Abbott gets FDA approval for its Coronavirus test that gives positive diagnosis in 5 minutes

Abbott gets FDA approval for its Coronavirus test that gives positive diagnosis in 5 minutes
Written by:
Wajeeh Khan
March 28, 2020
  • Abbott's newly approved diagnostic test takes 5 minutes to detect Coronavirus.
  • The health company plans on ramping up production to deliver 50,000 tests per day.
  • CEO Robert Ford says the new test will be available to the healthcare providers in the next week.

With Coronavirus rising exponentially across borders, the global healthcare system continues to fixate on the importance of timely diagnosis that makes it easier to isolate the patient and prevent hundreds of other people in contact from getting the infection.

In its announcement on Friday, Abbott (NYSE:ABT) said to have achieved the next milestone in timely diagnosis of the Coronavirus. The American medical devices and healthcare company said that its new test that promises to deliver accurate Coronavirus results within five minutes got the approval on Friday. Abbott plans on distributing the test among the healthcare providers in the upcoming week.

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Abbott Aims At Distributing 50,000 Tests Per Day

Abbott’s point-of-care diagnostic test for Coronavirus received the emergency use authorization from the U.S Food and Drug Administration (FDA) on Friday. The test takes thirteen minutes to announce negative results while positives are declared within five minutes.

Abbott also highlighted that it is now the company’s priority to increase production and distribute at least 50,000 tests on a daily basis. CEO Robert Ford of Abbott commented on Friday:

“The COVID-19 pandemic will be fought on multiple fronts, and a portable molecule test that offers results in minutes adds to the broad range of diagnostic solutions needed to combat this virus.”

Abbott’s stated also reiterated that the recently approved test makes Abbott’s second to be used for Coronavirus. The health company is targeting mixed production of around 5 million tests a month.

According to Abbott, the shortage of personal protective equipment for the healthcare providers, however, may pose a challenge in utilization of the recently approved test. In patients that present respiratory symptoms, clinicians may raise an issue of personal safety while administering this test without the personal protective equipment.

U.S Surpasses Italy And China In Total Confirmed Cases

The United States surpassed Italy and China in total confirmed cases on Friday posting more than 100,000 patients. The death toll in the U.S is currently at 1,717 in the U.S, according to Johns Hopkins University.

Abbott was reported trading 2.5% up in extended trading on Friday following the announcement. At £61.19 per share, however, the company is still trading around 12% down in the stock market in 2020 so far.

Its performance in 2019, on the contrary, was reported fairly upbeat with an annual gain of a little under 25%. The £105.56 billion company has a price to earnings ratio of 36.88.