Abbott Rapid Diagnostics Gets $1 Billion in Federal Funding for its COVID-19 Tests

Abbott Rapid Diagnostics North America has secured a contract worth just over $1 billion from the U.S. Army for its COVID-19 rapid antigen test kits.

The company will produce the tests at its Orlando, Fla., facilities with an estimated completion date of June 26. The funding comes from the American Rescue Plan Act.

In a recent real-world study by the University of California San Francisco, Abbott’s BinaxNOW rapid antigen test for the SARS-CoV-2 virus detected 95 percent of individuals infected with high viral loads of the Omicron variant, the company said.