion dollar price and later bury that it didn’t work. My memory is some lowly lieutenant refused to sign off on the deal ordered by a four star general and the whole thing fell apart.
This scam was the reason for the board structure and the rather interesting way Theranos went about developing their “technology”.
- seehafer 9y agoTheranos tried to get their tech bought by the military and used now SecDef, then Gen. Jim Mattis, then a Theranos board member, to shepherd the product through the military procurement process. They were stopped because DoD regulations state that medical products used by the military have to be cleared/approved by FDA (or in the process of a clinical trial). And Theranos was not on FDA’s “good” list at the time, having only sent one product through the clearance process out of the dozens they were selling.