The National Institutes of Health is investing $248.7 million in seven diagnostic companies with new testing technologies to increase their testing capacities and make millions of rapid Covid-19 tests per week available by fall.

A dramatic increase in Covid-19 testing and tracing is needed in order to put the United States on a surer path through the pandemic. But that diagnostics increase comes with a significant price tag of about $75 billion from the federal government, the Rockefeller Foundation said in its latest report.

The United States saw a 27 percent increase in new cases of COVID-19 in the week ended July 5 compared to the previous seven days, with 24 states reporting positivity test rates above the level that the World Health Organization flagged as concerning.

The U.S. Food and Drug Administration granted emergency use authorization to Becton Dickinson for a COVID-19 antigen test that can be administered at the point of care and produce results within 15 minutes.

Quest Diagnostics saw a higher recovery in the company’s testing volumes in the United States where state and local governments were slowly lifting restrictions after the coronavirus lockdowns.

Weeks after Mammoth Biosciences announced the company’s CRISPR-based diagnostics test for COVID-19 had a high degree of specificity even for asymptomatic patients, the Bay Area-based firm struck a deal with GlaxoSmithKline to accelerate development of the test in hopes of getting them in consumer hands as soon as possible.

The U.S. Food and Drug Administration approved Roche company Genentech’s checkpoint inhibitor Tecentriq (atezolizumab) for first-line treatment for metastatic non-small cell lung cancer with high PD-L1 expression.

Shares of Abbott Laboratories dipped in trading following reports of a new study showing that the company’s approved COVID-19 testing kits have fallen short in accurately detecting the novel coronavirus.

Thermo Fisher Scientific Inc. expanded the company’s response to the COVID-19 pandemic by developing a total antibodies test in collaboration with WuXi Diagnostics and Mayo Clinic.

Abbott Laboratories won U.S. marketing approval for a diagnostic test for the coronavirus that can deliver results to patients within minutes and be used in physicians’ offices and urgent care clinics, as well as hospitals.