1 00:00:03,320 --> 00:00:08,440 Speaker 1: Welcome to Prognosis. I'm Laura Carlson. It's day fifty seven 2 00:00:08,680 --> 00:00:13,640 Speaker 1: since coronavirus was declared a global pandemic. Our main story. 3 00:00:14,480 --> 00:00:19,760 Speaker 1: Perhaps you've heard of antibody tests. These tools, different from 4 00:00:19,800 --> 00:00:24,239 Speaker 1: COVID nineteen tests, which look for an active infection, can 5 00:00:24,280 --> 00:00:28,479 Speaker 1: help determine whether you've had the virus and recovered. The 6 00:00:28,560 --> 00:00:33,159 Speaker 1: federal government deemed them so important that it loosened regulations 7 00:00:33,400 --> 00:00:36,960 Speaker 1: to get a bunch of them produced quickly, but that 8 00:00:37,479 --> 00:00:41,639 Speaker 1: led to a flood of shady tests. Now the government 9 00:00:41,680 --> 00:00:46,280 Speaker 1: is trying to tighten up again. But first, here's what 10 00:00:46,400 --> 00:00:55,480 Speaker 1: happened today. It's a report that's become familiar. The number 11 00:00:55,520 --> 00:01:00,280 Speaker 1: of Americans filing for unemployment benefits topped three million for 12 00:01:00,360 --> 00:01:05,800 Speaker 1: a seventh straight week. The consistently high numbers suggest there's 13 00:01:05,920 --> 00:01:09,360 Speaker 1: little relief in sight for the economy. Since the coronavirus 14 00:01:09,360 --> 00:01:14,319 Speaker 1: began closing restaurants, factories, and offices from coast to coast 15 00:01:14,680 --> 00:01:19,520 Speaker 1: in mid March, initial jobless claims totaled three point one 16 00:01:19,600 --> 00:01:23,399 Speaker 1: seven million in the week ending May second, according to 17 00:01:23,400 --> 00:01:27,759 Speaker 1: a Labor Department report released today that brought the seven 18 00:01:27,760 --> 00:01:33,640 Speaker 1: week total to about thirty three point five million, and 19 00:01:33,800 --> 00:01:37,520 Speaker 1: yet another move to make air travel safer. A new 20 00:01:37,600 --> 00:01:42,039 Speaker 1: policy will require all US airport security screeners to start 21 00:01:42,120 --> 00:01:47,480 Speaker 1: wearing masks. The Transportation Security Administration will announce the rule 22 00:01:47,560 --> 00:01:51,160 Speaker 1: as soon as today, according to two people familiar with 23 00:01:51,200 --> 00:01:55,600 Speaker 1: the discussions. The move comes as a government and industry 24 00:01:55,600 --> 00:02:00,000 Speaker 1: working group considers a broader requirement that everyone entering an airport, 25 00:02:00,400 --> 00:02:04,600 Speaker 1: including all employees and passengers, must also cover their faces. 26 00:02:05,560 --> 00:02:08,320 Speaker 1: More than five hundred t s A screeners have tested 27 00:02:08,360 --> 00:02:12,680 Speaker 1: positive for COVID nineteen, including six who died. According to 28 00:02:12,720 --> 00:02:17,840 Speaker 1: the agency's website, The agency had left mask use voluntary 29 00:02:17,880 --> 00:02:22,720 Speaker 1: for months. The coronavirus has caused people with other health 30 00:02:22,760 --> 00:02:27,000 Speaker 1: conditions to delay their normal medical care. That has caused 31 00:02:27,000 --> 00:02:31,200 Speaker 1: a surprise windfall for health insurers. In response, some of 32 00:02:31,240 --> 00:02:34,880 Speaker 1: the US's biggest for profit insurers will give money back 33 00:02:34,960 --> 00:02:39,919 Speaker 1: to customers and cut some upfront costs. United Health Group, 34 00:02:40,200 --> 00:02:44,160 Speaker 1: the nation's largest insurer, said it will rebate premiums to 35 00:02:44,240 --> 00:02:48,560 Speaker 1: some commercial customers and way of cost sharing for Medicare members. 