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Tag: healthcare business

  • Growth Of Online Doctor Consultation Market During Pandemic

    In an era, where everything is available at the click of a button it is no surprise that even a specialist doctor or a clinical examination could be done online. Online doctor consultation is a coveted field in India and is able to offer services like telehealth, telemedicine, telecare, and digital health care services. According to the survey conducted by Accenture in 2017, over 70% of the consumers are willing to experience health care services virtually, while 20% have already experienced virtual healthcare.

    Many startup companies are looking to make it in the industry as it is currently rising. The consumer’s expectations for a convenient healthcare system are evolving while the healthcare industry is continuously striving to meet people’s needs with the help of technology. The telemedicine market in India is expected to reach $5.4 Billion by 2025 with a CAGR of 31%.

    The online doctor consultation allows the dissemination of specialized knowledge among the medical community through advanced networks, reviews, emergency medical consultations during an epidemic or crisis among others. According to a report by Practo, online doctor consultations have increased 500% since March 2020, as five crore Indians are now accessing healthcare online amidst the COVID-19 pandemic.

    Telemedicine Industry in India
    Growth of Online Consultation in India
    Importance Of Online Consultation
    Target Audience of Telemedicine Industry
    Future of Telemedicine Industry in India
    FAQ’s

    Best Online Doctor Consultation Apps in 2020
    In the COVID-19 [/tag/covid-19/] pandemic, the doctors are playing an essentialrole in coping with the current situation. Due to coronavirus, consultingdoctors is not as easy as earlier. But luckily Healthcare startups[/tag/healthcare-startup/] are reducing the gap between the doctor, patients,a…
    StartupTalkyYash Gupta

    Telemedicine Industry in India

    The Telemedicine Industry is expected to create more than $5.4 billion market opportunities by 2025. Practo, DocPrime, mFine, CallHealth, and Lybrate are some of the leading startups in India’s telemedicine market. The COVID 19 outbreak has created many challenges in traditional healthcare systems, as citizens have not been able to consult with the doctors physically.

    This situation has led the government to change the regulations around remote delivery of healthcare services and allow telemedicine via video, audio, or text. Telemedicine will not only help these startups address the spread of Coronavirus but also improve access to healthcare in rural areas. Innovative technologies are allowing health organizations to enhance access and reduce the burden on hospitals through real-time consultation with doctors through online services.

    top doctor consultation sites in India
    top doctor consultation sites in India

    Telemedicine will reduce the time of consultations and improve the quality of healthcare services in rural areas, removing many infrastructural challenges. The World Health Organization (WHO) recommends every country to have a ratio of 1:1000 doctor to patient ratio, India only has one governmental doctor for every 1,139 people.

    According to a report, India has a shortage of 600 thousand doctors and 2 million nurses. This leads to limited face-to-face consultations among patients. Secondly, India also has a shortage of hospital beds, which makes hospitalization difficult and there needs to be better infrastructure and facilities whereas with the help of online consultations the healthcare sector can reduce its problems.

    Zoom Success Story – Helping The World in Surviving this Pandemic with Video Communications!
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    StartupTalkyRishabh Rathi

    Growth of Online Consultation in India

    Online consultation has become popular in India because it is easier and safer to access healthcare via call, video, chat with doctors, especially during the COVID-19 pandemic. The health ministry has urged people to take advantage of telemedicine services during the lockdown. And since then the usage of online consultation apps and medicine delivery services has been on the rise.

    The pandemic has encouraged people to use the platform and consult a certified medical practitioner rather than resorting to self-medication. Online consultations are known for specialties such as Gynecology and Dermatology, while other specialties like mental health, pediatrics, ENT, ophthalmology, and gastroenterology are all well-known departments.

    The growth of telemedicine in India
    The growth of telemedicine in India

    The telemedicine sector is steadily increasing not only across metropolitan cities but also in smaller cities like Hoshiarpur, Karnal, and Durgapur. The online doctor consultation platform mFine is seeing demand from states which has a low doctor-to-patient ratio since lockdown. The app has also seen new user signups and consultations from users in states such as Bihar, West Bengal, Jharkhand, and Uttar Pradesh where the doctor-patient ratio is the lowest in the country.

    Many other healthcare startups are seeing an unprecedented surge in demand as they shift healthcare delivery onto the internet, promote telemedicine, encourage online medicine bookings and use chatbots to answer patient queries. The support rendered by the national and state governments, their subsidiary concerns, and allies such as the ISRO have contributed a great deal to facilitate the development of telemedicine as a well-recognized field.

