THE UNITED STATES STRIKES A 750 MILLION DOLLAR DEAL WITH ABBOTT LABORATORIES

by Chhavi Madaan | 2020-08-28

The United States Government has decided upon buying 150 million units of the $5 Rapid Coronavirus Test Kits being manufactured by Abbott Laboratories, a multinational healthcare corporation based in America.

Abbott Laboratories acquired approval from the United States Government for the manufacture and retail of Rapid Test Kits on the 26th of August, Wednesday. The Food and Drug Administration authorized the license under the Emergency Authorization Program.

About Abbott Laboratories

Abbott Laboratories is a multinational firm specializing in the production of pediatric and adult nutritional supplements, medical supplies, and brand generic medicines. The company was established in 1888 in Ravenswood, Chicago, under the name ‘Abbott Alkaloidal Company’ by Dr. Wallace Abbott.

The company later moved to North Chicago. Since then, the company has inaugurated several branches in countries like Pakistan, India, France, London, Canada, Europe, and Italy.

Some well-known commodities manufactured by Abbott Laboratories include- Confirm Rx Ensure, Glucerna, Heartmate, MitraClip Pedialyte, PediaSure, and Similac.

BinaxNOW COVID-19 Ag Card- The 15 Minute Rapid Test Kit

Abbott’s recent accomplishment has been BinaxNOW COVID-19 Ag Card production, a 15-minute rapid test kit. The test kit is designed as a self-sufficient card that requires no additional chemicals and processing of specimens.

The lateral-flow technology used in the BinaxNOW is similar to a pregnancy test. The card displays negative or positive results within fifteen minutes of entering specimens from a nasal swab on the card. It is an antigen-based test that detects portions of the proteins found in Coronavirus. The card is currently priced at $5.

Abbott Laboratories has also developed a complementary mobile app ‘NAVICA’ that will provide the test takers with negative results a digital health pass.

However, Abbott Laboratories clarifies that the Food and Drug Administration has only approved the results under its Emergency Authorization Program.

The 750 Million Dollar Deal between the U.S. Government and Abbott Laboratories

The United States runs about 80,000 tests daily, but due to limited test kits and financial strains, testing has to be limited to only Symptomatic patients. On the 26th of August, the U.S. placed an order for 150 units of Abbott Laboratories’ BinaxNOW Coronavirus Cards. The deal was settled at $750 million.

Amidst soaring demands for instant test kits, Abbott ensures that it will soon start with large-scale production of BinaxNOW. The United States Administration is scheming how the dissemination of test kits will take place.

Rapid test kits’ production is an integral step towards the reopening of Schools, Colleges, and other Sectors. Besides simplifying the process of testing, the BinaxNOW COVID-19 Ag Card exempts additional economic impediments.

Stay Safe. Stay Healthy. Stay Tuned.

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