Elizabeth Holmes, youngest female billionaire in the world, is the owner of Palo Alto-based Theranos. She wants cheaper and faster and less painful alternatives to replace traditional blood tests.

The project has gained popularity despite big players in medical industry like Laboratory Corp of America and Quest Diagnostics.

“This is a milestone in bringing our technology and services not only to our Wellness Centers, but also to physician offices and hospitals. Now the lab can come to people at the time it matters, rather than the other way around”, said she.

Access to these new tests will be soon provided through drug stores. Unlike blood tests that require a syringe and an entire vial of blood, the new tests rely on just a single drop from a finger prick.

Holmes said that she got the inspiration for the project after realizing that so many patients can’t pay thousands of dollars for a lab test because they don’t have the right kind of insurance. She said that it is the need of the hour to come up with techniques that make these tests absolutely affordable to an average person.

Scripps Translational Science Institute director Eric Topol says the new tests transcend the boundaries of complex lab testing. These tests are available to those who need them outside of the classic, central lab setting.

Theranos revealed in an announcement on Thursday that the Food and Drug Administration has given a green signal to a test outside of a clinical laboratory setting.