    The Covid-19 Pandemic Proved To Be Lucrative For These Industries
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    StartupTalkyRishita Jain

    Importance Of Online Consultation

    India has seen a tremendous increase in demand for telemedicine for healthcare services. According to Statista, the industry might have touched $280 billion by the end of 2020. Though the healthcare sector is seeing a giant leap in providing services to consumers, it has still not been able to expand its market in rural areas. Around 75% of the rural population is struggling with insufficient infrastructure and technological awareness. This is the reason why online consultation might help overcome this issue.

    • Bringing quality healthcare services to the rural areas of the country.
    • Benefits the people of rural areas in bringing down the disparity in healthcare offerings between the rural and urban areas.
    • Provides access to qualified healthcare providers, specialized consultation, accurate prognosis, timely diagnosis, and effective course of treatment.
    • The people of urban areas, who have access to world-class hospitals and treatment facilities but don’t have the time can seek help by online consultations.
    • The patients can have real-time interactions through video conferencing solutions, or store and forward models which can capture patient and disease-related information through dictation, photos, videos, radiology, etc.
    • The patients can get the benefits of an actual visit to the doctor without having to do so.
    • Not just consultation and treatment, but many other services can be fulfilled through telemedicine, which brings together the best of both worlds – medicine and telecommunication.
    • It helps in the dissemination of specialized knowledge among the medical community through advanced technology and peer-to-peer reviews.
    • It’s very useful for emergency medical consultations in times of an epidemic or crisis.
    How to provide a great online consultation experience

    Target Audience of Telemedicine Industry

    • People who are willing to try telemedicine.
    • Application developers and network operators.
    • Third-party suppliers and healthcare service providers.
    • Potential Investors.
    • Government organizations.
    • Research Institutes.

    Why COVID-19 is Game Changer for Online Businesses
    The world is currently facing the largest health crisis since the Spanish Fluepidemic of 1918 and unfortunately, there seems to be no clear end in sight.Countless lives have been disrupted and businesses are likewise suffering as adirect result. While even some of the largest companies have alrea…
    StartupTalkyParnas Ghosh

    Future of Telemedicine Industry in India

    With the growing attention for telemedicine services, countries around the world are developing a regulatory framework for the industry. While India is already one of the top 10 countries in telemedicine marketing the world, the adoption of a regulatory framework will help the segment grow rapidly.

    Tattvan Mishra, founder, and CEO of Tattvan E-Clinics said that “India has seen considerable growth in the telemedicine sector however, the growth was not rapid due to the lack of proper guidelines and regulations. In the coming years, I expect a high investment from the private sector in the field of telemedicine. I think the telemedicine industry has a bright future and may become a multi-billion industry in the next 3-5 years.”

    Online consultation platforms have supported the healthcare needs of Indians at a time of lockdown. Saurabh Arora, the founder and CEO of Lybrate in a press statement said that “It is the need of the hour to contain the spread of the virus. The healthcare burden on the country is gigantic around this time and platforms like ours can definitely help share it. People can consult doctors on Lybrate across specialties and so on other platforms, letting hospitals tend to more serious patients”.

    Besides telemedicine, other health-tech segments such as online pharmacy, medical technology, and medical devices have also called for increased regulatory clarity so that startups can focus on the model rather than tweaking their operations. When it comes to the online consultation market, the COVID 19 crisis could bring about a lot of clarity and growth just like the fintech sector got a push in India after the demonetization in 2016.

    FAQ’s

    1. What is an online doctor consultation or online medical consultation?

    When you visit a doctor about your health-related issues through an audio/video/chat, it is called an online doctor consultation or online medical consultation. This is an alternative for you when you cannot visit a doctor physically at the clinic or hospital.

    2. How do I consult a doctor online now?

    Book an online consultation either on the website or mobile app. Look out for the ‘Find a Doctor’ button on the homepage of the website/app, select the specialty of your problem or type the name of the doctor directly. Once the doctor of your specialty is selected, you can click on the “Consult Now’ button to start with the online consultation.

    3. Do you provide online doctor consultation for emergencies?

    No, it is not recommended. It is advisable to contact emergency services during emergencies. Emergency medical services are available round-the-clock which can be accessed by calling 112 or clicking the ‘Emergency’ tab on the homepage of the respective website/app.

    4. Where is my prescription for the online doctor consultation?

    Prescription for your online consult can be found in the Records/History section. By clicking on this tab, you will be able to view/download your prescription.

    5. Is it safe to consult online?

    Online consultation is absolutely safe and private, where customer information and health data is the most important thing that is kept private.