36 00:02:49,720 --> 00:02:52,920 Speaker 1: It's part of a one point five billion dollar pandemic 37 00:02:52,919 --> 00:02:58,880 Speaker 1: assistance program. Separately, Signal Core said it's pharmacy unit will 38 00:02:58,919 --> 00:03:01,240 Speaker 1: cap the costs of some drugs for people who have 39 00:03:01,400 --> 00:03:07,239 Speaker 1: lost health insurance. Earlier this week, Humana Incorporated announced it 40 00:03:07,280 --> 00:03:10,840 Speaker 1: would wave cost sharing for Medicare members to see primary 41 00:03:10,880 --> 00:03:16,000 Speaker 1: care doctors for the rest of the year. France will 42 00:03:16,120 --> 00:03:20,960 Speaker 1: roll back lockdown measures, joining countries including Germany, Italy and 43 00:03:21,000 --> 00:03:25,120 Speaker 1: the Netherlands in easing restrictions as the economic pain from 44 00:03:25,160 --> 00:03:29,800 Speaker 1: the coronavirus intensifies. France is preparing to go back to 45 00:03:29,840 --> 00:03:34,480 Speaker 1: work and reopen schools starting on Monday, in a gradual 46 00:03:34,560 --> 00:03:40,560 Speaker 1: process designed to avoid a second wave of infections. Even 47 00:03:40,560 --> 00:03:43,080 Speaker 1: though more than one hundred and forty thousand people have 48 00:03:43,200 --> 00:03:46,880 Speaker 1: died in Europe, the region's leaders are feeling pressure to 49 00:03:47,000 --> 00:03:51,320 Speaker 1: return to normality. They are trying to walk a fine 50 00:03:51,400 --> 00:03:57,280 Speaker 1: line between reactivating the economy and avoiding a renewed outbreak, 51 00:03:57,840 --> 00:04:01,560 Speaker 1: and finally, one luxury brand as a winner. Amid the 52 00:04:01,640 --> 00:04:07,240 Speaker 1: stock market carnage, Peloton Interactive shares hit another record high 53 00:04:07,560 --> 00:04:11,920 Speaker 1: after reported its third quarter results. The company's high end 54 00:04:12,000 --> 00:04:16,320 Speaker 1: exercise bikes and video fitness subscriptions have soared in popularity 55 00:04:16,800 --> 00:04:20,600 Speaker 1: as fit people with high disposable incomes are forced into 56 00:04:20,600 --> 00:04:30,320 Speaker 1: their homes and Jim's are shut down, and now our 57 00:04:30,360 --> 00:04:36,800 Speaker 1: main story. Antibody tests are suddenly everywhere. Those tests measure 58 00:04:36,839 --> 00:04:41,280 Speaker 1: whether someone contracted the virus in the past. They help 59 00:04:41,360 --> 00:04:45,000 Speaker 1: policymakers understand how the virus spreads and whether measures to 60 00:04:45,040 --> 00:04:49,080 Speaker 1: contain the virus are working. In some cases, it's been 61 00:04:49,120 --> 00:04:52,359 Speaker 1: floated that they could help determine who has immunity to 62 00:04:52,360 --> 00:04:55,960 Speaker 1: the virus and could therefore be allowed to return to work. 63 00:04:57,480 --> 00:05:01,560 Speaker 1: Federal regulators relaxed guidelines to make it easier for companies 64 00:05:01,600 --> 00:05:04,920 Speaker 1: to produce these tests, but this has allowed for a 65 00:05:04,960 --> 00:05:09,040 Speaker 1: flood of unreliable and sometimes fraudulent tests to be offered 66 00:05:09,080 --> 00:05:14,440 Speaker 1: to consumers. Now, Bloomberg reporter Kristen V. Brown reports the 67 00:05:14,520 --> 00:05:20,640 Speaker 1: government is trying to control the mess. When the first 68 00:05:20,680 --> 00:05:24,440 Speaker 1: antibody tests were coming online in mid March, the US 69 00:05:24,520 --> 00:05:29,279 Speaker 1: Food and Drug Administration did something pretty remarkable. The agency 70 00:05:29,320 --> 00:05:32,160 Speaker 1: said manufacturers wouldn't have to jump through any of the 71 00:05:32,279 --> 00:05:35,800 Speaker 1: usual regulatory hoops. The tests could just go straight to 72 00:05:35,839 --> 00:05:41,120 Speaker 1: market without any authorization. Suddenly there were ads for antibody 73 00:05:41,160 --> 00:05:46,360 Speaker 1: tests everywhere. We have identified helpers of tests who are 74 00:05:47,000 --> 00:05:50,560 Speaker 1: inappropriately marketing them. Many of them are marketing them for 75 00:05:50,760 --> 00:05:54,799 Speaker 1: use at home. That was never permitted under a policy 76 00:05:54,880 --> 00:05:58,960 