Tag: Abbott healthcare

Integrating AI for Sustainable Technological Growth in Healthcare Start-ups

This article has been contributed by Dr. Harshit Jain, Founder & Global CEO, Doceree.

In the continually evolving technological terrain, artificial intelligence (AI) and machine learning have stood out as the titans reshaping industries across the globe. In this revolution, healthcare emerges as a frontrunner, commanding a staggering 11% of the global GDP, and a hefty $9 trillion annually, according to WHO. Ranging from the creation of life-saving medications to improving diagnostic treatment to enabling precision in healthcare marketing practices, these technologies aren’t just tinkering around the edges, they’ve taking the centre stage in elevating every facet of the healthcare industry.

As new-age solutions seamlessly integrate into every stage of the healthcare journey, they mark a remarkable opportunity, propelling the entire healthcare ecosystem forward into a future of sustainable growth and profound societal impact.

In this piece, we will try to delve into the critical AI-powered mechanisms that create a future shaped with sustainable healthcare achievements for enhanced patient outcomes and quality treatment delivery.

Fostering Disease Accuracy Through Timely Diagnosis
Enhanced Healthcare Delivery
Leveraging Explainable AI (XAI) For Transparency in Healthcare
Assisting Drug Development & Marketing
Harmonizing Digital with Eco-Friendly IoT

Fostering Disease Accuracy Through Timely Diagnosis

The notion of employing technology for medical diagnosis isn’t novel. Yet, AI’s prowess ushers in a realm of advanced analysis and swifter decision-making, surpassing conventional diagnostic approaches. According to a recent industry study, India’s Artificial Intelligence (AI) diagnostics market is projected to grow from $0.02 billion in 2022 to $0.24 billion by 2030, registering a compound annual growth rate (CAGR) of 38% during the forecast period of 2022-2030. This growth is primarily due to AI systems capabilities in early detection of chronic diseases like Alzheimer’s, diabetes, cardiovascular diseases, and several types of cancers including breast cancer and colon cancer, simultaneously reducing the financial burden and severity of the disease.

Additionally, with Government’s efforts towards fast tracking electronic health records (EHR) adoption in India, AI can again prove helpful in analysing patient data records for genetic testing results, lifestyle factors and more, thereby identifying patterns that may put individuals at risk for certain diseases. This will enable healthcare providers to intervene early with accurate preventative measures.

Enhanced Healthcare Delivery

The strategic application of AI triggers has demonstrated reliability in enabling compliant-friendly real-time mapping of patient data, enabling life sciences manufacturers to share relevant messages (as per the patient requirements) to healthcare providers (HCPs), empowering them to deliver quality treatment while tending to the patient. This fine-tunes treatment strategies by factoring in unique patient variables and forecasting outcomes, thus guaranteeing tailored care through intelligent analysis of patient data. Further, using machine learning algorithms and AI-driven chatbots, AI can swiftly analyse vast datasets that aid in furnishing immediate aid and reducing administrative pressures on healthcare providers (HCPs). In surgical settings, robotic support can improve precision, diminishing complications and recovery durations, particularly evident in cancer treatments.

Leveraging Explainable AI (XAI) For Transparency in Healthcare

While the accomplishments attained through the integration of AI in medicine are noteworthy, building trust and credibility around its accuracy among end-consumers, specifically patients, is paramount. Hence, the utilization of explainable AI (XAI) is crucial to uphold transparency and provide accurate knowledge about the technology to both healthcare providers (HCPs) implementing the technology and patients undergoing treatment facilitated by it. Amidst the complex ecosystem of medical decision-making, XAI clarifies the rationale behind AI-powered diagnosis and treatment suggestions to shed light on the process for the sake of transparency. Once HCPs understand how AI systems make decisions, they can leverage their expertise to fine-tune AI’s performance, ultimately bolstering confidence in the decisions made for both – HCPs and patients.

The Transformative Role of AI in Healthcare: Advancements and Challenges

Explore the revolutionary impact of AI in healthcare, from personalized treatment plans to administrative efficiency. Learn about the advancements, challenges, and ethical considerations shaping the future of healthcare technology.