  • List of IoT-based Healthcare Startups In India – [2021]

    The prototype of healthcare companies in India is changing.

    The technologies like artificial intelligence, machine learning, augmented and virtual reality and telecommunications are now amalgamated into health care services, giving rise to better healthcare facilities with more precision and efficiency.

    And this got merely possible because of IoT technology. The Internet of Things (IoT) is able to change the way we work and live. The ecosystem of connected physical objects, which are accessible via the internet, is called IoT.  If IoT comes to its full potential, it will change all areas of our lives.

    This can be testified by looking at the type of change in the healthcare sector where paper and pen are the primary means of documenting information of patients for decades. But now, the healthcare industry is developing in a new way.

    Digital health care applications allow patients to plan their appointments without having to wait for a receptionist or call the doctor’s office. Also, it allows doctors to transfer information with patients via smartphones.

    How IoT can change Healthcare Industry

    How IoT is changing the Healthcare Industry
    List of IoT-based Healthcare Startups in India
    1. Spectral Insights
    2. Forus Health
    3. Cardiac Design Labs
    4. Bagmo

    Conclusion
    FAQs – IoT Healthcare Companies

    How IoT is changing the Healthcare Industry

    There are so many impediments to the growth of the healthcare system. It includes the increasing cost of treatment, shortage of medical professionals, the lack of adequate infrastructure, lack of access to quality healthcare in rural and remote areas, and the increase in chronic diseases. The IoT healthcare startups in India can help to meet the demands of today’s increasing patients.

    Some of the benefits of IoT in the healthcare sector are:

    Advantages of IoT in healthcare
    Advantages of IoT in Healthcare

    1. Improves the quality of healthcare

    IoT healthcare startups enable easy access to healthcare data of patients via simultaneous reporting and monitoring through connected devices. It will enhance the ability of healthcare providers to offer customized treatments for patients and evidence-based treatments. Also, It ensures the wider coverage of patients and a shorter treatment cycle.

    2. Reduced medical costs and errors

    IoT helps to monitor health parameters using mobile health applications and diagnostic tools. Also, it gives live reports to doctors via interconnected devices. Medical personnel can make decisions using this collection of health data. It will reduce medical errors. As a result, hospital stays, re-admissions, and unnecessary visits to the hospital will be reduced.

    3. Healthcare accessibility in rural areas

    The IoT can increase the reach of quality healthcare to rural places via remote health monitoring. IoT enabled patients who live in remote villages to connect with doctors in urban specialty hospitals from their homes.

    IoT Start-ups In India- The Power To Change The Indian Startup Ecosystem
    IOT is one of the trending technology which will be going to impact the lives of all the users in the positive manner. So, let us see the complete story on the topic- IoT Start-ups In India- The Power To Change The Indian Startup Ecosystem.
    StartupTalkyYash Gupta

    List of IoT-based Healthcare Startups in India

    In recent years, there has been limited growth in the Indian healthcare sector with the country lagging behind in many health indicators.

    Currently, India is the second-most populated country in the world. And 20% of the global disease burden is in India itself. Also, infant mortality rates and maternal mortality rates are high in India. The Internet of Things (IoT) based healthcare companies have the potential to transform our healthcare system into an efficient, integrated, and patient-centric system.

    The Internet of Things (IoT) has got the attention of everyone in India. The Indian government announced that it plans to make a $15 billion IoT market in the country. Medical Council of India reported that the doctor-patient ratio is 1: 1674 in India. In this situation, IoT can be a great leveler.

    Some of the IoT-based healthcare startups in India are mentioned below:-

    IoT has the potential to revolutionize the healthcare sector in India
    IoT has the potential to revolutionize the healthcare sector in India

    1. Spectral Insights

    Spectral Insights is a technology company providing solutions and systems to solve the challenges in the healthcare industry. The company was co-founded by Prasanth, Dipankar Das, Sumit Nath, Raghubansh Gupta, and Suhash Gerald in 2016. They have created a platform that provides innovative imaging, advanced analytics (AI/ML), and digital microscopy for hospitals, pharma R&D, and clinical laboratories. The headquarters of the company is situated in Bengaluru, Karnataka.

    The company operates with the pathology department to give any time access to high-quality digital slide images (blood smear, biopsies, TB, pap smear, etc.). Also, it offers a comprehensive suite of analytical tools to their clients that improve accuracy, and objectivity. Spectral Insight is a multi-faceted platform with spectroscopy, optics, artificial intelligence, algorithms, data management, visualization, and cloud computing.

