Rapid-Test Makers Clearing $4 Billion in U.S. Government Work
- BinaxNow test maker Abbott snares contracts worth $2.2 billion
- Manufacturers ramp up production after scaling back in 2021
Abbott BinaxNOW Covid-19 self test kit
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President Joe Biden’s promise to provide one billion free rapid Covid-19 tests to Americans is set to be a boon for test makers, as the highly contagious omicron variant has left pharmacies and clinics scrambling to find supplies.
The U.S. government has committed to spend at least $4.2 billion to develop, manufacture and produce rapid antigen tests since the start of the global pandemic in March 2020, according to a review of Bloomberg Government’s contracts database.