To prove or disapprove this statement we need to understand first the constituents of blood and semen. Secondly, the process of blood formation and sperm formation. Then we should try to compare the two processes and see whether one can transform into another.
Red blood cells are produced by stem cells in the bone marrow through a process called Hematopoiesis (Erythropoiesis).
Erythropoiesis takes place with the help of EPO and CFU. Ultimately a blood cell emerges from a pronormoblast which is a part of CFU.
Semen is made up of :
Spermentoboids
Testicular & Epididymis secretions
Prostatic liquid
Seminal Vesicles fluid
The process of sperm formation is called Spermatogenesis and involves two phases: the cell diversion phase & the maturation phase.
Besides, a red blood cell is round & has no muscles, whereas a sperm has muscles and has a head and a tail.
Blood formation is a part of the function of the circulatory system whereas sperm formation is a part of the reproductive system. As you can see from the above discussion, there is no similarity between a red blood cell and a sperm.
Therefore, the statement, 40 drops of blood are needed to manufacture one drop of semen, is a MYTH.