    Top 10 Healthcare Business Ideas For Entrepreneurs in India(2020)
    Healthcare is a rapidly developing industry in India and opportunities arealways on the rise. The Healthcare sector is one of the fastest-growing sectorsin India and by 2022 it is expected to grow up to 8.6 trillion. Looking at the current state of the world, the thing which we learned is the…
    StartupTalkyArbaaz sayed

    2. Forus Health

    Forus Health is founded by a group of engineers in 2010. It is a medical technology startup with a goal to eliminate avoidable blindness. Over the years, they have developed technology solutions to increase affordability and access to eye care. The first product of the company is 3nethra classic. It is a portable and compact non-mydriatic fundus camera used for taking digital images of the anterior (cornea) and posterior (retina) segments of the eye.

    The device will help to identify common eye problems such as glaucoma, diabetic retinopathy, cataract, ARMD, etc. Also, it is integrated with a cloud-based telemedicine platform that enables remote diagnosis. There are 40 million people who are blind in the world out of which 15 million people are living in India. The major reasons for this problem are the high cost of treatment/surgery, limited access to eye care facilities, and lack of awareness.  The aim of Forus Health is to utilize technology to reduce diagnostic costs, increase access, and raise awareness.

    FindMyHealth Company Profile – Startup that Combines AI and Ayurveda for Health Monitoring
    Artificial Intelligence is now penetrating almost every existing domain.Finance, healthcare, education, transportation and many sectors are witnessingactive use of AI. The idea of this startup was born when Gaurav Bhalotiarealised there is a lot to health beyond medicine, and that our bodies need…
    StartupTalkyRishabh Rathi

    3. Cardiac Design Labs

    Cardiac Design Labs is founded by Anand Madanagopal in 2011. The headquarters of the company is located in Bengaluru, Karnataka. They offer diagnosis and cardiac monitoring by deploying intelligent systems that give automatic remote reporting. It saves both cost and time. Their aim is to provide advanced diagnostics to the peoples in an affordable way. The company has created a wearable device named MIRCaM (Mobile Intelligent Remote Cardiac Monitor).

    That device is able to provide real-time cardiac monitoring and diagnosis in remote settings. In India, there are only 4000 cardiologists for 64 million cardiac patients. Anand Madanagopal believes MIRCaM can bridge this gap. They have a core team of experts, from different disciplines, including material science engineers, cardiologists, software and system hardware engineers.

    4. Bagmo

    Bagmo Pvt Ltd. is founded by Ashfaq Ashraf, Anas Dalinatakam, and Arshad KA in March 2017. The headquarters of the company is located in Kochi, Kerala. The aim of the company is to eliminate the lack of blood availability in rural India. They created a blood bag monitoring device. It will monitor the temperature of blood bags during storage and transportation. Each blood donation will be recorded on the cloud platform. After the testing, the components (blood cells, plasma, platelets) will be stored in separate bags.

    This B2B company helps to improve communication and logistics issues. Also, it helps reduce wastage at blood collection centers. An RFID (radio frequency identification) card is connected to each bag. The refrigerator that stores the bag and its unique ID will be stored in the cloud. In blood requirement cases, the individual/hospital needs to enter the details in the cloud. Then the blood bag monitoring device shows which bag is suitable for the requirement and in which refrigerator that bag is stored.

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    Conclusion

    So far we have seen what advantage IoT brings to the healthcare industry. This gives a gist of how IoT is going to be the future of the healthcare industry by solving the pain points of patients.

    IoT with its far-reaching benefits and patient-centric approach has the potential to revolutionize the healthcare sector in India. But for making a maximum result, support infrastructures should be more strengthened. It includes a low cost of IoT-enabled devices, internet availability and reliability, strong IT framework, data security and privacy, and seamless user experience.

    FAQs – IoT Healthcare Companies

    What does IoT mean in Healthcare?

    IoT (Internet of Things) enables healthcare professionals to keep a watch on their patient’s conditions and connects actively via smart devices. IoT devices are tagged with sensors to track the real-time location of medical equipment like wheelchairs, defibrillators, nebulizers, oxygen pumps and other monitoring equipment.

    What is the role of IoT in health and fitness monitoring?

    IoT will be the future for monitoring the patient’s health. As the combination of IoT and wearable devices like fitness bands helps to monitor and improve their health. Moreover, IoT based healthcare system provides service in a quick manner which would help to save millions of lives.

    How does IoT affect our life?

