As we discussed earlier, Abbott Laboratories’ (ABT) diagnostic products include diagnostic systems and tests manufactured and marketed worldwide to blood banks, hospitals, commercial laboratories, physicians, government agencies, and plasma protein therapeutic companies. This segment contributed $4.7 billion, or ~23.30%, of the total revenue in 2014. It contributed $4.5 billion, or ~23.10%, of the total revenue in 2013. The key products include:
- immunoassay and clinical chemistry systems
- assays used for screening and diagnosis for abused drugs, cancer, therapeutic drug monitoring, fertility, physiological diseases, and infectious diseases
- hematology systems
- informatics and automation solutions for use in laboratories
The key products for this segment include Architect and Abbott Prism from immunoassay and clinical chemistry systems, the Cell-Dyn series for hematology systems, the Vysis product line of genomic-based tests, and Iridica—an instrument used to identify a broad range of infection-causing pathogens in critically ill patients.
Apart from these, Abbott’s diagnostic products include assays used for screening and diagnosing abused drugs, cancer, fertility, physiological diseases, therapeutic drug monitoring, and infectious diseases like hepatitis and HIV.
Abbott also provides informatics and automation solutions for use in laboratories. The company also has an instrument m2000. It automates the extraction, purification, and preparation of DNA and RNA from patient samples. It further detects and measures infectious agents including HIV, HPV, Hepatitis B, and Hepatitis C.
The R&D (research and development) for this segment is focused on developing a number of products under medical optics to improve patient outcomes after cataract and LASIK surgery. Abbott launched a few products under the Tecnis brand of IOL (intraocular lens) in Europe in 2014, while it’s still developing new products in similar lines.
Abbott is also focused on molecular diagnostics and core laboratory diagnostics. In molecular diagnostics, various molecular in vitro diagnostic products are under development. For core laboratory diagnostics, Abbott’s R&D is working to develop next generation blood screening, hematology, and immune chemistry instrument systems. It’s also focused on the development of assays for infectious diseases, cardiac care, metabolics, oncology, and automation solutions to improve efficiency in laboratories.
Other companies like Johnson & Johnson (JNJ), Medtronic (MDT), Allergan (AGN), Stryker (SYK), and Baxter International (BAX) compete with Abbott on different diagnostics products. The Health Care Select Sector SPDR ETF (XLV) has invested ~2.30% in Abbott.