COMPANY PROFILE -Abbott Laboratories
Business Sector :Healthcare
Operating Geography :USA, North America, Global
About Abbott Laboratories :
Abbott Laboratories is an American company founded by Dr. Wallace C. Abbott. The company was among the pioneers of the scientific practice of pharmacy. The company has a tradition of helping people worldwide live a healthy life. Abbott is present in more than 160 countries and employs 103,000 people. The company has products in Cardiovascular, Diabetics, Diagnostics, Neuromodulation, Nutrition and Pharmaceuticals. Some of its star products ranging in this spectrum are FreeStyle Libre, MitraClip, Pedialyte, Similac, Ensure, Glucerna, ZonePerfect, i-STAT. It has been one of Fortune’s most admired companies since 1984, and number 1 in medical products from 2014-2019. From the past 132 years, Abbott has been a pioneer in developing some groundbreaking medicines, vaccines, test kits, etc. In 1985 the company witnessed a historical moment on attaining the approval of the first licensed test to identify the HIV virus in the blood which helped in securing the safety of the blood supply. By far this was one of the most prominent accomplishments and the earliest significant medical victory against the seemingly unstoppable threat. Today, the company is striving hard to help curb the global outbreak of coronavirus (COVID-19) by launching a molecular test on its ID NOW platform to detect novel coronavirus. Molecular testing helps identify the presence of a SARS-CoV-2 or coronavirus infection. Currently it is the fastest available molecular point-of- care test that detects the virus in less than 5minutes. In April 2022, Abbott announced that the FDA had approved the AveirTM single-chamber (VR) leadless pacemaker for the treatment of patients with slow heart rhythms in the United States. This is a significant step forward in patient care, as it introduces patients and physicians to new, never-before-seen features.
Abbott's USP or Unique Selling Proposition lies in being one of the top pharmaceutical companies across the world and the largest pharmaceutical company in India, which is the world's second-largest country by population. Also, the company continues to be among Fortune’s Most Admired Companies as of 2022. Abbott Laboratories Mission is to “building life-changing technologies that keep heart healthy, nourish the body at every stage of life, help one feel and move better, and bring one information, medicines and breakthroughs to manage their health.”
Abbott Laboratories Revenue :
$43,075 million – FY ending 31st December 2021 (YoY growth of +24.5%)
$34,608 million – FY ending 31st December 2020
Competitive Analysis of Abbott Laboratories
The SWOT analysis for Abbott Laboratories is presented below:
| Strengths | Weaknesses |
1. Strong focus on high potential fields
2. Broad geographic reach spanning 160 countries
3. Operating systems designed for success
4. Market leadership in multiple fields
5. Strong performance by all four major business segments
| 1. Controversies surrounding involvement in drug scandals, affecting brand image |
| Opportunities | Threats |
1. Growing market for personalized medicines
2. Rising demand for clinical diagnostics driven by infectious and chronic diseases
| 1. Risks associated with mergers and acquisitions
2. Rising use of technology in healthcare has led to increased vulnerability to cyber-attacks
3. Government regulations regarding drug pricing controls
|
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Detailed SWOT Analysis of Abbott Laboratories
Strength
1. Strong focus on high potential fields: The most important decisions made by the company are regarding what businesses to be in. The company chooses to compete in fields with the highest potential of ROI and breakthrough in healthcare. This is how Abbott remains relevant and delivers greatest impact to customers and shareholders. The careful portfolio management has made the company more innovative and future-aligned than before. An example is its leadership in connected care, the most advanced medical technology today. More than 50% of the company’s sales are from products and businesses set up in the recent years. Despite the pandemic, Abbott has reported an increase in total sales over the last 3 years. Abbot attributes the increase to introduction of new products across various businesses as well as higher sales of various existing products. Similarly, Abbott’s sales in emerging marketing represent almost 35% of total sales and saw an increase of 19.6% in 2021. In a highly competitive healthcare industry, this kind of strategic focus is important to succeed.
2. Broad geographic reach spanning 160 countries: Abbott aims to be strong and recognized brand worldwide for contribution to individuals and society. The broad geographic reach spanning 160 countries makes this possible. Many decades of experience in important international markets has led to deep rooted local ties. Majority of the company’s employees are located outside USA. The company has not stopped at this; they are continuing to build their presence across the world by advancing the corporate identity to new markets in different ways. The company sponsors events like the Abbott World Marathon Majors. It also indulges in innovative multimedia advertising. Through such initiatives, the company has reached more than 3 billion people worldwide. Abbott’s medicines are used by more than 19 million people every day around the world. All this has made it possible for Abbott to be much better known worldwide than before.