Speaker 1: unless authorized by the FDA. Jeffrey Sharon is the director 77 00:05:59,000 --> 00:06:01,680 Speaker 1: of the Center for Device is and Radiological Health at 78 00:06:01,680 --> 00:06:04,560 Speaker 1: the f d A. It's his job to oversee things 79 00:06:04,640 --> 00:06:08,120 Speaker 1: like performance and safety of tests. Some are marketing them 80 00:06:08,279 --> 00:06:12,080 Speaker 1: as being authorized by the agency when they're not. We're 81 00:06:12,160 --> 00:06:17,039 Speaker 1: making other claims. We've also have detained fraudulent test kits 82 00:06:17,080 --> 00:06:21,800 Speaker 1: that have been attempted to have been imported into the US. Unfortunately, 83 00:06:21,800 --> 00:06:26,320 Speaker 1: there are people who take advantage of any circumstance and 84 00:06:26,400 --> 00:06:29,359 Speaker 1: people who are taking vantage with the pandemic, and we 85 00:06:29,400 --> 00:06:32,400 Speaker 1: are trying to be pic joint in going after those 86 00:06:32,480 --> 00:06:36,479 Speaker 1: perfect trators. There have been reports of companies doing things 87 00:06:36,520 --> 00:06:39,320 Speaker 1: like advertising that their test can tell you whether you're 88 00:06:39,360 --> 00:06:43,600 Speaker 1: immune to COVID nineteen. For the record, scientists are still 89 00:06:43,720 --> 00:06:47,120 Speaker 1: unclear on whether having the virus once makes you immune 90 00:06:47,160 --> 00:06:50,880 Speaker 1: to it in the future. Now the FDA is changing 91 00:06:50,920 --> 00:06:54,520 Speaker 1: its policies to curb the release of these shady tests. 92 00:06:54,839 --> 00:06:57,599 Speaker 1: FDA Commissioner Stephen Hans as tests will now need to 93 00:06:57,600 --> 00:07:01,840 Speaker 1: get authorization from the agency for going to market. As 94 00:07:01,880 --> 00:07:05,160 Speaker 1: I've said many times throughout this pandemic, every step this 95 00:07:05,279 --> 00:07:08,719 Speaker 1: agency has taken in our approach to COVID nineteen has 96 00:07:08,720 --> 00:07:12,160 Speaker 1: been a careful balancing of risks and benefits. We are 97 00:07:12,160 --> 00:07:15,960 Speaker 1: striving to anticipate and meet the constantly evolving public health 98 00:07:16,000 --> 00:07:20,280 Speaker 1: needs of this unprecedented public health emergency. That's why the 99 00:07:20,400 --> 00:07:23,720 Speaker 1: FDA issued enough state to our COVID nineteen policy on 100 00:07:23,800 --> 00:07:32,560 Speaker 1: antibody tests. There is another reason why the FDA changed course. 101 00:07:33,040 --> 00:07:36,680 Speaker 1: It's bigger than just fraudulent tests advertise on social media. 102 00:07:37,800 --> 00:07:41,840 Speaker 1: Unreliable tests could be prevented policymakers from getting a good 103 00:07:41,880 --> 00:07:45,360 Speaker 1: sense of how widespread the virus is. Major studies on 104 00:07:45,360 --> 00:07:50,120 Speaker 1: the topic have gotten blowback. For example, one Stanford University 105 00:07:50,120 --> 00:07:53,560 Speaker 1: study used antibody tests to conclude that as many as 106 00:07:53,680 --> 00:07:57,840 Speaker 1: four percent of local people had contracted the virus. Critics 107 00:07:57,880 --> 00:08:01,880 Speaker 1: were skeptical that those tests were accurate it. Another study 108 00:08:02,040 --> 00:08:07,160 Speaker 1: analyzed fourteen antibody tests and found only three produced consistently 109 00:08:07,240 --> 00:08:14,240 Speaker 1: reliable results. Anibody tests are just complicated to design. For example, 110 00:08:14,400 --> 00:08:17,120 Speaker 1: if a test isn't fine tuned, it could accidentally pick 111 00:08:17,200 --> 00:08:20,560 Speaker 1: up on antibodies from a different virus and mistake it 112 00:08:20,600 --> 00:08:24,520 Speaker 1: for COVID nineteen. Eric Toble is the director of Scripts 113 00:08:24,560 --> 00:08:28,920 Speaker 1: Research Translational Institute. He says this is a problem because 114 00:08:28,920 --> 00:08:33,479 Speaker 1: policymakers need accurate information when deciding how to roll back restrictions. 