    IoT-enabled devices and sensors are helping us in making our life easier by making everything possible from our smart devices. One does not have to put extra effort into spying on any smart appliances. It can be monitored by their smartphones from anywhere. It also helps to reduce air pollution, waste management, improve agriculture and food supply.

    Is IoT the future?

    The future of IoT has the potential to be limitless. Advances to the industrial internet will be accelerated through increased network agility, integrated artificial intelligence (AI), and the capacity to deploy, automate, orchestrate and secure diverse use cases at hyper-scale.

    What are the main social impacts of IoT?

    IoT devices impact society in a meaningful way. Smart homes and offices can save energy costs by controlling the electricity or temperature when one is away from home or work, and they can offer better security by constant surveillance and taking proactive action in case of a security breach.

    Which companies are working on IoT in India?

    Nearly all companies are shifting towards IoT. Some big companies are:-

    • TCS
    • Infosys
    • Hyperlink InfoSystem
    • Wipro
    • Tech Mahindra
    • LTI
    • HCL Tech
    • Mphasis

    How companies are using IoT?

    Companies are using IoT for the following purposes:-

    • To improve customer satisfaction by providing instant support through the integration of chatbots and artificial intelligence with IoT.
    • Better inventory management and tracing of assets by embedding surveillance system with IoT.
    • To gather information about the customers in order to study their requirements, buying behavior and the scope of improvement.
    • To check the performance of their product or service.
    • IoT allows companies to facilitate omnichannel services.
    • To obtain real-time data of customers for better decision-making by minimizing the risk and cost.

    What are the different ways in which IoT devices are used in healthcare?

    IoT devices offer a number of opportunities for hospitals to monitor their patients and patients to monitor themselves.

    • Remote patient monitoring has become the most common application of IoT devices for healthcare.
    • Glucose monitoring has become easy now. Patients can monitor their glucose levels on their smart devices.
    • Heart rate monitoring can also be done easily via IoT devices with approx. 90% of accuracy.
    • The wearable fitness band is also an IoT device that helps to monitor or track the physical activities of the person. It also monitors their heart rate, sleep quality, step counts and much more.

  • Wallace Calvin Abbott: Founder of Abbott Laboratories

    Dr. Wallace Calvin Abbott is a Chicago Physician who founded the healthcare company, Abbott Laboratories. Today, the company is one of the world’s largest pharmaceutical conglomerates. He used to prescribe some commonly-used painkillers, like liquid alkaloid extracts which were susceptible to spoilage such as codeine, morphine, quinine, and strychnine. He was one of the first American Physicians to validate a new technique to distill alkaloids, the parts of medicinal plants that have therapeutic effect, into a solid form. This technique was developed by a Belgian surgeon, Adolphe Burggraeve. Wallace was an examining physician to Court Ravenswood of the Independent Order of Foresters, and is a Freemason.

    Wallace Calvin Abbott- Biography

    Name Wallace Calvin Abbott
    Born 12 October, 1857
    Birthplace Bridgewater, Vermont, United states
    Died 4 July, 1921
    Life-span 64 years
    Nationality American
    Education University of Michigan
    Profession Physician; Businessman
    Known for Founder & President, Abbott Laboratories
    Spouse Clara Ingraham Abbott
    Children Eleanor Abbott
    Authored Books A Brief Therapeutics of Some of the Principle Alkaloidal Medicaments: With Suggestions for Clinical Application (1901) Text-Book of Alkaloidal Therapeutics (1905)

    Wallace Calvin Abbott – Personal Life
    Wallace Calvin Abbott – Education
    Wallace Calvin Abbott – Professional Life
    Wallace Calvin Abbott – Business Idea
    Wallace Calvin Abbott – Success story
    Wallace Calvin Abbott – Abbott Laboratories
    Wallace Calvin Abbott – AbbVie

    Abbott Laboratories | Healthcare Company | Company Profile |
    Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has beenapproved by the organization it is based on. Founded in 1888, Abbott Laboratories is a global, diversified, healthcare[/best-healthcare-busine…
    StartupTalkySarika Anand

    Wallace Calvin Abbott – Personal Life

    Wallace was born in Bridgewater, Vermont, US in 1857. He further lived in Chicago. His father, Luther Abbott was a farmer at England and Wealtha Barrows Abbott was his mother. He had a sister named Lucy Abbott.

    His father deemed Wallace’s education unnecessary at the age of 14 and asked him to work at the family farm. However, it was her mother who convinced him to let Wallace earn his medical degree as he wanted to become a doctor. He was married to Clara Ingraham Abbott and the couple has a daughter, Eleanor Abbott. He had a life-span of 64 years and died in 1921.

