The company’s pivot towards commercial research projects was made clear in 2018 via a well-publicised deal worth $300m with Glaxo-Smith Klyne; essentially, selling the genetic data of five million customers to the pharmaceutical company for drug research.
In a bid to diversify and stem toppling share prices – those fell 70 percent last year – the company pivoted towards healthcare, launching a weight-loss program offering access to drugs like Ozempic and Wegovy.
The one-time leader of the DNA analysis market – valued at $6 billion in 2021 – is now worth less than $100 million, a 99 percent drop that makes Labour’s autumn Budget look like a roaring success.
23andMe’s decline is a case study of a company’s mishaps and a growing distrust of Big Business’ use of data.
The one-use nature of DNA tests (once you take a DNA test, there is not much point in getting another) meant a shrinking customer base, with consumer revenue falling eight percent yearly since 2021.
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