Abbott Receives FDA Authorization for a $5 App-Enabled 15-Minute COVID-19 Test

The biggest issues with COVID-19 testing have been speed and cost. Abbott Laboratories' (NYSE: ABT) newest offering seems to have those covered, and the healthcare company is even providing a phone app that will display negative results for customers who need to prove that they're not infected with the novel coronavirus that causes COVID-19.

Abbott's BinaxNOW COVID-19 Ag Card test, which is about the size of a credit card, can generate a result in 15 minutes and costs $5 per sample. The test, which was issued an emergency use authorization by the Food and Drug Administration, detects viral proteins to determine if the patient has been infected with the novel coronavirus. Results of the test will show up on Abbott's free Navica app, which will be available for both iPhone and Android devices.

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Source Fool.com