Abbott Launches Coronavirus Detection Test After FDA Gives EUA
Zacks Investment Research | Mar 18, 2020 10:20PM ET
Abbott Laboratories (NYSE:ABT) announced the receipt of the Emergency Use Authorization (EUA) from the FDA to use its molecular test RealTime SARS-CoV-2 EUA to detect the novel coronavirus (COVID-19). Notably, the test will run on the company’s m2000 RealTime System.
Abbott is on track to ship 150,000 RealTime SARS-CoV-2 EUA tests to existing customers in the United States. At the same time, the company will coordinate with health systems and government authorities to supply additional m2000 systems per requirement.
With the steps, Abbott aims to strengthen its foothold in the global Diagnostic Products market.
Significance of the Approval
Per Abbott, its m2000 systems are capable of running high test volumes in a day, thus meeting the increasing demand for testing.
As soon as the EUA was received, the company started distributing the tests. Notably, it already distributed the tests to hospitals and academic medical center labs in 18 states in the United States, including Illinois, California, New York, Massachusetts and Washington. It aims to ramp up production capacities to the highest possible level and supply up to 1 million test kits per week by the end of March. Notably, the tests are currently being manufactured in the United States.
Industry Prospects
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