From PRNewswire/Financial Buzz.com
The diagnostics test manufacturing industry has been under immense pressure in recent times. The sudden global demand for accurate, high-quality testing is unlike anything the market has experienced before. The Food and Drug Administration (FDA) has also emphasized the importance of testing capabilities back in March and according to the FDA’s announcement, it issued the fourth diagnostic related Emergency Use Authorization (EUA) to Thermo Fisher for its TaqPath Combo Kit. FDA Commissioner Stephen M. Hahn, M.D explained that “we have been engaging with test developers and encouraging them to come to the FDA and work with us. Since the beginning of this outbreak, more than 80 test developers have sought our assistance with development and validation of tests they plan to bring through the Emergency Use Authorization process.” Numerous companies from a vast field of industries, including pharmaceuticals, medical device innovators and others have all made various declarations regarding products or services related to the pandemic, with testing kits at the center of attention. Todos Medical Ltd. (OTC: TOMDF), ADMA Biologics, Inc. (NASDAQ: ADMA), Cerus Corporation (NASDAQ: CERS), Altimmune, Inc. (NASDAQ: ALT), Vir Biotechnology, Inc. (NASDAQ: VIR)
While biotech companies work on vaccines and possible treatments and medical device companies progress on patient monitoring, many others have been working on improving testing options. For example, various companies are racing to develop antibody tests, also called serological tests, that can confirm whether someone was infected even after their immune system has cleared the virus. Experts warn, however, that vaccines are not going to be distributed quickly.
According to a report by CNN, CDC Director Dr. Robert Redfield told a Senate Appropriations Subcommittee on Wednesday that, while a very limited supply of a vaccines might be ready in November or December, it will have to be prioritized. “It will be those first responders and those at greatest risk for death, and then eventually that will expand,” he said. “If you’re asking me when is it going to be generally available to the American public, so we can begin to take advantage of vaccine to get back to our regular life, I think we’re probably looking at third, late second quarter, third quarter 2021.”