LabCorp, Quest stocks down amid coronavirus testing rollout
Quest, LabCorp working ‘very closely’ with Trump administration on coronavirus tests
Vice President Mike Pence said the Trump administration is working to make more coronavirus tests available to Americans.
The two main commercial laboratories producing novel coronavirus tests in the U.S., LabCorp and Quest Diagnostics, have seen their stocks plunge with the rest of the market in the last month despite an increase in demand.
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Vice President Mike Pence said LabCorp and Quest are working closely with the Trump administration to combat the COVID-19 outbreak by sending kits across the country in a Thursday interview with "FOX & Friends."
"That's going to be the way that in the days ahead we're going to have broad-based testing available all across the country," Pence said.
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"A lot rides on them now," former Food and Drug Administration Commissioner Scott Gottlieb said in a series of tweets, adding that public health labs are not "richly funded" and are being "maxed out."
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"Only these big national chains have throughput, scale, and ordering systems to fill the void that was created," Gottlieb tweeted. "We look to them now. We need them."