StartupTalkySubham Kumar

Assisting Drug Development & Marketing

According to a recent EY report, 48% of healthcare and pharma companies in India are set to integrate First-Gen AI solution within the next year. Through crafting tailored machine learning algorithms, governmental bodies and life sciences enterprises can streamline laborious tasks, preserving both time and research funds, thereby bringing more efficiency into R&D endeavours. For instance, intelligent use of algorithms can help AI decipher biological data, identify potential drug targets as well as assess their interactions with specific receptors. Even during clinical trials, AI can play a pivotal role in enhancing efficiency by identifying suitable candidates (during session with HCP), predicting potential outcomes, optimizing trial designs, leading to more successful and expedited drug discovery processes.

On drug marketing front, AI-driven marketing solutions potentially present a promising avenue for slashing exorbitant marketing budgets and amplifying sales conversion rates through precisely targeted relevant messaging aimed at HCPs. This strategic approach not only ensures HCPs remain abreast of emerging drug treatments/research but also empowers pharmaceutical brands to promote their offerings at minimal expense.

Ai in Health Care Market

Harmonizing Digital with Eco-Friendly IoT

In India, conventional pharmaceutical marketing approaches predominantly involve face-to-face interactions between representatives and HCPs, leading to labour-intensive processes, carbon emissions, and energy depletion. Shifting towards AI-driven digital platforms can address these concerns, enabling streamlined engagement with millions of HCPs at the click, while concurrently reducing environmental impact and resource usage. Additionally, integrating AI with Green IoT emerges as the cornerstone of sustainable progress in healthcare, wherein Green-IoT-empowered medical equipment and wearables can collate health data for further analysis by AI algorithms to improve patient outcomes and make decision-making process for healthcare professionals (HCPs) much more efficient.

To sum up, as the future of healthcare highly depends on the technology and human expertise balance, it becomes crucial to dedicate considerable focus and resources to fostering responsible utilization and ethical deliberations throughout the stages of AI integration. This approach ensures sustainable technological advancement and guards against possible drawbacks, thereby ensuring that AI contributes positively to healthcare transformation. By aligning with societal values and priorities and optimizing its capabilities, AI can significantly enhance patient outcomes while upholding ethical standards and long-term sustainability.

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Abbott – Winning almost two-thirds of the accounts

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.

Founded in 1888, Abbott Laboratories is a global, diversified, healthcare company that discovers, develops, manufactures, and markets pharmaceutical, diagnostic, nutritional, and hospital healthcare products. Headquartered in Chicago, Illinois, it is one of the top healthcare product makers in the United States.

Abbott employs 70,000 people worldwide, and it has 150 facilities and 60 manufacturing sites. The company focuses on advancing medical science and the practice of healthcare, and it has demonstrated expertise in the therapeutic areas of diabetes, pain management, respiratory infections, HIV/AIDS, men and women’s health, and pediatrics. Its products are sold in 130 countries.

Abbott – Company Highlights

Startup Name	Abbott Laboratories
Headquarter	Abbott Park, Illinois, United States
Industry	Health care, Medical devices, Pharmaceutical
Founder	Dr. Wallace Calvin Abbott
Founded	1888
CEO	Robert Ford
URL	www.abbott.com

Abbott – About and How it works?
Abbott – Logo and its meaning
Abbott – Founder and History
Abbott – Mission
Abbott – Business Model
Abbott – Revenue and Growth
Abbott – Funding and Investors
Abbott – Investments
Abbott – Acquisitions
Abbott – Competitors
Abbott – Challenges Faced
Abbott – Future Plans

Abbott – About and How it works?

Abbott Laboratories is an American multinational medical devices and health care company with headquarters in Abbott Park, Illinois, United States. The company was founded by Chicago physician Wallace Calvin Abbott in 1888 to formulate known drugs; today, it sells medical devices, diagnostics, branded generic medicines and nutritional products. It split off its research-based pharmaceuticals business into AbbVie in 2013.

Its business operations are divided into four business divisions: Women’s Health & Gastrointestinal, Gastroenterology and Hepatic Care; Speciality Care; GenNext & Vaccines, and Consumer Care. Women’s Health & Gastrointestinal, Gastroenterology and Hepatic Care division has a mix of global and local brands present in the pregnancy, constipation and liver diseases segments. The Speciality Care division consists of a range of products in the treatment of central nervous system and metabolic disorders. The GenNext division focuses on several therapy areas, including pain management, vitamins and pregnancy.

Abbott – Logo and its meaning

Logo of Abbott

The Abbott logo perfectly represents the strong character of the leading pharmaceutical corporation, showing the importance of innovations and development, along with the value of its clients and their wellbeing.

