A novel non-enzymatic assay for lipid modulating drugs is being described for biological samples. For the first time non-enzymatic mechanism of statin drugs in modulating lipid aggregates and forming lipid particles is being shown. A simple flow cytometer based testing for detection of lipid particles, the effect of lipid modulating drug such as statin in vitro and testing for efficacy of the drug for an individual, dosage adjustment and drug discovery mechanism is being described. The lipid modulating drugs either individually or in combination can be discovered, optimized or efficacy tested using this assay. A novel statin induced lipid particle formation described can be used for diagnosis, personalized medicine and biomarker identification as well.