For anyone who has read my recent series on the Theranos scandal and the lack of objective coverage provided by the Silicon Valley media, you know that I firmly believe that our industry is vulnerable to a similar scenario.
By the way, you can access the Theranos and Procurement post archive through the following link; https://procureinsights.wordpress.com/theranos-and-procurement/
The Theranos admission that there was a serious and widespread problem with their test results, is what I consider to be the exclamation point behind the need for a free and independent media – in any industry.
“Theranos Inc. has told federal health regulators that the company voided two years of results from its Edison blood-testing devices, according to a person familiar with the matter… The company has told the Centers for Medicare and Medicaid Services that it has issued tens of thousands of corrected blood-test reports to doctors and patients, voiding some results and revising others, according to the person familiar with the matter. – Theranos just issued an “Oops, our bad” notice by Paul Reynolds
As I read the above excerpt from the Reynolds post, I was immediately reminded of the failure on the part of the procurement industry’s media to report on service provider issues.
It is almost as if our industry’s media looks the other way, giving service providers the chance to fix potentially serious problems in the shadows, without said providers having to interrupt their sales cycles and ability to meet street revenue expectations. It would also explain why so many initiatives have failed over the years.
Fortunately, and due to the courage of The Wall Street Journal’s John Carreyrou to seek the truth – despite the threats of litigation from a team of high powered lawyers, the whispered concerns regarding the viability of the Theranos product came to light.
While the consequences of the lack of meaningful and unbiased coverage of Theranos is obviously far more serious and broader in its impact, the parallels with the procurement industry’s media is no less troubling.
That the company is abandoning the “Big Lie” means it’s game-over. Someone has looked at the data and said “Yeah, it doesn’t work” and the threat of actual jail-time means they aren’t going to cover it up anymore. – Theranos just issued an “Oops, our bad” notice by Paul Reynolds
Ultimately, this was the motivation for my series on Theranos and Procurement.
A Telling Poll?
During our recent IACCM Webinar, Kelly Barner and I posed the question does procurement need (deserve) independent media coverage? The response was somewhat surprising, as the majority indicated that they not only need but want an independent media.
Take a few seconds to cast your vote, and let me know what you think.