Abbott – Founder and History

Dr. Wallace Calvin Abbott is the founder of Abbott Laboratories.

Abbott was started by Dr Wallace C. Abbott, a practising physician. Dr. Abbott began producing alkaloid medicine in 1888 in the rear of his drug store in Chicago. He incorporated the Abbott Alkaloidal Company, a medical publisher and manufacturer, in 1894. The company expanded outside the US in 1907, adding an affiliate in London. It produced its first synthetic medicine, Chlorazine, for use in the First World War as an antiseptic.

Abbott had its initial public offering in 1929, at the onset of the Great Depression. Despite the unfortunate timing of the IPO, Abbott continued to expand over the following decades through entering new businesses such as vitamins and intravenous solutions.

It developed Pentothal, the world’s most widely used anaesthetic, in 1935. With the onset of the Second World War, Abbott was requested by the US Government to join a consortium of pharmaceutical manufacturers to support wartime efforts through the production of penicillin.

The late 1900s saw a revamping of the Abbott brand, with its iconic ‘A’ logo being adopted in 1959. Its 1964 acquisition of M&R Dietetics made Abbott a world leader in nutrition, its largest business segment by sales at present. The introduction of a blood analyser and a radioimmunoassay test for detecting hepatitis in 1972 saw the entry of Abbott into the medical diagnostics business, another key business segment at present.

Another key achievement is the introduction of the first licensed test to identify serum HIV – a significant stepping stone in the fight against the disease.

The 2000s saw a series of significant acquisitions and expansions, including the opening of an R&D facility at the University of Illinois, Urbana-Champaign, in 2009. Abbott also acquired Kos Pharmaceuticals for USD3.7 Billion in cash in 2007, Knoll, BASF’s pharmaceutical division, in 2001, the pharmaceuticals unit of Solvay in a deal worth USD6.2 Billion in 2010, and CFR, a Chilean generic drugs manufacturer, in a deal worth USD2.9 Billion that would see Abbott doubling its generic drug portfolio.

Abbott – Mission

Abbott’s mission statement says, “At Abbott, we’re all about helping you live the best life you can through good health. We keep your heart healthy, nourish your body at every stage of life, help you see clearly, and bring you information and medicines to manage your health.“

This is done by advancing leading-edge science and technologies, valuing diversity, focusing on exceptional performance, earning the trust of consumers, and sustaining success.

Abbott – Business Model

Abbott has four main business segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Vascular Products.

Established Pharmaceutical Products – These are branded generic pharmaceuticals, including gastroenterology products, women’s health products, cardiovascular and metabolic products, pain and central nervous system products, and respiratory drugs and vaccines. These products are manufactured around the globe and are sold generally outside the US. This segment takes up 18% of sales.
Diagnostic Products – These are diagnostic systems and tests, including immunoassay and clinical chemistry systems, point-of-care diagnostic systems and cartridges for blood analysis, DNA and RNA extraction and processing instruments, genomic-based tests, informatics and automation solutions for laboratories, rapid pathogen identifying instruments, and haematology systems and reagents. These are produced, marketed, and sold worldwide. This segment takes up 23% of sales.
Nutritional Products – These include products both for infants and adults, including infant formula, enteral feeding products, and adult and other paediatric nutritional products. These are sold worldwide. This is its largest segment, taking up 34% of sales. It also takes up a significant proportion of global market share, with Abbott representing over 50% of global Adult Nutrition sales.
Vascular Products – There are a range of devices used for the heart and the vascular system in general, including various stents, vascular scaffolds, coronary balloons, coronary guide wires, mitral valve repair systems, and vessel closure devices. These are sold worldwide.

Abbott – Revenue and Growth

In 2000 the company’s sales and net earnings were $13.7 billion and $2.8 billion, respectively, with diluted earnings per share of $1.78. For the fiscal year ended December 31, 2001, sales rose 18 percent to $16.29 billion; net income fell 44 percent to $1.55 billion. The company’s hospital and pharmaceutical segments have been receiving higher unit sales, which is reflected as higher revenues. Approximately $1.33 billion of its 2001 revenues went into research and development. Abbott Laboratories revenue for the twelve months ending September 30, 2020 was $32.221B, a 2.76% increase year-over-year.

