Back in 2006, we announced the Archon Genomics XPRIZE presented by Express Scripts, which offered $10 million to the first team that could rapidly and accurately sequence 100 whole human genomes to a standard never before achieved at a cost of $10,000 or less per genome.and:
What we realized is that genome sequencing technology is plummeting in cost and increasing in speed independent of our competition. Today, companies can do this for less than $5,000 per genome, in a few days or less - and are moving quickly towards the goals we set for the prize.All things considered, it's completely logical to pull the competition as it's no longer competitive and the prize became a potential hand out.
To get a general idea of the rationale behind the decision, look at these two summary figures at the NIH which show how much the cost of sequencing fell off a cliff in 2007, just after the XPRIZE was announced. In 2006, the cost per genome was $10 million and the XPRIZE was justified. Not so in 2013.
So while Diamandis implies that there was a failure in setting the Genomics XPRIZE, I have to disagree. This was simply a case of an unforeseen technology surprising everyone involved. That it forced them to adapt in response isn't a win or a fail, it's the normal course of business.
