Placeholder Image

字幕列表 影片播放

  • This video was brought to you by the Slidebean Agency. Get the design team behind Slidebean

  • to re-do your slides. Go to slidebean.com/agency and get $50 off on your first project.

  • Her rocksteady gaze and baritone voice lured you in. Then, her idea blew your mind.

  • One drop of blood, hundreds of results: Theranos was going to revolutionize the healthcare

  • industry. And Elizabeth Holmes led this revolution.

  • Investors blindly trusted her. She rocked magazine covers, and the media called her

  • the female Steve Jobs. Her company was worth billions. But it was all a lie.

  • How did one person fool the entire world? We'll tell you all about it in this episode

  • of Company Forensics.

  • By age 9, Elizabeth Holmes had envisioned her time machine. By high school, she was

  • fluent in Mandarin and sold C++ compilers and had her sights on becoming a billionaire.

  • She wanted to study medicine but was afraid of needles.

  • So, she enrolled in Chemical Engineering at Stanford. There, she met Channing Robertson

  • and insisted he let her work at his lab. A lab, mind you, in which mostly Ph.D.'s worked,

  • not first-year students.

  • During her first college break, she spent a stint in Singapore, working at a lab testing

  • for SARS.

  • And it was there that she began questioning current medical blood tests: one needed to

  • draw blood, then transfer it to another device for analysis. Once results were in, medications

  • came from a different place and medical follow-up from yet another source. It was a labor-intensive,

  • error inducing process unchanged in decades.

  • To a point, she was right, as 70% of errors in testing occur before the lab tests the

  • sample.

  • Once back at Stanford, she began working on an idea to obtain not just one, but hundreds

  • of results quickly, from drops of blood, instead of traditional vials. Her pace was relentless.

  • It took her less than a year to file her first patent: a smart drug delivery patch.

  • But her obsession was blood testing. Holmes believed in the power of a single drop of

  • blood. She was so adamant that she dropped out of Stanford to form Theranos, even if

  • her professor Channing Robertson told her not to.

  • She did it anyway. At just 19, she formed her own company, Real-Time Cures, but that

  • first name was ineffective, so she changed it to Theranos, from Therapy and Diagnosis.

  • She convinced Robertson to form a part of Theranos, as

  • a technical adviser.

  • Robertson introduced her to several venture capitalists, including Tim Draper, who gave

  • Theranos the first million dollars, and it didn't end there. Elizabeth Holmes took the

  • world by storm: she had raised more than $30 million by 2006, and $400 million by 2014.

  • Investors valued Theranos at $9 billion.

  • Holmes was now the youngest self-made female billionaire.

  • Theranos had big names backing it up. Board members included former secretaries of state

  • George Shultz and Henry Kissinger; New England Patriots owner Robert Kraft gave $1 million.

  • Controversial figure Betsy DeVos added $100 million; even Rupert Murdoch pledged $125 million.

  • They believed in her idea, but one question remained unanswered: what exactly did Theranos

  • offer?

  • Holmes's aura was enigmatic. She spent all day at work. Vacations were unnecessary, so

  • was coffee. (Forget the billions, she didn’t drink coffee. that’s amazing). Her daily

  • routine consisted of a fancy turtleneck uniform, little sleep, and vegan shakes.

  • But when she walked into a room, her energy drew people's attention, with her powerful

  • gaze and low, almost murmuring tone.

  • Like her idol, Steve Jobs, she wanted to change the world. Theranos wasn't just a blood test.

  • Its aptly named Edison machines would eliminate or improve error-prone areas by automating

  • them. Testing would happen in-site with results available in just hours. Plus, blood waste

  • would decrease, and so would costs.

  • A cholesterol check runs for $30, but Holmes promised a cost of just $3.

  • Some people even entered Theranos test labs. Journalist Joseph Rago explained that the

  • process was swift. A technician increased blood flow to the fingers by warming them,

  • then drew a few droplets of blood, which landed in a small receptacle called a nanotainer.

  • Within the same lab, this nanotainer traveled through analyzers and delivered results by

  • the time he walked out the door.

  • It seemed perfect. But you know what this show is about.

  • Holmes was in the center of the media universe, thanks to her promise of a better tomorrow.

  • Supermarket giant Safeway decided to invest $350 million to retrofit 800 locations with

  • Theranos clinics for in-store tests.

  • The Cleveland Clinic joined forces with Holmes to spark up innovation, reduce costs, and

  • increase visit turnover. During a Fox News interview, both Holmes and Cleveland Clinic's

  • CEO, Toby Cosgrove, even spoke of "getting ahead of diseases."

  • With great fanfare, Holmes announced that Theranos had partnered with pharma giant GSK.

  • In 2015, its first test, for Herpes Simplex I, received FDA approval outside a laboratory

  • testing environment.

  • Amidst all this seeming success, Holmes ran such a tight ship, no one knew how Theranos

  • operated, which caught the attention of one doctor.

  • Stanford University's own Dr. John Ioannidis noticed something unusual: medical innovation

  • goes through constant reviews by other medical community peers, which ensures the validity

  • of the design and the safety of patients. But Theranos had divulged no reviews, no white

  • papers, nothing.

  • Such practices are called stealth research, and its goal is to prevent others from copying,

  • to which Holmes openly admitted.

  • But Ioannidis felt stealth research was paradoxical.

