The meteoric rise and dramatic fall of Theranos: lessons learned for the diagnostic industry.

Clinical Chemistry and Laboratory Medicine : CCLM
Clare Fiala, Eleftherios P Diamandis

Abstract

In this piece we discuss and reflect on the conclusion of the Theranos saga in the light of its fraud conviction. Theranos (founded in 2003 by Elizabeth Holmes) was supposed to disrupt the diagnostic testing industry by developing technology which could perform dozens of tests using a tiny amount of blood from a finger-prick. As a result, Ms. Holmes rose to fame, becoming the world's youngest female self-made billionaire and was plastered across magazine covers. However, in 2014, Theranos began to fall apart following increasingly damaging revelations regarding its lack of expertise, technology, framework, extreme secrecy and inaccurate test results. This led to the closure of two of its laboratories, investor and patient lawsuits and the devaluation of Ms. Holmes's wealth to nothing. In March 2018, the United States Security Exchange Commission ordered Ms. Holmes to pay $500,000 to settle the charge of massive fraud and barred her from being a director of a publicly owned company for 10 years, likely concluding Theranos's endeavors. We conclude our series of articles on this topic by reflecting on the lessons the laboratory medicine community can learn from Theranos.

References

Feb 18, 2015·JAMA : the Journal of the American Medical Association·John P A Ioannidis
Jun 2, 2015·Clinical Chemistry and Laboratory Medicine : CCLM·Eleftherios P Diamandis
Sep 25, 2015·Clinical Chemistry and Laboratory Medicine : CCLM·Michelle Li, Eleftherios P Diamandis
Oct 6, 2015·Clinical Biochemistry·Michelle Li, Eleftherios P Diamandis
Feb 10, 2016·Critical Reviews in Clinical Laboratory Sciences·Michelle Li, Eleftherios P Diamandis
Mar 12, 2016·Clinical Chemistry and Laboratory Medicine : CCLM·Michelle Li, Eleftherios P Diamandis
Mar 29, 2016·The Journal of Clinical Investigation·Brian A KiddJoel T Dudley
May 19, 2016·JAMA : the Journal of the American Medical Association·John P A Ioannidis
Jun 4, 2016·Clinical Chemistry and Laboratory Medicine : CCLM·Eleftherios P Diamandis
Aug 31, 2016·Clinical Chemistry and Laboratory Medicine : CCLM·Eleftherios P Diamandis, Mario Plebani
Dec 21, 2016·Clinical Chemistry·Michelle LiRodger Seccombe
Apr 23, 2017·Clinical Chemistry·Michelle LiStephen R Master

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Citations

May 17, 2018·Clinical Chemistry and Laboratory Medicine : CCLM·Karl J Lackner, Mario Plebani
Sep 19, 2018·Clinical Chemistry and Laboratory Medicine : CCLM·Ferruccio Ceriotti
Oct 23, 2019·The Journal of Applied Laboratory Medicine·Clare Fiala, Eleftherios P Diamandis
Apr 8, 2021·The Journal of the American Academy of Orthopaedic Surgeons·Joseph J KavolusRichard Iorio
Sep 17, 2021·Clinical Chemistry and Laboratory Medicine : CCLM·Eleftherios P DiamandisMario Plebani

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