Posts

Showing posts from June, 2019

Ponzi Scheme in Laboratory Medicine

Image
Medical Laboratory startup once having a valuation of 10 billion dollars is the biggest scam and ponzi scheme in the history of  Laboratory Medicine . Theranos, a defunct healthcare technology company, claimed to have invented a machine that can perform thousands of blood tests on a single drop of blood from a fingerstick without using the traditional venipuncture. This blood testing company was first founded in 2003 by 19 year old Elizabeth Holmes, a chemical engineering dropout from Stanford University. Lies and Deception are at the core of Theranos' rise and in June 2018, Elizabeth Holmes stepped down as CEO and was charged with wire fraud among other criminal charges. She defrauded investors and is the focus of a HBO documentary as well as a movie that is yet to be released. Elizabeth claimed that this machine, which she dubbed "Edison", would revolutionize the diagnostics industry and eliminate the use of needles in  Laboratory Medicine . It made her the younge...