Market Overview

Detroit To Be The First City To Roll Out Abbott's 5-Minute Coronavirus Tests

Detroit To Be The First City To Roll Out Abbott's 5-Minute Coronavirus Tests

Detroit will make available Abbott Laboratories (NYSE: ABT) five-minute COVID-19 tests to first responders beginning Friday.

What Happened

The city of Detroit will use Abbott’s rapid coronavirus kit to test first responders who are self-isolating, but have not yet tested positive for COVID-19, reported  TechCrunch.

The small-sized test kit has received emergency clearance from the Food and Drug Administration and can help detect COVID-19 more rapidly than other available methods.

The Mayor of Detroit, Mike Duggan, reportedly called Miles White, Chairman of Abbott Labs on his cellphone waking him up on Sunday morning begging for the test, which resulted in Detroit securing five machines and 5,000 tests.

Abbott recognized the importance of the test in a tweet  and said it would be making its ID NOW COVID-19 tests available to healthcare providers “this week.” 

Why It Matters

Detroit has been hit hard by the coronavirus and accounts for 81% of the 7,615 COVID-19 cases in Michigan. 

First responders are badly affected, with 20% of the 2,500 member Detroit police now quarantined with suspected exposure to the virus. The police chief, James Craig, is among those who have been diagnosed with coronavirus.

Additionally, 109 members of Detroit’s fire department are also quarantined, reported FOX2 Detroit, a local news channel.

Price Action

Abbott shares traded 0.17% higher at $76.70 in the after-hours session on Wednesday. The shares had closed the regular session 2.97% lower at $76.57.

Photo Credit: Courtesy of Abbott Laboratories.


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