Year	Annual Revenue	Percentage change
2019	$31.904B	+4.34%
2018	$30.578B	+11.64%
2017	$27.39B	+31.35%

Abbott – Funding and Investors

Abbott has raised a total of $6.8M in funding over 2 rounds. Their latest funding was raised on Mar 15, 2011 from a Debt Financing round.

Announced Date	Transaction Name	Amount
Mar 15, 2011	Debt Financing – Abbott	$100K
Mar 16, 2009	Debt Financing – Abbott	$6.7M

Abbott – Investments

Abbott has made 8 investments. Their most recent investment was on Jan 13, 2020, when Bigfoot Biomedical raised $55.1M.

Date	Organization Name	Round	Amount
Jan 13, 2020	Bigfoot Biomedical	Series C	$55.1M
Aug 14, 2017	Alere	Post IPO Equity	–
Sep 8, 2015	SetPoint Medical	Series C	$15M
Aug 25, 2010	Respicardia	Series C	$27M
Nov 27, 2007	Evalve	Series D	$60M
Jan 13, 2007	Ovalis	Series B	$6.6M
Nov 6, 2005	Ovalis	Series A	$2.5M
Jan 12, 2004	Hydra Biosciences	Series B	$18.9M

Abbott – Acquisitions

Abbott has acquired 36 organizations. Their most recent acquisition was Cephea Valve Technologies on Jan 16, 2019.

Acquiree Name	Announced Date	Amount	About Acquired Company
Cephea Valve Technologies	Jan 16, 2019	–	Medical device company
St. Jude Medical	Apr 28, 2016	$25B	Medical device company
Kalila Medical	Apr 6, 2016	–	Medical device company
Alere	Feb 2, 2016	$5.3B	the Massachusetts-based point of care testing company
Tendyne Holdings	Jul 31, 2015	$250M	Medical device company
Veropharm	Dec 12, 2014	$305M	Russian pharmaceutical company
Topera	Oct 29, 2014	$250M	Medical device company
CFR Pharmaceuticals	May 15, 2014	$2.9B	Pharmaceutical Company
OptiMedica	Jul 15, 2013	$400M	Silicon Valley-based ophthalmic device company
IDEV Technologies	Jul 15, 2013	$310M	Houston medical device company

Abbott – Competitors

The top 10 competitors in Abbott’s competitive set are Johnson & Johnson, Pfizer, Novartis, GSK, Merck, Medtronic, Philips, Bio-Rad, Quest Diagnostics, and Danaher.

Abbott – Challenges Faced

The crises of the early 1970s left the company’s upper echelon of management weakened and vulnerable to criticism. Although Edward Ledder was recognized for the success of his diversification program (and largely excused for his inability to prevent either the cyclamate ban or the intravenous solution crisis), conditions were obviously ripe for the expression of talent by a new manager. Robert Schoellhorn, a veteran of the chemical industry, was just such a manager. His efforts as a vice-president in the hospital products division at Abbott resulted in a revenue increase of 139 percent for that division between 1974 and 1979. He correctly predicted that the next most profitable trend in health care would be toward cost-effective analysis and treatment. Schoellhorn was later promoted to president and chief operating officer of the company.
Abbott has faced lawsuits over its drug Tricor, FreeStyle diabetes products and St. Jude defibrillators. The company was also named co-defendant alongside AbbVie in lawsuits over the popular pharmaceutical drugs Humira and Depakote.

Abbott – Future Plans

Abbott Labs is headed is to look at the products that it’s most excited about today: FreeStyle Libre, MitraClip, and the Alinity systems.

FreeStyle Libre is a continuous glucose monitoring (CGM) system, which doesn’t require a finger stick. The product has been an enormous commercial success, and is likely to remain one for a long time to come. Abbott hopes to receive FDA approval to launch the next version of FreeStyle Libre in the U.S. in the near future. The new features on the device should make it attractive to customers and provide a big boost to sales.

MitraClip enables the minimally invasive treatment of mitral regurgitation, which is caused by a leaky heart valve. It’s already the leading device used to treat that condition, but the FDA’s recent approval for its use in a new indication (patients with mitral regurgitation resulting from underlying heart failure) has expanded its market opportunity.

The Alinity systems include a lineup of laboratory diagnostic instruments. CEO Miles White said in Abbott’s Q1 conference call that the company is “winning almost two-thirds of the accounts where we’re head-to-head with an entrenched competitor.”

All three reflect a focus on internal innovation that drives Abbott Labs’ organic growth. And that seems likely to be the story for the company for years to come.

November 16, 2020