Abbott Labs got emergency approval from the US Food and Drug Administration for its rapid antigen test, which can detect a Covid-19 infection in 15 minutes.

The test is a "game changer," according to Brett Giroir, the US assistant secretary for health in the Department of Health and Human Services.

Investors sure think so: Abbott's stock was up about 8% Thursday morning.

The FDA's emergency use authorization is for Abbott's BinaxNOW Covid-19 Ag Card. The size of a credit card, BinaxNOW will cost $5 and will come with a free mobile app that will let people who test negative display a temporary, date-stamped health pass that is renewed each time a new test is taken.

The antigen test, in which involves a nasal swab, uses the same type of technology as a flu test. Abbott says it anticipates producing 50 million BinaxNOW tests a month by October.

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