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June 27, 2016

Investor Draper: nothing wrong with Theranos

There is nothing wrong with Theranos. That is the basic message Tim Draper gives in a Bloomberg video interview. Draper, founding partner of Draper Fisher Jurvetson (DFJ) and longtime investor in Theranos, comments on all recent negative news concerning the company, during an interview with Bloomberg’s Emily Chang and Brad Stone at the 2016 Global Entrepreneurship Summit in Stanford, California.

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According to Draper, Theranos is being attacked by the powers that be, just as has happend with taxi-app provider Uber. Draper is pointing at medical insurance companies, people in governments and other stakeholders that will be very much affected by the cheap blood test Theranos has been providing.

Theranos has been subjected to a controversy ever since the Wall Street Journal questioned the reliability of the blood testing Theranos offers. These tests are widely used as a cheaper an quicker alternative for traditional blood tests. Not longer after the articles in the WSJ a research by the US Centers for Medicare and Medicaid Services concluded Theranos’ Northern California lab was putting patients in ‘immediate jeopardy’. The lab hasn’t done any testing since.

Draper finds it remarkable that Theranos has been subjected to government scrutiny, since all competitors have never had any likewise inspections. Draper says these competitors are trying to push Theranos out of the market, even though consumers love the quick and simple blood test that requires only a very small amounth of blood. 

The DFJ founding partner goes on to say that Theranos’ CEO and founder Elisabeth Holmes is one of the great entrepeneurs of this time period. She is most definitely the right person for the job, he concludes.

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