COVID-19 test providers reap profits as consumers pay up
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Summary
Makers of COVID-19 testing tools are raking in billions while many consumers pay through the nose to find out if they are infected.Over-the-counter rapid tests have been pricey since they first became available in the U.S., with major retailers like Kroger and Walmart recently hiking the price tag for kits even as manufacturers ramp up production to meet a surge in demand driven by the Omicron variant. Not surprisingly, COVID-19 test manufacturers are seeing their profits soar in tandem with consumer demand. Both retailers raised their annual profit forecasts following strong sales of over-the-counter COVID-19 tests.Rapid tests remain in short supply in many parts of the U.S. They're also not accepted as proof of a negative test result by many entities, including for travel overseas.Meanwhile, some consumers are having to shell out hundreds of dollars for faster test results, given the lag in turnaround times.
As said here by Megan Megan