Cleveland Clinic and Palo Alto, Calif.-based Theranos, a diagnostic testing startup, have entered into a long-term strategic alliance, according to Crain's Cleveland Business.
Theranos, currently valued at about $9 billion, produces blood tests that require only a few drops of blood, reducing the need for collecting numerous vials of blood and larger needles while minimizing discomfort for patients. According to the report, the tests are also priced at 50 percent of Medicare reimbursement rates or even less.
As specified by the agreement, Cleveland Clinic will use Theranos' tests on its own patients. Additionally, Theranos and the Clinic will pursue research studies, clinical trials and the development of new tests together. According to the report, the collaboration could extend across the Cleveland Clinic system to hospitals and family centers.