This Woman's Revolutionary Idea Made Her A Billionaire — And Could Change Medicine (2024)

The next time you get a blood test, you might not have to go to the doctor and watch vials of blood fill up as the precious fluid is drawn from your arm.

No more wondering to yourself, "Ah, how much more can they take before I pass out?"

Instead you might be able to walk into a Walgreens pharmacy for a reportedly painless fingerprick that will draw just a tiny drop of blood, thanks to Elizabeth Holmes, 30, the youngest woman and third-youngest billionaire on Forbes' newly released annual ranking of the 400 richest Americans.

This Woman's Revolutionary Idea Made Her A Billionaire — And Could Change Medicine (1)

Steve Jennings/Getty Images for TechCrunch

Revolutionizing the blood test is a golden idea.

Because of new testing methods developed by Holmes' startup Theranos, that lone drop can now yield a ton of information.

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The company can run hundreds of tests on a drop of blood far more quickly than could be done with whole vials in the past — and it costs a lot less.

A Billion-Dollar Idea

Holmes dropped out of Stanford at 19 to found what would become Theranos after deciding that her tuition money could be better put to use by transforming healthcare.

Traditional blood testing is shockingly difficult and expensive for a tool that's used so frequently. It also hasn't changed since the 1960s.

It's done in hospitals and doctors' offices. Vials of blood have to be sent out and tested, which can take weeks using traditional methods and is prone to human error. And, of course, sticking a needle in someone's arm scares some people enough that they avoid getting blood drawn, even when it could reveal lifesaving information.

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Holmes recognized that process was ripe for disruption.

It took a decade for her idea to be ready for primetime, but now it seems that her decision to drop out was undoubtedly a good call. Last year, Walgreen Co. announced that it would be installing Theranos Wellness Centers in pharmacies across the country, with locations already up and running in Phoenix and Palo Alto, California. And Holmes has raised $400 million in venture capital for Theranos, which is now valued at $9 billion (Holmes owns 50%).

The other two 30-year-olds on Forbes' List, Facebook founder Mark Zuckerberg and his former roommate and Facebook CEO Dustin Moskovitz, also have access to a wealth of information about people — but their data is less likely to directly save a life.

This Woman's Revolutionary Idea Made Her A Billionaire — And Could Change Medicine (2)

Courtesy Theranos

How It Works

One closely guarded secret is what MedCityNews calls "the most interesting part of [the Theranos] story": how exactly the technology behind its blood test works. The company's methods are protected by more than a dozen patents filed as far back as 2004 and as recently as last week.

In an interview with Wired, Holmes hinted at some of the key ideas behind Theranos.

"We had to develop ... methodologies that would make it possible to accelerate results," she said. "In the case of a virus or bacteria, traditionally tested using a culture, we measure the DNA of the pathogen instead so we can report results much faster."

While we can't yet assess independently how well that method works when compared with traditional blood tests, it already seems to be upending the old way of doing things.

Why Blood Tests?

Holmes told Medscape that she targeted lab medicine because it drives about 80% of clinical decisions made by doctors.

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By zeroing in on the inefficiencies of that system, the Theranos approach completely revolutionizes it.

The new tests can be done without going to the doctor, which saves both money and time. Most results are available in about four hours, which means that you could swing by a pharmacy and have a test done the day before a doctor's visit, and then the results would be available for the physician.

Quick tests that can be done at any time are already a total change, but the amount of data the company can get from a single drop of blood is amazing.

Blood samples have traditionally been used for one test, but if a follow-up was needed, another sample had to be drawn and sent out — making it less likely that someone would get care. The Theranos approach means the same drop can be used for dozens of different tests.

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It's cheap, too. One common criticism of the healthcare system is that the pricing structure is a confusing labyrinth that makes it impossible to know how much anything costs. Theranos lists its prices online, and they're impressive.

Each test costs less than 50% of standard Medicare and Medicaid reimbursem*nt rates. If those two programs were to perform all tests at those prices, they'd save $202 billion over the next decade, Holmes said in an interview on Wired.

Plus, people get access to their own results.

As an example of how helpful that can be, Holmes told Wired that Theranos charges $35 for a fertility test, which is usually paid for out-of-pocket and costs up to $2,000.

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But she also said that this data could be useful for anyone looking to gain a better understanding of his or her health.

"By testing, you can start to understand your body, understand yourself, change your diet, change your lifestyle, and begin to change your life," she said.


NOW WATCH:Richard Branson Describes The Early Moment That Changed His Career Forever

This Woman's Revolutionary Idea Made Her A Billionaire — And Could Change Medicine (2024)

FAQs

What was it like working at Theranos? ›

Everyone was duped, and there were no complicit partners. We were all being blindly led by Elizabeth and her vision of what Theranos could be. For someone who worked at a company where people were doing horrible, illegal things, seeing those people be brought to justice is a comfort.

Who is the 19 year old billionaire girl? ›

Meet World's Youngest Billionaire: Livia Voigt

With a net worth of $1.1 billion, Livia's trajectory into the world of business is undoubtedly noteworthy.

What woman invented a medicine? ›

Elizabeth Lee Hazen (1885-1975) and Rachel Fuller Brown (1898-1980) developed the first antifungal antibiotic which they named nystatin. All proceeds were invested in the Research Corporation to fund medical research.

Could Theranos idea have worked? ›

The company claimed that it had devised blood tests that required very small amounts of blood and that could be performed rapidly and accurately, all using compact automated devices that the company had developed. These claims were proven to be false. Theranos Inc.

What can you conclude about the culture at Theranos and why? ›

The culture of fear within Theranos was practically by design when it came to defrauding investors. Employees feared they would be subject to litigation or loss of employment if they asked too many questions or became too loose-lipped regarding Edison. This was the first prong in perpetuating the fraud.

What went wrong at Theranos? ›

They revealed lies to board members, a culture of intimidation and secrecy, technology that repeatedly failed quality assurance and crucially, results sent to real patients that were fundamentally incorrect, upon which life-changing medical decisions were being made.

Who are the most famous female self-made billionaires? ›

10 Richest Self-Made Women in America: How They Made Their Fortunes
  • Diane Hendricks. Net worth: $20.9 billion. ...
  • Judy Love. Net worth: $11.6 billion. ...
  • Judy Faulkner. Net worth: $7.6 billion. ...
  • Thai Lee. Net worth: $6.8 billion. ...
  • Elizabeth Uihlein. Net worth: $6.8 billion. ...
  • Lynda Resnick. Net worth: $5.6 billion. ...
  • Marian Ilitch. ...
  • Gail Miller.
Jun 1, 2024

Who was a woman who contributed to the Revolutionary War? ›

Anna Marie Lane. A resident of Virginia, Anna Marie Lane was the first documented female to serve as a soldier. She dressed as a man and accompanied her husband when he enlisted in the Continental Army. The two would fight side-by-side through numerous engagements from 1776 until 1781.

Who was the woman who became a millionaire? ›

Madam C. J. Walker (born Sarah Breedlove; December 23, 1867 – May 25, 1919) was an American entrepreneur, philanthropist, and political and social activist. She is recorded as the first female self-made millionaire in America in the Guinness Book of World Records.

Who was the first woman to practice medicine in the US? ›

Elizabeth Blackwell (1821–1910) was the first woman to earn a medical degree in the United States. In 1857, with her sister, Emily Blackwell, MD; and Marie Zakrzewska, MD, she opened the New York Infirmary for Women and Children. She also published Pioneer Work in Opening the Medical Profession to Women in 1895.

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