Abbott Labs $ 5 rapid test is a potential game changer in Covid testing


The test is in “game changer, “according to Brett Giroir, the U.S. Assistant Secretary of Health in the Department of Health and Human Services.
Investors certainly think so: Abbott’s (ABBOTT) share was up about 8% Thursday morning.

The FDA authorization for emergencies is for Abbott’s BinaxNOW Covid-19 Ag card. The size of a credit card, BinaxNOW will cost $ 5 and will come with a free mobile app that lets people who test negative display a temporary, date-stamped health card that is updated each time a new test is taken.

The antigen test, which involves a nasal swab, uses the same kind of technology as a flu test. Abbott says it anticipates producing 50 million BinaxNOW tests per month by October.

“The massive scale of this test and app will give tens of millions of people access to rapid and reliable testing,” said Joseph Petrosino, a professor of virology at Baylor College of Medicine, in a statement released by Abbott.

Petrosino’s laboratories are making leading efforts to provide Covid-19 testing for the college and Harris County, including Houston.

“With laboratory-based tests, you get excellent sensitivity, but you may have to wait days or longer to get the results. With a rapid antigen test, you get an immediate result, causing infected people to come off the streets and be quarantined, so they spread the virus, “he said.

The BinaxNOW Covid-19 Ag card is the fourth antigen test that has received an authorization from the FDA.

Antigen tests, which look for pieces of the virus, are not as reliable as traditional Polymerase chain reaction tests, which look for the genetic material of the virus. However, they are faster, less expensive and less invasive. PCR tests have been affected by supply chain problems, such as back-ups at labs that have delayed results and frustrated patients, doctors and public health experts.

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