… but it offers some ideas for today’s crisis.
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OK, Elizabeth Holmes is a likely sociopath who charismatically defrauded investors out of billions of dollars and made fools of a lot supposedly smart, highly influential people.
In a nutshell: Holmes was 20-something Steve Jobs wannabe who visioned that blood tests could be done from a single drop of blood and built a $9 billion company around the concept,
Here’s a 5-minute clip on Holmes & Theranos
There was a rub, though.
Holmes (and the company) crashed & burned when it was finally discovered that Theranos was Oz – the concept didn’t work.
- See the WSJ article that burst the bubble
Holmes is currently under Federal indictment, with a trial scheduled for this October.
Putting those dirty details aside for a moment, there are some things we can learn from Holmes and the Theranos saga.
Let me explain ….
I recently re-watched the 20/20 TV version of the Theranos story (titled “The Drop Out”) … this time, I watched with an eye to “learnings” that might have relevance to the coronavirus crisis.
Here are my takeaways…
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1. The concept
Holmes’ initial idea was a prickly patch applied to a person’s upper arm. The patch would have micro-probes that would be constantly monitoring a person’s blood. The patch would magically display warnings and readings if something was out-of-whack.
Far fetched, right?
That’s what I thought until I saw an ad for the Freestyle Libre — a continuous glucose monitoring system for diabetics.
The Freestyle concept: “A sensor is worn on the back of the upper arm and glucose levels are displayed on a handheld reader or iPhone.”
Hmmm, that sounds familiar.
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Holmes eventually gave up on the magic patch and refocused on blood testing done on a single drop of blood … with results generated by a small diagnostic machine located on-site at labs, etc.
On face value, Holme’s concept was enticing.
But Theranos couldn’t make it work … and the company went belly up.
Takeaway: Note the similarities to the single drop antibody tests that are being developed for coronavirus survivors … and to the Abbot’s point-of-care rapid-testing machines (though they’re not blood analyzers)
And, ask yourself, how would you like a patch-sensor on your arm that would continuously relay C-19 diagnostic readings and alerts? Wouldn’t you like to know if you’re infected?
Failing that, how about a single-drop blood test for the virus with instant results?
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2. The distribution network
While the Theranos “product” was still in a rough prototype stage, Holmes was able to get Walgreen’s to sign up to install the Theranos testing equipment in all of its retail locations … and offer the Theronos tests in Walgreen stores.
Think about that for a moment.
Why can’t coronavirus testing be done at a broad network of retail locations?
Today, I have no idea if I can get a C-19 test (I assume not since I’m asymptomatic) … wouldn’t know where to go to get a test if I did qualify … and, would probably need a doctor’s Rx to get in the queue,
I’d love the opportunity to walk into a Walgreen’s or CVS or Giant every week or two to see if I’ve been infected.
No muss, no fuss.
Takeway: If you want the masses to get tested (maybe regularly for surveillance) make it easy and accessible. Make the tests available in locations that people frequent — not in isolated test centers that are 25 miles away.
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3. The marketing hype
Holmes was a relentless, convincing salesperson.
Her formula: a bit of (unproven) science, a tear-jerking (faux) sincerity for saving lives, and a crowd-pleasing “you go girl” persona.
For all of her failings, Holmes could tell a good story and motivate people to invest in the company, to put her machines in their stores and to line-up to get a 1-drop blood test.
Takeaway: Getting people (especially asymptomatic folks) to believe in broadscale testing is going to require some big-time selling of program.
Any nominations for a spokesperson?
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Bottom line: Even failures like Theanos offer ideas and innovations cues. Holmes was (a bit) wacky, but she was also a visionary. Don’t throw all the babies out with the bath water.
The Homa Files 
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