Abbott Laboratories
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Abbott Laboratories of Chicago is one of America's major pharmaceutical companies, but it also has other products, including nutritionals and diagnostic equipment. In fact, more than half of the company's revenues come from these other products in markets where Abbott has the dominant share. Abbott also supplies such goods as intravenous fluids to hospitals and blood banks, along with pumps, screening tests, anesthetics, and critical care equipment. The company has shown innovative capabilities in terms of the development of new drugs for various purposes and has spent a good deal on research and development to create the next generation of such products. The key competition for this company includes other pharmaceutical giants such as Johnson & Johnson, Dow Chemical, Du Pont, Procter & Gamble, American Cyanimid, Bausch & Lomb, and Unilever, among others.Innovative Strategies in the Pharmaceutical Industry The pharmaceutical business unit of Abbott Laboratories achieved the leadership position in the diagnostics field in the 1980s, but this was accomplished with only a 14 percent share of the market because that market is so fragmented. The Abbott Diagnostics Division is the fastest-growing portion of Abbott's business, achieving a size twice as large as its nearest competitor and contributing an estimated $850 million to the company's $3.8 billion annual sales. The diagnostics market is about a $6.2 billion business per year. Abbott is ah
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1970s, at which time the company hired a group of young scientists and gave them free rein to build a business in the growing nutritional-supplement and diagnostic-equipment markets. This unit began focusing on developing new diagnostics based on the use of antibodies to detect diseases in body fluids. These are the immunodiagnostics that include tests for screening for hepatitis and to monitor cancer therapy. This is the fastest-growing sector in the industry. In 1986 the Diagnostics Division brought out 70 new diagnostics, and such a pace is necessary because the average lifespan of a test is three to five years. The division has also shown skill at developing highly automated instruments for reading test results. One in three U.S. hospitals now uses the TDX system that monitors the levels of therapeutic drugs in a patient's bloodstream (Deveny & Hamilton, 1987, p. 90).
Management
The Abbott Alkaloidal Company was founded in 1888 to sell an improved form of the dosimetric granule, a pill to supply uniform quantities of drugs. The granule and the company were created by Walter Abbott. During World War I, Abbott Laboratories developed techniques for synthesizing anesthetics and sedatives that had been available befor
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Approximate Word count = 1529
Approximate Pages = 6 (250 words per page)
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