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Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

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‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

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'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
HealthCoronavirus

How one company says it can do a coronavirus test in 15 minutes

By
Sy Mukherjee
Sy Mukherjee
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By
Sy Mukherjee
Sy Mukherjee
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March 26, 2020, 3:45 PM ET
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Henry Schein is the latest company to jump on the coronavirus-testing bandwagon. And it claims it can do one in just 15 minutes.

On Thursday, the firm announced a new COVID-19 test called the Standard Q COVID-19. According to an FAQ the company posted on its website, this test’s clearance didn’t require an “emergency use authorization” from the Food and Drug Administration (FDA) because of the type of test it is.

What exactly is that? A “serology” test—as in a blood test, rather than a test which requires a nasal and mouth swab which has to be sent to a lab.

Henry Schein—a regular on the Fortune 500 with a reach extending across the spectrum of medical industries, including dental, pharmaceuticals, lab equipment, and vaccines—claims its test amounts to a pinprick blood draw. The blood samples would then be tested for antibodies associated with people who have—or have previously had—COVID-19. In essence, the company is saying that its diagnostic can help suss out both present and past cases to help medical professionals figure out exactly what level of care patients should get.

“Henry Schein has played a key role in providing point-of-care testing to health care professionals, and is now responding to the urgent need for wide availability of rapid point-of-care testing for COVID-19,” said CEO Stanley M. Bergman in a statement.

The firm also said that “several hundred thousand tests” would be available by March 30, with the capacity expected to ramp up in April.

The logistics behind how the test will be distributed and Schein’s pricing strategy is unclear. The firm pointed to its public FAQ, where it said, “Unit pricing is available through our Henry Schein Medical sales organization. As for sales and gross profit, as is customary, we don’t comment on sales and gross profit by individual product lines.”

This post has been updated to reflect a response by Henry Schein.

More coronavirus coverage from Fortune:

—Will ‘The Great Cessation’ be worse than the Great Recession?
—Everything you need to know about the coronavirus stimulus checks
—Why Mark Cuban is focusing his time—and money—on coronavirus relief
—The world’s largest coronavirus lockdown is off to a rocky start
—The coronavirus has shattered the drug development status quo. We should build on that
—The $2 trillion coronavirus stimulus package isn’t green, but it helps
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEOs
—WATCH: World leaders and health experts on how to stop the spread of COVID-19

Subscribe to Outbreak, a daily roundup of stories on the coronavirus pandemic and its impact on global business, delivered free to your inbox.

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