    Wallace Calvin Abbott – Education

    Wallace went back to school in his 20’s, got enrolled in St. Johnsbury College. He later got admitted in the Medical department of Dartmouth College. At age 28, he earned his medical degree of Doctor of Medicine (MD) from University of Michigan (1885).

    Wallace Calvin Abbott – Professional Life

    While experimenting, Wallace measured his drugs into small pills which he named “domestics granules”. These granules provided an accurate dosage and proved to be a more effective and long-lasting than other medicine available at that time.

    He started to sell his own innovated medicine, Dr. Abbott’s Tooth Ache Drops. He then founded his medicine manufacturing venture Abbot Laboratories in 1888. He also served as the Editor of the medical journal The Alkaloidal Clinic, which was later renamed and is also currently published as American Journal of Clinical Medicine.

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    Wallace Calvin Abbott – Business Idea

    Wallace saw the growing demand of the remedies invented by him and he thus decided to establish his own business of manufacturing medicine. He started by leasing a small factory in 1888, and by 1900 he incorporated his venture, Abbott Alkaloidal Company.

    During World War I, the import and export from Germany was prohibited in America. This was the time when pharmaceuticals were not available in America from Germany. Thereafter, the US companies were sanctioned to manufacture trademarked German drugs, and Abbott’s business boomed. He was somewhat inactive in his company’s keen growth as he rather preferred to practice medicine, and made house calls on his bicycle.

    Wallace Calvin Abbott – Success story

    Even after being tangled in the world of drugs, he never procured the habit of using tobacco or liquor. He had a sole aim of manufacturing innovative medicines that can be used for over a long period of time. Also, much of his success in life is due to his abstemiousness.

    He paid for his studies on his own while working at all kinds of company finance pay. He was assiduously engaged in manufacturing alkaloids granules and other high-class pharmaceuticals for physicians’ use. Moreover, he has held several positions of honor. He was a member of the Rutland County Medical Society, the Chicago Medical Society, the American Medical Association, and the American Medical Temperance Association.

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    Wallace Calvin Abbott – Abbott Laboratories

    Abbott Logo

    Wallace founded an American multinational medical devices and health care firm, Abbot Laboratories in 1888. It is headquartered in Abbott Park, Illinois, United States. He established the company to formulate known drugs and today it sells medical devices, diagnostics, nutritional products, and branded generic medicines.

    He is the Founder and President (1888-1905) at Abbott Laboratories. The company now is best known for the sedative Nembutal, sodium pentathol (“truth serum”), and the artificial sweetener cyclamate (Sucaryl), which was then banned in the US in 1969 as a carcinogen.

    Wallace Calvin Abbott – AbbVie

    AbbVie Logo

    AbbVie is the sister company of Abbott Laboratories and employs upwards of 90,000 people in over 150 countries, with profits raising to $ 20 billion annually. It is an American publicly traded bio-pharmaceutical firm founded in 2013. The company originated as a spin-off of Abbott Laboratories.

    Frequently Asked Questions – FAQs

    Who is Wallace Calvin Abbott?

    Dr. Wallace Calvin Abbott is a Chicago Physician who founded the healthcare company, Abbott Laboratories.

    Who is the founder of Abbott laboratories?

    Dr. Wallace Calvin Abbott is Abbott Laboratories founder.

    What is Abbott Laboratories known for?

    Abbott Laboratories is a U.S. health care company which specializes in cardiovascular, diagnostics, diabetes and neuromodulation products. Abbott is also well-known for its pediatric and adult nutrition.

  • McKesson Unveils Insight Into Hospital Pharmacy Trends

    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.

    McKesson Corporation is an American company distributing pharmaceuticals and providing health information technology, medical supplies, and care management tools. The company had revenues of $231.1 billion in 2020.

    McKesson is based in Irving, Texas and distributes health care systems, medical supplies and pharmaceutical products. Additionally, McKesson provides extensive network infrastructure for the health care industry; also, it was an early adopter of technologies like bar-code scanning for distribution, pharmacy robotics, and RFID tags.

    McKesson – Company Highlights

    Startup Name McKesson Corporation
    Former Names Olcott & McKesson(1833–1853), McKesson & Robbins(1853–1999), McKessonHBOC(1999–2001)
    Headquarters Irving, Texas, U.S.
    Industry Healthcare
    Founded 1833
    Founder McKesson, Charles Olcott
    CEO Brian S. Tyler
    Areas Served Worldwide
    Website www.McKesson.com

    McKesson – About and How it Works?
    McKesson – Logo and its Meaning
    McKesson – Founder and History
    McKesson – Mission
    McKesson – Business Model
    McKesson – Revenue and Growth
    McKesson – Investments
    McKesson – Acquisitions
    McKesson – Competitors
    McKesson – Challenges Faced
    McKesson – Future Plans

    McKesson – About and How it Works?

