• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

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

2

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

3

'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

1

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

2

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

3

'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

COVID test makers set to make $4 billion in U.S. government work

By
Kristen V. Brown
Kristen V. Brown
,
Paul Murphy
Paul Murphy
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Kristen V. Brown
Kristen V. Brown
,
Paul Murphy
Paul Murphy
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
January 21, 2022, 9:50 AM ET
Add Fortune on Google for similar content.

President Joe Biden’s promise to provide one billion free rapid COVID-19 tests to Americans is set to be a boon for test makers, as the highly contagious Omicron variant has left pharmacies and clinics scrambling to find supplies.

The U.S. government has committed to spend at least $4.2 billion to develop, manufacture and produce rapid antigen tests since the start of the global pandemic in March 2020, according to a review of Bloomberg Government’s contracts database.

And that’s before fulfilling Biden’s latest free-test pledge. Supplying the first 500 million tests alone will cost the government $4 billion, a senior Biden administration official told reporters last week.

Abbott Laboratories, maker of the popular BinaxNOW over-the-counter test, is in line to receive more than half the government’s total outlay on rapid COVID screening, with some $2.2 billion in commitments. The test maker has been rushing to ramp up production amid the latest wave of the virus after initially shuttering one of its factories and scaling back production as U.S. cases waned before the Delta variant hit.

Abbott was not the only testing company to slow or stop production in the aftermath of guidance from the Centers for Disease Control and Prevention last spring that suggested vaccinated people no longer needed to take tests. The scaled-back manufacturing, along with skyrocketing case numbers, supply-chain issues and labor shortages, have conspired to constrain supplies.

The government began taking orders for free tests on Tuesday though it hasn’t finalized which manufacturers will supply them. Abbott is set to supply $306 million worth of tests to support Biden’s one billion test pledge. But it’s unclear how quickly the company will be able to deliver them.

iHealth Labs, a unit of the Chinese company Andon Health Co. Ltd., also inked a $1.3 billion deal to provide COVID-19 tests for Biden’s free at-home testing program. That test was among several that received authorization from the Food and Drug Administration just last month. The U.S. has still only authorized a small fraction of the tests that have been cleared in Europe.

Other test makers that have significant government contracts include Quidel Corp., which has been awarded at least $636 million for its antigen test kits, and OraSure Technologies Inc., which has so far signed $554.6 million worth of contracts to supply tests and conduct studies, according to the database.

In total, the U.S government has issued contracts to at least 60 test makers since the onset of the pandemic. Those contracts include more than $33 million alloted to Ellume. Last fall, Ellume recalled at-home tests distributed between April and August after reports of higher-than-expected numbers of false positive results, which are often the result of a test being contaminated with the virus at some point during production.

—With assistance from Courtney Rozen, Shira Stein and Allison Reed.

Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you.

About the Authors
By Kristen V. Brown
See full bioRight Arrow Button Icon
By Paul Murphy
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Health

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Health

Three women chop their way into the record books at Lumberjack World Championships
North AmericaWisconsin
Three women chop their way into the record books at Lumberjack World Championships
By The Associated Press and Ellen SchmidtJuly 20, 2026
8 hours ago
Ferran Torres
SuccessWorld Cup
Spain’s Ferran Torres scored the winning goal in the World Cup—but just four years ago, he was in therapy and stuck in a ‘bottomless pit’
By Emma BurleighJuly 20, 2026
14 hours ago
FDA walks back positive lab test while lettuce recall continues
HealthFood and drink
FDA walks back positive lab test while lettuce recall continues
By Bloomberg, Kristina Peterson, Jessica Nix and Daniela SirtoriJuly 20, 2026
15 hours ago
Pharmacy technician Brandy Leroy fills a TPN bag using the ExactaMix Pro Automated Compounding System
Startups & VentureTerm Sheet
The FDA’s peptide vote could create telehealth’s next multibillion-dollar market
By Lily Mae LazarusJuly 20, 2026
18 hours ago
A decade after the ‘Godfather of AI’ said radiologists were obsolete, their salaries are up to $571K and demand is growing fast
AIthe future of work
A decade after the ‘Godfather of AI’ said radiologists were obsolete, their salaries are up to $571K and demand is growing fast
By Marco Quiroz-GutierrezJuly 19, 2026
2 days ago
How United’s ‘premiumization’ strategy got passengers to swallow higher airfares without a fight
HealthAirline industry
How United’s ‘premiumization’ strategy got passengers to swallow higher airfares without a fight
By Phil WahbaJuly 19, 2026
2 days ago

Most Popular

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
Success
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
By Sasha RogelbergJuly 20, 2026
11 hours ago
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
Success
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
By Sydney LakeJuly 20, 2026
16 hours ago
'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
AI
'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
By Jason MaJuly 18, 2026
2 days ago
Warren Buffett says his $147 billion investing career was an accident: ‘I may be one of the 10 luckiest in the world’
Future of Work
Warren Buffett says his $147 billion investing career was an accident: ‘I may be one of the 10 luckiest in the world’
By Sarah GlodekJuly 20, 2026
22 hours ago
Current price of silver as of Monday, July 20, 2026
Personal Finance
Current price of silver as of Monday, July 20, 2026
By Joseph HostetlerJuly 20, 2026
19 hours ago
Power companies are using eminent domain to seize land for data centers as 70% of Americans say not in my backyard
AI
Power companies are using eminent domain to seize land for data centers as 70% of Americans say not in my backyard
By Aaron Walayat and The ConversationJuly 19, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.