Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Biden administration to invest $1.7 billion to fight COVID-19 variants

Published 04/16/2021, 10:38 AM
Updated 04/16/2021, 10:50 AM
© Reuters. U.S. President Biden delivers remarks on Russia at the White House in Washington

By Nandita Bose

WASHINGTON (Reuters) - The Biden administration on Friday said it will invest $1.7 billion to help states and the U.S. Centers for Disease Control and Prevention fight COVID-19 variants that are rapidly spreading across the United States.

The investment, which will be part of President Joe Biden's $1.9 trillion American Rescue Plan, will improve detection, monitoring, and mitigation of these variants by scaling up genomic sequencing efforts - a key step in containing the spread, the White House said.

"The original strain of COVID-19 comprises only about half of all cases in America today. New and potentially dangerous strains of the virus make up the other half," the White House said in a statement.

In early February, U.S. laboratories were only sequencing about 8,000 COVID-19 strains per week. Since then the administration has invested nearly $200 million to increase genomic sequencing to 29,000 samples per week - an effort that will get a boost with the new funding.

The investment will be broken down into three areas: $1 billion to expand genomic sequencing, $400 million to help build six research centers for genomic epidemiology and $300 million to build a national bioinformatics infrastructure - which will help build a repository of data.

The first portion of the funding will be distributed in early May and the next round will be invested over the coming several years, the White House said.

The White House also offered a state-by-state breakdown of the funds with California receiving over $17 million, Texas over $15 million and Florida over $12 million.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

A White House official said on Thursday the United States is preparing for the possibility that a booster shot will be needed between nine to 12 months after people are initially vaccinated against COVID-19.

Also, Pfizer Inc (NYSE:PFE) Chief Executive Albert Bourla said people will "likely" need a third booster dose of COVID-19 vaccines within 12 months and could need annual shots.

The United States had administered 198,317,040 doses of COVID-19 vaccines in the country as of Thursday morning and distributed 255,400,665 doses, according to the CDC.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.