WSJ's John Carreyrou reports breaking news about Theranos, 1/28/16

TL;DR

Walgreens is closing down its Wellness Center in Palo Alto and suspending testing at its stores in California and Arizona due to unresolved issues with the Centers for Medicare and Medicaid Services.

Transcript

so the news that just broke a few minutes ago is that Walgreens the the biggest pharmacy chain operator in the country which is their noses retail partner has said that it's closing down its Wellness Center the Thera knows Wellness Center rather in its Walgreens in Palo Alto California and that it's also suspending fairness ability to to test any p... Read More

Key Insights

• 😚 Walgreens, the largest pharmacy chain operator in the country, is closing its Wellness Center in Palo Alto, California and suspending testing at its stores in California and Arizona.
• 🚟 The closures and suspensions are a result of unresolved issues with the Centers for Medicare and Medicaid Services.
• 🏆 The company's nano container technology, which allows for testing with just a drop of blood, is not currently available for all tests as advertised.
• 🛄 Walgreens has partnered with Theranos, a company that aims to revolutionize blood testing, but their current capabilities do not align with their initial claims.
• 🚟 The suspension of testing will remain in effect until the issues identified by the Centers for Medicare and Medicaid Services are resolved.
• 😚 The decision to close the Wellness Center and suspend testing has immediate and significant implications for patients in those areas.
• 🤨 The discrepancy between the company's advertised capabilities and its actual offerings raises questions about the transparency and integrity of their operations.

Questions & Answers

Q: Why is Walgreens closing its Wellness Center in Palo Alto?

Walgreens is closing its Wellness Center in Palo Alto due to unresolved issues with the Centers for Medicare and Medicaid Services.

Q: Why is Walgreens suspending testing at its stores in California and Arizona?

Walgreens is suspending testing at its stores in California and Arizona due to the same unresolved issues with the Centers for Medicare and Medicaid Services.

Q: What is the status of the company's nano container technology?

The company's nano container technology is currently only available for a herpes test that was FDA-approved in July last year. It is not available for all tests as advertised on the company's website.

Q: What led to the decision to close the Wellness Center and suspend testing?

The decision to close the Wellness Center and suspend testing was prompted by the issues raised by the Centers for Medicare and Medicaid Services and the inconsistency between the company's advertised capabilities and its current offerings.

Summary & Key Takeaways

• Walgreens is closing its Wellness Center in Palo Alto, California and suspending testing at stores in California and Arizona.

• The closures are due to unresolved issues with the Centers for Medicare and Medicaid Services.

• The company's nano container technology, which allows for testing with just a drop of blood, is not currently available for all tests as advertised on the company's website.