Trump announces $750 million deal with Abbott Labs for 150 million $5 rapid COVID tests

CBS NEWS: President Trump announced a $750 million deal with Abbott Laboratories for rapid COVID-19 tests at the Republican National Convention Thursday night. Under the agreement, the administration would purchase 150 million of the tests, which take only 15 minutes to deliver results.  

The Food and Drug Administration granted Abbott's test emergency use authorization on Wednesday for patients with suspected COVID-19, making it the first rapid coronavirus test that doesn't require any special computer equipment. The test is the size of a credit card and is based on the same technology used to test for the flu, strep throat, and other infections.

"Results can be read directly from the testing card, a similar design to some pregnancy tests," the FDA said in a statement announcing its decision. "This simple design is fast and efficient for healthcare providers and patients and does not need the use of an analyzer."

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