Will Abbott’s 'game-changing' 5-minute test live up to expectations? Health experts say the scramble for tests is an arms race and the Illinois company will play a contributing role.
“This is big news and will help get more of these tests out in the field rapidly,” he said.
The national testing bottleneck persists as the number of people infected have grown exponentially and untested samples pile up. Quest acknowledged recently that it had a backlog of 115,000 tests with an average wait for results of four to five days. LabCorp acknowledges a similar wait for results. Oschner has several of the Abbot ID NOW instruments currently in use. The same technology rapidly detects influenza and strep throat.
“I think a lot of hospitals were trying to bring it in house,” Hart said, “because the value of the quick turnaround is huge.”Abbott’s ID NOW technology was developed by Massachusetts medical device manufacturer Alere Inc. and acquired by Abbott in 2017 in a $5.3 billion deal that nearly imploded. Wall Street analysts say coronavirus testing will add $1 billion to the Illinois company's revenue this year. While slowdowns in other health sectors will dent Abbott’s growth, projections still show the company emerging from 2020 with $34 billion in revenue.
The company’s roots trace to 1888 and Wallace Abbott’s pharmacy and remedy development in Chicago. The company cranked out penicillin during WWII, acquired popular baby formula brand Similac in the 1960s, developed the well-known immunosuppressive drug Humira in 2002, and has recently been on the cutting edge of continuous glucose monitoring for diabetics.
In South Carolina, the machine is seen as a workhorse, said Nolte, the Medical University lab director. He uses the machine to do about 500 coronavirus tests per day.
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