  • He wrote a column on the topic and used Theranos as an example. In no time, a legal team sought

  • a retraction.

  • The company even pressured Ionnadis to coauthor an editorial with Holmes in "some major journal"

  • to clarify that the FDA approved Theranos, which was enough evidence of its efficacy.

  • But he said no, and he wasn't the only suspicious person.

  • Meet journalist John Carreyrou, who aimed at Theranos and didn't spare any bullets.

  • In his first article, he uncovered that Theranos used traditional methods, and not its Edison

  • devices, to analyze blood. The technology displayed only flawed tests under a façade

  • of a technological breakthrough.

  • Holmes fired back the same day the article appeared. In a television appearance, she

  • said that: "This is what happens when you work to change things, and first they think

  • you're crazy, then they fight you and then all of a sudden you change the world."

  • But those damning articles started an avalanche that would bury Theranos' reputation.

  • In 2015, Safeway pulled out of the alliance, citing delayed testing and unanswered questions.

  • Some Safeway employees confirmed that Theranos technicians first drew out blood with their

  • system and then with a traditional syringe method.

  • Others reported misdiagnosis. One employee even got results that indicated prostate cancer.

  • When he retested in another lab, the results came back normal.

  • Then there's that big alliance with GSK, of which GSK had no recollection, according to

  • a spokesperson for the company:

  • Holmes then insisted that they had worked with GSK ever since 2008, but Theranos wasn't

  • even in business back then.

  • In 2015, an FDA inspection showed that Theranos' labs were mishandling products, and not following

  • processes in compliance with FDA standards.

  • So, the agency quickly backtracked its approval of the Herpes test and suspended Theranos

  • soon after, citing poor quality management.

  • And what did Elizabeth Holmes do? Tweet about it, of course.

  • 2016 was a bloodbath. No drops this time. The Centers for Medicare and Medicaid Services

  • (CMS) concluded that Theranos posed immediate jeopardy to patients' safety as it couldn't

  • reliably diagnose the need for blood thinners.

  • The company failed yet another regulatory inspection, so the Government revoked all

  • licenses and sanctioned the company, which had to close down its facilities and lay off

  • 41% of its staff.

  • By the end of that year, Theranos was under investigation by the CMS, the Justice Department,

  • the SEC, and the U.S. Attorney's office. Quite a list.

  • It didn't end there. In 2017, the company faced more lawsuits, from Walgreens, investment

  • funds, and the State of Arizona Court of Law. In 2018, the SEC charged Theranos, Holmes,

  • and former president Ramesh Balwani with fraud, because they deceived investors into believing

  • that Theranos could work as promised. It didn't.

  • Holmes settled: her penalty consisted of $500 000 dollars, giving up 19 million shares of

  • the company and couldn't have a leadership position for ten years. Balwani didn't settle.

  • Both weren't home free.

  • On June 15, 2018, both faced charges of fraud schemes.

  • Theranos crumbled. By September of 2018, the company shut down. Its valuation? $0. The

  • Holmes and Balwani trial still hasn't begun, because of the pandemic. But, if they are

  • found guilty, they could face up to 20 years in prison.

  • One can't help but wonder, how did she do it?

  • It seems, now, that Holmes was the embodiment of lies, from her voice, which according to

  • some employees, is fake to an authoritarian attitude.

  • A former employee told ABC that Holmes would fire anyone who disagreed with her. Nice

  • work environment.

  • To Holmes, all that mattered was Theranos, even if it meant lying and deceiving.

  • A Vanity Fair investigation revealed that the Board of directors pushed Holmes to confirm

  • the Theranos results with other methods. If that results differed, they had enough money

  • to fix any issue. She agreed but then withheld any findings, and offered evasive answers.

  • When the Board pressured, her solution was simple: she overhauled the Board of directors.

  • Then there was the secrecy Ioannidis found suspicious. The excuse seemed perfect: if

  • nothing leaked, there was no chance of copycats. But it was more than that: with a robust legal

  • core behind her, Theranos relied heavily on nondisclosure agreements and litigation threats

  • to keep people quiet, even members of the Board. Holmes could openly deceive customers

  • and even employees, with fake blood tests and deceitful tours, knowing no one would

  • speak up.

  • Internal departments couldn't interact, and communication between them was limited. The

  • employees only knew partial truths and a lot of lies.

  • Divide and conquer always works. Holmes was able to keep employees blind to the troubles

  • the company faced. The multiple-part Vanity Fair investigation revealed that Holmes told

  • her employees that Theranos had over 300 tests already working but didn't tell them that

  • most of them were in the research phase.

  • The list of deceptions and manipulation is prolonged, leading many to believe that Holmes

  • is a sociopath and a narcissist.

  • But, to some, including herself, she might be a visionary willing to do what it took

  • to succeed. And that's where the danger lies. But she doesn't care because, pending trial,

  • rumors are she's trying to start another company. It seems as some people just never know when

  • to stop.

  • Thanks a lot for watching. Tell us if you enjoyed our version of the Theranos story.

  • We'll see you next week.

This video was brought to you by the Slidebean Agency. Get the design team behind Slidebean

字幕與單字

影片操作 你可以在這邊進行「影片」的調整,以及「字幕」的顯示

B1 中級 美國腔

資助反社會者:Theranos的故事(Funding a Sociopath: the Theranos story)

  • 5 1
    羅盛隆 發佈於 2021 年 10 月 11 日
影片單字