A STRATEGIC AUDIT OF ABBOTT LABORATORIES

A strategic audit was performed on Abbott Laboratories. Background information is presented on the company before the findings of the analyses are presented. The analyses included in the strategic audit of the company over the company's external environment, the company's internal environment, the strategies pursued by the company, the company's organizational structure and control systems, the company's past performance, and predictions of the company's future performance.

Abbott Laboratories began as a home-based business started by Dr. Wallace Abbott near Chicago in 1888. From the beginning, Abbott gave marketing as much attention at was given to research and production. In the late-nineteenth century, that orientation earned Abbott the enmity of the American Medical Association ("Abbott Laboratories History", 2004). In the early-twenty-first century, pharmaceutical companies frequently appear to pay more attention to marketing than they do the research and production.

Abbott developed methods to synthesize anesthetics previously available only from Germany during the First World Was. Abbott enhanced its research capacities and its sales expertise in the 1920s through an acquisition strategy. The company began expanding internationally in the 1930s ("Abbott Laboratories History", 2004).

Abbott made a name for itself by providing vital pharmaceutical

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d toward mergers in the global pharmaceutical industry is a strong influence in the industry. Larger companies will be able to cut costs and will be better positioned to deal with managed-care organizations and governmental agencies attempting to drive down prices for pharmaceutical products. The larger companies will generate the resources required to expand research and development budgets (O'Driscoll, 2004). Equally important is the increasing necessity for global coverage in the launching of new drug products. In the global environment of economic activity, new drugs must be introduced simultaneously in all markets to develop and maintain market share. Because of the high costs involved, only larger companies have the necessary resources to compete effectively in the global arena (Karmali, 2004). Regulatory requirements for the development, testing, and approval for use of new drugs is both stringent and cost. The advent of Republican control of both the presidency and the congress in the United States is viewed as a plus for the pharmaceutical industry. With the anticipation of the easing of regulatory requirements, the pharmaceutical industry becomes more attractive to the investors on which the industry depends fo
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Approximate Word count = 2379
Approximate Pages = 10 (250 words per page)