ABBOTT'S TESTS HELPING TACKLE THE PANDEMIC

The company is leveraging its diagnostics expertise to help combat COVID-19 and may play a role in reopening the economy.

Abbott's Tests Helping Tackle the Pandemic

Jul 14 2020

Testing for COVID-19 is commanding the world's attention as uncertainties abound about the virus, its economic impact and how far to ease restrictions.

And Abbott, with its five COVID-19 tests (three molecular and two serology tests, also called antibody tests), has emerged as a leading company helping develop important tests to detect the virus1. So far, the company has shipped more than 20 million tests to outbreak hotspots in the U.S. as of the end of June 2020.

All of Abbott's tests have been authorized by the U.S. Food and Drug Administration for Emergency Use Authorization. And Abbott received CE Mark for its molecular lab COVID-19 tests (m2000 and Alinity m) and its antibody lab tests (ARCHITECT and Alinity i).

Testing is considered a key to helping slow the spread of COVID-19 and may play a role in reopening the economy. That’s why Abbott is leveraging its diagnostics expertise and scale to develop more tests on more platforms, to help check millions of people around the world for COVID-19 and antibodies that help combat it.

With the high demand for COVID-19 testing, the molecular diagnostics market is expected to grow significantly. This growth could represent a new, multi-billion-dollar TAM for companies developing COVID-19 tests, stated an April 21 Cowen note2.

"It's possible that diagnostics companies can sell every test they can make in 2020. This represents a potentially material tailwind for companies in our coverage universe," wrote Cowen analysts in the April 21 note.2

Want to know more?

Get details on the differences between Abbott’s five COVID-19 tests. And get a closer look at Abbott’s comprehensive efforts to tackle COVID-19.

COVID-19 tests when you need them

References

1. Based on number of COVID-19 tests being distributed under FDA Emergency Use Authorization and CE Mark.
2. Cowen, The Role of Diagnostics in the COVID-19 "Return to Normalcy," April 21, 2020.

 

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