    McKesson Corporation is a healthcare supply chain management solution, retail pharmacy, community oncology and speciality care, and healthcare information technology company. The Company provides medicines, medical products and healthcare services by partnering with pharmaceutical manufacturers, providers, pharmacies, governments and other organizations in healthcare.

    It operates through three segments: United States Pharmaceutical and Speciality Solutions, European Pharmaceutical Solutions and Medical-Surgical Solutions. The United States Pharmaceutical and Speciality Solutions segment distributes pharmaceutical and other healthcare related products and provides pharmaceutical solutions to life sciences companies. European Pharmaceutical Solutions segment provides distribution and services to wholesale, institutional and retail customers. Medical-Surgical Solutions segment distributes medical-surgical supplies and provides logistics and other services to healthcare providers.

    McKesson – Logo and its Meaning

    The McKesson logo is a great example of how a simple strict word mark can look modern and stylish.

    Logo of McKesson
    Logo of McKesson

    The brand’s logo is composed of its word mark and the slogan beneath. The key role in the logo design takes the colour palette. Its main colour is common for the pharmaceutical industry design blue. But it has a small and bright accent, which changes everything – an orange line under the letter “C”.

    This colour accent makes the logo look fresher and contemporary, even though the typefaces used in the word mark and slogan are both very classic.

    Sequoia Capital | American venture capital firm | Company Profile |
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    StartupTalkySarika Anand

    McKesson – Founder and History

    In 1833 Charles Olcott and his partner John McKesson founded Olcott & McKesson, a wholesaler and importer of botanical drugs. Twenty years later, with the death of Olcott and the addition of Daniel Robbins, the firm was renamed McKesson & Robbins. Over the next 100 years the company grew significantly by persuading other distributors of wholesale drugs to become its subsidiaries.

    In 1967 the firm faced a hostile takeover by Foremost Dairies, being renamed Foremost-McKesson. The parent had no corporate strategy and began acquiring diverse businesses, from sporting goods to candy. In 1976, new executives worked to streamline its operations by selling low-profit units. They also reorganized it into four groups: drugs/healthcare, wine/spirits, foods, and chemicals.

    The new leaders also aimed to redefine the firm’s “middleman” distributor role by making it more indispensable. They did so by offering data processing procedures that were essential for both customers and suppliers, enabling the company to act as part of their marketing teams. The value-added partnership was prized by small businesses that had difficulty competing with national chains.

    The strategy made it a top wholesaler and led to annual profit increases of 20% on average.  In 1979, it divested over one-third of its holdings to focus on retail and healthcare products. It also began acquiring much healthcare product distribution firms, including technology-related outfits, and shortened its name to McKesson in 1984. By 1990 it was the leader of the drug wholesaling industry.

    McKesson – Mission

    McKesson’s mission statement says, “To provide products, services and solutions of the highest quality and deliver more value to our customers that earns their respect and loyalty.”

    McKesson – Business Model

    McKesson is a distributor and provider of healthcare services and technology. The company operates two reportable business segments:

    • Distribution Solutions – Distributes generic and branded pharmaceutical drugs and other healthcare-related products, and provides practice management, clinical support, technology, and business solutions to community-based oncology and other speciality practices.
    • Technology Solutions – Provides enterprise-wide clinical, financial, patient care, strategic management, and supply chain technology solutions, as well as outsourcing, connectivity, and other services (including managed and remote hosting services) to healthcare organizations.

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    McKesson – Revenue and Growth

    | Year | Amount | Change From Last Year |
    | — | — | — | — |
    | 2020 | $234.194B | +5.5% |
    | 2019 | $214.319B | +2.86% |
    | 2018 | $208.357B | +4.95% |

    McKesson – Investments

    McKesson has made 2 investments. Their most recent investment was on Mar 27, 2019, when Xealth raised $11M.

    Date Organization Name Round Amount
    Mar 27, 2019 Xealth Series A $11M
    Mar 29, 2017 SHYFT Series B $7.5M

    McKesson – Acquisitions

    McKesson has acquired 44 organizations. Their most recent acquisition was Echo on Jun 19, 2019.

