Illumina is one of the leading companies when it comes to DNA sequencing. And today, the company is announcing that Apple’s Senior Vice President of Worldwide Marketing Phil Schiller is joining the board of directors.
Despite its questionable website design, the company has significantly brought down the price of DNA sequencing. It used to cost around $1 million in 2007. By 2013, it only cost $4,000.
“Phil’s track record and global experience in bringing world-class products to market will help guide us as we continue to develop innovative new solutions for our customers,” Illumina president and CEO Francis deSouza said in the announcement. “His vision, integrity and passion are fully aligned with Illumina’s core values.”
And just to give you a sense of scale, Illumina’s current market capitalization on the stock market is around $24 billion. It turns out DNA sequencing can be a very lucrative industry indeed.