Abbott Laboratories' mission is to build technologies that help people to have a better lifestyle and health management. The company generates revenue from the sales of its different products to health institutions and other buyers. The complete information on Abbott's corporate priorities is provided below.
- Abbott's mission is to build "life-changing technologies" that help to provide a healthy lifestyle, as well as to deliver information, medicines, and breakthroughs for health management.
- The company states that it "adapts and responds quickly to changes in the world around us to deliver better solutions to help people live their best lives."
- Also, Abbott proposes that its breakthrough and innovative products help individuals, families, and communities to "lead healthier lives, full of unlimited possibilities."
- Abbott generates its profit from sales of medical devices, diagnostics, nutritional, and pharmaceuticals products. These products are mainly purchased by healthcare institutions across the world. Its pharmaceuticals business "focuses primarily on emerging markets."
- Healthcare institutions that purchase Abbott's products include blood banks, hospitals, commercial laboratories, and clinics. Other buyers include physicians, government agencies, health care facilities, specialty pharmacies, wholesalers, distributors, independent retailers, and retail consumers.
- Medical devices, their largest segment, represented 37% of total revenues in 2018. This segment is expected to be the biggest revenue driver in 2020 with $13.5 billion in revenues, which represents 39% of total revenues.
- The company's diagnostics segment will add $2.6 billion, the nutritionals segment will add $0.8 billion, and the pharmaceuticals segment will add $0.4 billion in 2020.
Business and Marketing Events
The company has had various business events which it has hosted and participated in different marketing events through which it has promoted its innovative products.
- On April 26, 2019, Abbott's Annual Shareholder Meeting was held. The event is done exclusively for investors and the key remarks can be accessed here.
- The 2019 Third Quarter Earnings event was held on October 16, 2019. The press release of the event can be accessed here.
- The 2019 Fourth Quarter Earnings event was held on January 22, 2020. The press release of the event can be accessed here.
- On September 10, 2019, Abbott hosted the Abbott Nutrition 5k race for employees and was held inside Abbott Nutrition headquarters at Ross Park.
Abbott Laboratories has not hosted any marketing events but it has participated in the following events this past year:
- In January 2020, Abbott was present at the CES in Las Vegas, Nevada. At this event, the company showcased its medical devices, which can be worn or implanted in the body, and are innovating in technology.
- Abbott premiered its innovative Alinity line of laboratory technology at the AACC 2019 conference. The event was held in September 2019 in Anaheim, California.
Quotes from Marketing and Business Leaders
Quotes from Abbott's marketing and business leaders, including Miles White, Jared Watkin, Robert L. Kormos, and Melissa Brotz are provided below.
- When talking about stepping down as CEO, Miles White said: "Today, the company is the strongest it has been during my tenure, and I am confident that Robert will lead Abbott successfully into the future. He is highly respected, has helped us shape the company during the last several years and understands the forces driving change in healthcare."
- Jared Watkin, the senior vice president for Diabetes Care, said: "When you’re making disposable diagnostic products, the more you can make, the lower the cost you can produce them at."
- Robert L. Kormos, M.D., the medical director for mechanical circulatory support, said: "We continue to focus on advancing our heart failure devices and techniques to make life better for the patients we serve."
- Melissa Brotz, the vice president of global marketing and external affairs, said: "Through our partnership with CARE, we hope to improve the lives of people affected by noncommunicable diseases in Marawi, and to establish a new model for the effective prevention and care of chronic diseases in these challenging settings globally."
Recent news involving Abbott Laboratories include topics like FDA approvals, stock activity, changes in leadership, and marketing strategies. Ten recent news articles regarding this company are provided below.
- Abbott Laboratories Holding Strong: What’s pushing it?- This article informs the present stock activity of Abbott, which reached 12.34 million in April 2020, and explains these numbers.
- Abbott Laboratories Seems To Use Debt Rather Sparingly- This story is about how Abbott's debt poses no business risk.
- Abbott Labs CEO Miles White Stepping Down After Two Decades — This article covers the story of how Miles White will step down as Abbott's CEO in March 2020 and be replaced by Robert Ford.
- Abbott to hike production of lower-cost glucose monitors as diabetes soars — In July 2019, Abbott planned to "ramp up manufacturing capacity" for its FreeStyle Libre glucose monitor to reach more patients across the world.
- Abbott Taps Odell Beckham Jr. To Promote Pedialyte For Adults — Odell Beckham Jr., from the Cleveland Browns, will promote Abbott's Pedialyte through the 2020 NFL season.
- Abbott's New Designation Helps Advance its Position in LVAD Market — This article talks about Abbot's new designation by the FDA "for a less invasive surgical approach for the HeartMate 3 Left Ventricular Assist Device."
- Abbott’s FreeStyle Libre Catches Sanofi’s Eye in New Collaboration — This story covers the partnership between Sanofi and Abbott Laboratories to work in an integration of glucose sensing and insulin delivery technologies for patients' diabetes management.
- FDA green lights Abbott's new pain management device — In September 2019, the FDA approved Abbott's chronic pain management implant device, Proclaim XR.
- CARE, Abbott, and the Abbott Fund Launch Partnership to Address Noncommunicable Diseases (NCDs) in Humanitarian Settings — This article talks about Abbott Fund's announcement of a new program to "screen, diagnose, prevent, and manage noncommunicable diseases (NCDs)" in Marawi City, Philippines.
- Abbott Labs Scientists Discover New Strain Of HIV — In November 2019, Abbott's team of scientists discovered a new strain of HIV.