Biden Says Baby Formula Shortage To Ease In Weeks With Increased Imports: Reuters

The U.S. is working with manufacturers to increase imports of baby formula, Biden told reporters. "We're going to be getting significantly more formula on shelves in a matter of weeks or less," he said.

FDA Commissioner Robert Califf said that the FDA would announce plans next week detailing how manufacturers and suppliers abroad will be able to import their products into the United States and new options for U.S. companies, Reuters reported

The FDA is aiming for a streamlined process that will get more products on U.S. shelves while meeting safety, quality, and labeling standards, Califf said.

Related: Amid Baby Formula Shortage, Retailers Put Cap On Purchases: Report.

Abbott Laboratories ABT said it had shipped millions of cans of infant formula powder into the U.S. from its Ireland facility, mainly to serve consumers who use the Women, Infants, and Children (WIC) program for low-income families.

In states where Abbott has the WIC contract, it said it would pay rebates on competing products if Similac is unavailable through August.

Abbott's lack of supply has exacerbated an overall baby formula shortage, hit by supply chain snags and historical inflation rates.

Price Action: ABT shares closed 0.10% lower at $110.00 during after-hours trading on Friday.

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