The remaining section under "Strength" is only available in the "Complete Report" on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threat
This section is available only in the 'Complete Report' on purchase.
The PESTLE analysis for Abbott Laboratories is presented below:
| Political | Economical |
1. Healthcare/Pharmaceutical industry - the largest spender on lobbying in USA
2. Fears of US-China trade war affecting the medical devices industry
| 1. Fluctuations in foreign exchange rates
2. Reduced procedure volume due to the pandemic
3. Poor economic conditions in Venezuela
|
| Social | Technological |
1. Rising popularity of generic drugs as a solution for the aging demographic worldwide
2. Tackling social problem to improve life
3. Corona Virus pandemic posing rising concerns for management of CVD risks
| 1. Growing use of artificial intelligence in healthcare
2. IoT revolutionising the healthcare industry
3. Telemedicine has seen an exceptional growth due to covid and rapid digitalisation
4. 3D printing applications in healthcare |
| Legal | Environmental |
1. Anti-trust laws in American healthcare sector
2. Consumer protection laws in healthcare
| 1. Sustainability practices in healthcare |
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Detailed Pestle Analysis of Abbott Laboratories
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
1. Sustainability practices in healthcare: The rising concern about the environment is making companies across sectors to focus on sustainability initiatives. Abbott has come up with many sustainability initiatives. The company has built a reputation as a responsible and sustainable corporate worldwide. Abbott has been named the Industry Leader in Health Care Equipment and Supplies on the Dow Jones Sustainability Index for 9 consecutive years 2013-2021 for strong performance in economic, environmental and social aspects. The company was also named in the top 100 companies by Corporate Responsibility magazine for 14 consecutive years during 2009-2022 and as the leading healthcare company in 2017. It is also one of the only 26 companies who have made this list every year since 2009. The company has reduced its CO2 emissions by 51% since 2010. It similarly has reduced its total water intake by 34% and total waste by 47% since 2010. The company also want to increase the access to healthcare for everyone and have a target of reaching 3 billion people till 2030.
The remaining section under "Environmental" is only available in the "Complete Report" on purchase.
Major Brands :
- Similac
- Pediasure
- Pedialyte
- Brufen
- Alinity
- AlinIQ
- CardioMEMS
- Klacid
- Xience
- Architect
- Ensure
- Freestyle
- Burstdr Stimulation
- i-Stat
- MitraClip
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WHY BUY THIS REPORT?
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
1. The SWOT and PESTEL analysis report of Abbott Laboratories substantiates the complex internal and external factors influencing the company's brand, its operations, business model, market strategy and growth trajectory.
2. The SWOT analysis appraises the strengths and opportunities that Abbott possesses and how it strategizes itself to overcome its weaknesses and threats in its operating macro environment
3. Recognizing the role of technology and the company's core competencies in shaping Abbott's business and bestowing the company with a competitive advantage over its competitors
4. The PESTLE analysis of the Pharmaceutical and Healthcare Industry helps to identify the factors that compel and restrain the entire industry and largely Abbott.
5. The PESTLE/ PESTEL/ STEEPL Analysis renders the in-depth analysis of all external factors specifically, political, economic, social, technological, legal and environmental, highlighting their consequence on Abbott's business model, marketing and growth strategy
6. Abstract information on Abbott's business diversification, procuring its key business segments and highlighting its major competitors
7. A thorough company analysis to obtain perspicacity into company information, company profile, business model, business plans and marketing strategy
8. Summary of Abbott's mergers and acquisitions, strategic partnerships, and alliances, that Abbott endorsed, and the business aims or synergies that were achieved with them
9. Analysis of Abbott’s USP or unique selling proposition, mission statement, and vision statement. With a peek into Abbott's key performance indicators, core values, success factors, value proposition, and core competencies.
10. Discussion on Abbott's business model, extending to the analysis of key business segments and business case study
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| Abbott Laboratories Ansoff Matrix Analysis |
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References used in Abbott Laboratories SWOT & PESTLE Analysis Report
1. Annual Report 2021 - https://www.abbottinvestor.com/static-files/28e5aeb5-7a6c-48a7-9c4c-2847a4f0bb1a
2. Abbot Laboratories revenue - https://www.macrotrends.net/stocks/charts/ABT/abbott-laboratories/revenue
3. Press Releases 2021 - https://abbott.mediaroom.com/
4. President Biden Announces Prescription Drug Pricing Plan in Build Back Better Framework - https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/02/president-biden-announces-prescription-drug-pricing-plan-in-build-back-better-framework/
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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In-text: (SWOT & PESTLE.com, 2023)
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Abbott Laboratories SWOT and PESTLE analysis has been conducted by Nipunn V and reviewed by senior analysts from Barakaat Consulting.
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