We present a novel computational approach, based on a parametrized reduced-order model, for accelerating the calculation of pressure drop along blood vessels. Vessel lumina are defined by a geometric parametrization using the discrete empirical interpolation method on control points located on the surface of the vessel. Hemodynamics are then computed using a reduced-order representation of the parametrized three-dimensional unsteady Navier-Stokes and continuity equations. The reduced-order model is based on an offline-online splitting of the solution process, and on the projection of a finite volume full-order model on a low-dimensionality subspace generated by proper orthogonal decomposition of pressure and velocity fields. The algebraic operators of the hemodynamic equations are assembled efficiently during the online phase using the discrete empirical interpolation method. Our results show that with this approach calculations can be sped up by a factor of about 25 compared to the conventional full-order model, while maintaining prediction errors within the uncertainty limits of invasive clinical measurement of pressure drop. This is of importance for a clinically viable implementation of noninvasive, medical imaging-based computation of fractional flow reserve.