Veracyte, Inc..
VCYT.US | Research and experimental development on natural sciences and engineering
Veracyte, Inc. is a genomic diagnostics company. It develops and commercializes genomic tests to improve patient outcomes. The company's tests are designed to provide actionable information to physicians, helping them avoid unnecessary surgeries and improve patient care. Veracyte's tests focus on ar...Show More
Better Health for All
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Veracyte's core business is genomic diagnostic tests for cancer, which aim to improve patient outcomes and avoid unnecessary procedures.
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The Afirma test, for example, identifies approximately 2/3 of indeterminate thyroid nodules as benign, potentially reducing unnecessary surgeries.
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The company states its tests provide precision insights for cancer care, having served over 600,000 patients and being utilized in over 500 publications.
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There is no evidence of any of its products having negative health outcomes. The company offers a Veracyte Access Program to reduce out-of-pocket costs for eligible uninsured and commercially insured U.S. patients, with income thresholds for 100% and 75% reductions based on household size and HHS Poverty Guidelines.
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However, this program explicitly excludes patients eligible for federally funded programs like Medicare/Medicaid, limiting its reach to vulnerable populations.
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The company provides information on its tests and the access program, including HIPAA authorization requirements, but specific details on overall test costs or comprehensive risk disclosures are not provided.
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The Veracyte Access Program functions as a health equity initiative, but its exclusion of Medicare/Medicaid recipients significantly limits its scope.
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Fair Money & Economic Opportunity
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Veracyte, Inc. is a genomic diagnostics company that develops and commercializes genomic tests. The ethical value 'Fair Money & Economic Opportunity' is defined as covering activities that lend, insure, move, or store money, and evaluates how financial institutions democratize access to fair financial services. As Veracyte does not engage in any of these financial activities or offer financial services to consumers, all KPIs under this value are deemed 'Not applicable' based on the rubric's explicit '0' tier definitions for companies whose core business lies outside finance or do not offer consumer credit/lending/deposit products.
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Fair Pay & Worker Respect
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No evidence available to assess Veracyte, Inc. on Fair Pay & Worker Respect.
Fair Trade & Ethical Sourcing
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No evidence available to assess Veracyte, Inc. on Fair Trade & Ethical Sourcing.
Honest & Fair Business
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Veracyte maintains a comprehensive whistleblower and compliance hotline, available globally 24/7/365, managed by an independent third party.
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Reports can be made anonymously (where legally allowed), and retaliation against good-faith reporters is prohibited.
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Reporters are given a unique reference number for follow-up.
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The company's financial statements do not reflect the correction of errors to previously issued statements, nor any restatements requiring recovery analysis of incentive-based compensation.
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Seven out of nine current directors are independent, representing approximately 78% of the board.
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The company has a Code of Business Conduct and Ethics, requires Foreign Corrupt Practices Act training for all employees, and planned to adopt an updated Anti-Corruption Policy in 2022.
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The corporate hotline is managed by an independent third party, and the company engages third-party security experts for risk assessments and program enhancements.
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Kind to Animals
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The provided articles do not contain any specific, concrete data points or facts related to Veracyte, Inc.'s practices concerning animal welfare, animal testing, animal-derived ingredients, habitat impact, or related policies and certifications. Therefore, no KPIs under the 'Kind to Animals' value can be scored based on the available evidence.
No War, No Weapons
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No evidence available to assess Veracyte, Inc. on No War, No Weapons.
Planet-Friendly Business
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No evidence available to assess Veracyte, Inc. on Planet-Friendly Business.
Respect for Cultures & Communities
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No evidence available to assess Veracyte, Inc. on Respect for Cultures & Communities.
Safe & Smart Tech
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Veracyte uses Artificial Intelligence (AI) and Machine Learning (ML) in its tests and services, with a policy that human review always precedes important decisions, and AI is not used for automated decision-making without human oversight.
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The company provides regular, mandatory, and ongoing training and reinforcement for personnel regarding cybersecurity threats, including simulated phishing campaigns.
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It implements technical and organizational safeguards such as data encryption, audit logging and monitoring, and network security.
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The company engages in periodic assessment and testing of its policies, standards, processes, and practices designed to address cybersecurity threats and incidents.
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It leverages the National Institute of Standards and Technology security framework and engages third-party security experts for risk assessments and program enhancements.
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The company has developed and implemented policies and procedures designed to comply with HIPAA’s privacy, security, and breach notification requirements.
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It is subject to various privacy regulations, including GDPR, UK GDPR, Swiss FADP, CCPA, and CPRA, and honors Global Privacy Control (GPC) signals as valid opt-out requests.
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The company's Regulatory and Compliance Committee oversees compliance with healthcare, patient privacy, and data security laws and regulations, including HIPAA, and reviews results from cybersecurity testing and remediation plans.
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The company implements identity access controls to protect its physical assets and deploys technical safeguards that are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.
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California residents have specific privacy rights, including the Right to Know, Delete, Correct, Opt Out, Limit Use, and Non-Discrimination, and the company commits to responding to legitimate requests within required timeframes, such as 45 days under California law.
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Zero Waste & Sustainable Products
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No evidence available to assess Veracyte, Inc. on Zero Waste & Sustainable Products.