The multi-billion dollar Covid-19 testing industry emerged practically overnight to meet sudden demand for coronavirus tests. But with Covid-19 testing requirements now easing, what does its future look like?
The Covid-19 testing industry sprung up almost overnight.
There was an overwhelming demand for tests around the world, and entrepreneurs reacted quickly – pouring money into hiring staff, securing supplies and building laboratories. Together with more established players, testing capacity ballooned and a brand-new industry was born.
Qured is one of those newcomers. It was launched in 2017 as a doctor-on-demand service, but in 2020, the company spotted an opportunity it couldn’t ignore.
“It was really demand from our patients, which drove our pivot towards Covid testing,” said Alex Templeton, CEO and co-founder of Qured.
Initially, Qured focused on helping businesses bring their staff back to work safely, but it was an innovation in rapid self-testing for travel that put Qured on the map.
“We just started thinking about how to validate that it’s you who’s done it, that you’ve swabbed correctly. We figured out that a video call was the way to really solve this,” Templeton said.
This innovation resonated with British Airways, and in February 2021 the carrier launched a partnership with Qured. From there, growth exploded, with the company striking deals with American Airlines and Heathrow Airport, as well.
Watch the video above to learn more about the rise of Covid testing companies, as well as what’s next as the demand for these tests diminish.