‘Rapid’ coronavirus test from Abbott Labs approved by the FDA

The test can be done at a doctor's office with results in 5 minutes'

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Abbott Laboratories, which has developed a coronavirus test that the company says can provide results quickly -- in as little as five minutes for positive results and negative results in under 15 minutes -- was approved Friday by Food and Drug Administration.

Given the green light under the agency's “emergency use authorization,” the approval comes less than 24 hours after Vice President Mike Pence announced its potential availability.

"This would be the kind of test where you could go to your doctor, you could get the test done there at your doctor, and have the results in no more than 15 minutes,” Pence said.

TickerSecurityLastChangeChange %
ABTABBOTT LABORATORIES88.25-3.15-3.45%

These tests could take the burden off hospitals and some of the "drive-thru" testing centers as it is a “point-of-care” diagnostic tests which can be used in temporary screening locations, doctor’s office labs and nursing homes to detect the coronavirus strain COVID-19.

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Last week, Abbott Laboratories said it would immediately ship 150,000 rapid tests for coronavirus and that it would be scaling up production at its U.S. manufacturing locations to reach capacity for 1 million tests per week by the end of March.

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