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23andMe's Fall

wsj.com

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Re: 23andMe's Fall

#21

Post by nirvael »

logifail wrote: post #16
nirvael wrote: post #7

Seems like 23andMe is two businesses: consumer and a B2B data business. The consumer side is clearly struggling because of the problems mentioned in the article (they only need one test in their life, public perception is bad because their security has had breaches). So this needs a pivot where you can change the public's perception from a one-time test to continuous health monitoring through blood markers or somethi…

> needs a pivot where you can change the public's perception from a one-time test to continuous health monitoring through blood markers or something similar, expand to tests other than genetic and make it a repeatable, accurate test that gives you more information (and obviously stop leaking people's data). "Stop leaking data"? Sounds like a step forward. > But why not focus on the B2B side? Sell access to their data…

That's the conflict at the heart of the business. But do the public care enough about that? Obviously a HN audience does, but people use Google and Facebook products every day with the awareness that all that data is sold directly to advertisers. With the right messaging ("yes, we sell your data, but it's to drug companies to help make drugs that can cure your illnesses") it's possible that the conflict isnt too much of an issue.

Re: 23andMe's Fall

#23

Post by resters »

Oddly, 23andme adopted an extremely cautious, risk-averse strategy with respect to providing "health information". The result of this is that many other services became a more interesting/entertaining source of personalized health information based on genetic data (often 23andme raw data extracted and fed into the other system).

I get new updated health information from 23andme perhaps 2 times per year. It's mind boggling to imagine that with all the research being done that is all that makes the cut as interesting and trsutworthy enough for 23andme to tell me about it.

In other words, a majorly failed content strategy based on fear of being shut down for providing insufficiently vetted health info.

Meanwhile, someone created multiple accounts and the ancestry results didn't match even when collected from the same person.

Re: 23andMe's Fall

#24

Post by rchaud »

This story makes 23andme sound like a non-fraud version of Theranos, with some of the same issues around business viability, dodging the FDA, relentless PR and funding from rich friends.

If a healthcare startup get shout-outs from Oprah, SNL and branded Barbie dolls, is that a bad sign?

Re: 23andMe's Fall

#28

Post by gumby »

This is a classic combination of cargo-cult matching with ZIRP regime.

23andMe never had a business plan, but it didn't matter because their investors figured they had the connections to make it work (look at the explanation of how they booted out the other founder). Their Libertarian/lazy attitude towards regulation is just an example of how couldn't be bothered to even do the necessary homework. Their attitude towards their data breach is another.

Makes me wonder how good their science is. I don't know anyone on that side of their business, but comments from friends who used to work their about how their parts worked are not encouraging.

Re: 23andMe's Fall

#30

Post by padjo »

rchaud wrote: post #24

This story makes 23andme sound like a non-fraud version of Theranos, with some of the same issues around business viability, dodging the FDA, relentless PR and funding from rich friends. If a healthcare startup get shout-outs from Oprah, SNL and branded Barbie dolls, is that a bad sign?

If Theranos devices had been able to do what they claimed the business model was clear and likely very profitable.

I don’t understand how anyone ever thought 23andMe had a viable business model selling a test that only needed to be done once(and apparently selling it at a loss to boot)

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