    Acquiree Date Amount About Acquiree
    Echo Jun 19, 2019 – Simplifying pharmacy, helping everyone get the medicine they need
    Medical Specialties Distributors Apr 25, 2018 – Full service medical supply and biomedical equipment distributor
    Well.ca Dec 4, 2017 – Well.ca is a Canadian online store for health, wellness, beauty and baby essentials
    RxCrossroads Nov 6, 2017 – RxCrossroads Specialty Solutions is committed to connecting patients to therapy
    CoverMyMeds Jan 25, 2017 $1.1B CoverMyMeds is a healthcare tech platform helping doctors and pharmacists complete PA and insurance coverage determination forms for drugs
    HealthQx Jul 12, 2016 – HealthQx specializes in data analytics and decision support software to bring transparency to the healthcare industry
    Vantage Oncology Apr 4, 2016 $525M Vantage Oncology, Inc., offers a comprehensive development, implementation and management solution for radiation oncology
    Rexall Mar 2, 2016 $2.1B Rexall is a drugstore operator with a dynamic history of innovation and growth
    Biologics Feb 25, 2016 $1.2B Biologics provides a patient-focused platform for managing the financial, emotional, and physical burdens of cancer treatment
    UDG Healthcare Sep 16, 2015 €408M UDG Healthcare specializes in supply chain, packaging, medical, regulatory, and sales and marketing

    McKesson – Competitors

    McKesson top competitors include EMIS Group, Walgreens Boots Alliance, Owens & Minor, Henry Schein, AmerisourceBergen, Cardinal Health and Walgreens.

    McKesson – Challenges Faced

    • Increasing complexity and growth in integrated delivery networks : The lines between care settings are blurring as hospitals integrate with medical practices, infusion centres and home care, to form sophisticated networks delivering comprehensive patient care. While the number of hospital mergers declined in 2018, mega mergers are the new standard. The need for business partners to help networks diminish complexity and streamline operations across the continuum of care has become increasingly important as leaders work diligently to do what is right for the patient.
    • Hospitals expanding speciality pharmacy footprint, swiftly : Speciality pharmacy has been a top trend for the past several years as utilization and drug spend have dramatically increased across healthcare. As hospital and health systems experienced nearly 20% growth in the speciality drug market in 2018, health systems continue to establish their own speciality pharmacies or expand their existing capabilities. Speed to therapy and ongoing patient support are still critical.
    • Out-of-pocket costs impacting patients and revenue : Speciality drugs have emerged as important treatment options for cancer and other complex diseases, but there can be significant access and affordability issues with speciality drugs. The cost of speciality medications and the increased adoption of high-deductible health plans (HDHP) have placed a higher financial burden on patients. As out-of-pocket costs increase – from higher costs or insurance denials – patients are more likely to abandon their treatment plans.
    • Finance and pharmacy leadership relying on data-informed decisions, not intuition : Pharmacy directors face increasing pressure from performance-based reimbursement and diminishing resources. To alleviate these pressures, pharmacists need to leverage data and analytics to reduce costs, help maintain a healthy bottom line and support quality patient care. However, not all health systems have the tools and resources to aggregate and sift through data in order to apply comprehensive, real-time analytics to deliver better care effectively while maintaining a healthy balance sheet.

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    McKesson – Future Plans

    A new strategic planning solution for oncology practices is now available to customers through McKesson’s Business Advisory Services, a team of experts dedicated to helping speciality practices solve financial and operational challenges through consulting, analytics and technology.

    “Tremendous change is happening in the healthcare industry, especially in oncology,” said Catherine Swick, VP of Speciality Provider Strategy at McKesson. “While practices cannot control the future, strategic planning can help them prepare for what may come, while identifying opportunities to remain strong and viable. As an advocate of community oncology, we are excited to offer our strategic planning solution to our oncology customers as it will enable them to grow and thrive in a way that’s meaningful and valuable to their practices.”

    McKesson’s strategic planning process helps practices create a vision for the future, while equipping them with short-term tactical planning to drive momentum and results. The comprehensive planning process starts with an analysis of the practice’s data, so the McKesson team thoroughly understands its challenges and opportunities and the practice has baseline metrics to guide its discussion and decisions. This is followed by a facilitated retreat with physicians and key staff to align on top priorities and culminates in a detailed three-year action plan for each initiative selected by the practice, providing the structure to make daily decisions that follow the larger vision.

  • Abbott – Winning almost two-thirds of the accounts

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    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
    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.

    Founder of Abbott Laboratories
    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.

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    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.

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    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.

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    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.