120 Million Coronavirus Tests to Be Sold to Low- and Middle-Income Countries at Steep Discount

A global partnership will be making 120 million rapid coronavirus tests available to 133 economically less-advantaged nations at heavily discounted prices, the World Health Organization (WHO) announced on Monday. The tests will be supplied by U.S.-based Abbott (NYSE: ABT) and South Korea's SD Biosensor, over a period of six months, and will cost the purchasing nations $5 or less apiece.

The plan is the result of a series of agreements between the two pharmaceutical companies and several nonprofit organizations, NGOs, and public health agencies, including the WHO, the Bill and Melinda Gates Foundation, and the Global Fund.

The rapid diagnostic antigen tests produced by Abbott and SD Biosensor are both easily portable -- all the better to transport to remote areas -- and relatively straightforward to administer. Another advantage is that they do not require laboratory processing, and produce reliable results in half an hour or less.

Source Fool.com