Theranos: the fall of a paper billionaire and the value of transparency & collaboration in science

by Steven Lewis As someone with type 1 diabetes, I prick my fingers several times a day to test my blood sugar. When I heard about Theranos and how it could completely revolutionize laboratory blood testing, I was beyond excited. I was not alone. When Elizabeth Holmes founded Theranos in 2003, it seemed like she was “poised to change health care.” “You'd have to look really hard not to see Steve Jobs in Elizabeth Holmes,” Kimberly Weisul reported for Inc.com in October 2015. Like the turtlenecked icon Jobs, Holmes dropped out of college and seemed destined to radically disrupt an industry before she was 40. Last year, she topped the FORBES list of America’s Richest Self-Made Women with a net worth of $4.5 billion. But on June 1st, Forbes revised its estimate and announced Holmes’ net worth to be zero. Absolutely nothing. On June 12th, Walgreens ended its relationship with Theranos amidst allegations that the company’s technology did not work and that their tests had been run on the machines of competitors. Losing Walgreens was a "crippling blow for Theranos," causing Theranos to close 40 of 45 Theranos Wellness Centers, a critical source of revenue for the company. Despite my hope, I was not shocked.