115 00:08:34,080 --> 00:08:36,880 Speaker 1: We're trying to reopen, We're trying to get some semblance 116 00:08:36,960 --> 00:08:40,920 Speaker 1: back to pre COVID world, and that has been the 117 00:08:40,960 --> 00:08:43,719 Speaker 1: idea is, oh, well, I can screen people for the 118 00:08:43,760 --> 00:08:45,679 Speaker 1: antibody and if they have it, we can just go 119 00:08:45,720 --> 00:08:48,120 Speaker 1: back to work and back to life. Well, it turns 120 00:08:48,160 --> 00:08:52,160 Speaker 1: out that could be a recipe for trouble because currently 121 00:08:52,320 --> 00:08:56,080 Speaker 1: the false positive rates are you know, two three on 122 00:08:56,120 --> 00:08:58,760 Speaker 1: these tests doesn't sound like much, but it could be 123 00:08:58,800 --> 00:09:03,280 Speaker 1: actually a real troubleing factor. Health officials also worried that 124 00:09:03,360 --> 00:09:07,439 Speaker 1: testing for antibodies could give people a false sense of safety. 125 00:09:07,559 --> 00:09:10,160 Speaker 1: We haven't yet determined whether people become immune to the 126 00:09:10,240 --> 00:09:13,440 Speaker 1: virus after they've had it. The FDA cracked down on 127 00:09:13,480 --> 00:09:18,720 Speaker 1: antibody tests after scientists and lawmakers spent weeks raising the alarm. 128 00:09:18,760 --> 00:09:22,480 Speaker 1: The tests have become so infamous for their murky results 129 00:09:22,520 --> 00:09:25,480 Speaker 1: that last week the White House even suggested that we 130 00:09:25,480 --> 00:09:27,760 Speaker 1: should be using two of them at the same time 131 00:09:27,920 --> 00:09:31,960 Speaker 1: to check the results against each other. But Eric says 132 00:09:32,000 --> 00:09:35,800 Speaker 1: even the f d recent actions won't be enough. A 133 00:09:35,800 --> 00:09:38,240 Speaker 1: lot of the tests that have gotten through the FDA, 134 00:09:38,400 --> 00:09:40,920 Speaker 1: or not even gone through the FDA are based on 135 00:09:40,960 --> 00:09:44,760 Speaker 1: twenty or thirty people, which is, you know, just grossly inadequate. 136 00:09:45,640 --> 00:09:48,200 Speaker 1: Right now, there just isn't enough data to assess the 137 00:09:48,280 --> 00:09:51,360 Speaker 1: quality of most tests. The good news though, is that 138 00:09:51,400 --> 00:09:54,360 Speaker 1: better tests are coming, and people like Eric are really 139 00:09:54,440 --> 00:09:57,520 Speaker 1: excited about some of them. In the meantime, if you 140 00:09:57,559 --> 00:09:59,960 Speaker 1: see an ad for a test that promises to tell 141 00:10:00,040 --> 00:10:03,480 Speaker 1: you whether you have coronavirus immunity, don't take the bait. 142 00:10:09,920 --> 00:10:14,520 Speaker 1: That was Bloomberg's Kristen V. Brown and that's our show today. 143 00:10:15,320 --> 00:10:18,000 Speaker 1: For coverage of the outbreak from one and twenty bureaus 144 00:10:18,040 --> 00:10:23,880 Speaker 1: around the world, visit Bloomberg dot com slash coronavirus and 145 00:10:24,040 --> 00:10:26,480 Speaker 1: if you like the show, please leave us a review 146 00:10:26,720 --> 00:10:30,720 Speaker 1: and a rating on Apple Podcasts or Spotify. It's the 147 00:10:30,760 --> 00:10:33,840 Speaker 1: best way to help more listeners find our global reporting. 148 00:10:35,240 --> 00:10:38,840 Speaker 1: The Prognosis Daily edition is hosted by Me Laura Carlson. 149 00:10:39,559 --> 00:10:43,200 Speaker 1: The show was produced by Me Tophor Foreheads, Jordan Gospore, 150 00:10:43,600 --> 00:10:49,200 Speaker 1: and Magnus Hendrickson. Today's main story was reported by Kristin V. Brown. 151 00:10:50,240 --> 00:10:55,120 Speaker 1: Original music by Leo sidran Our editors are francesco Levy 152 00:10:55,320 --> 00:10:59,920 Speaker 1: and Rick Shawn. Francesco Levy is Bloomberg's head of podcasts. 153 00:11:00,640 --> 00:11:01,480 Speaker 1: Thanks for listening.