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Portfolio Project: Abbott Labs


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Business Administration Capstone final portfolio project on Abbott Labs

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Portfolio Project: Abbott Labs

  1. 1. Abbott Labs 1 Running Head: Abbott Labs Abbott Labs: Portfolio Project Rachel Jones BSAD 495 Assignment 6-1 December 15, 2008
  2. 2. Abbott Labs 2 Overview Abbott Laboratories is based in Chicago, Illinois. They are the largest company in the nutritional products market and the second largest company in the worldwide market for diagnostic products. The company’s products fall into three categories, or production divisions: medical, pharmaceutical, and nutritional. In 2007, medical products accounted for $2.5 billion, or 9.7% of revenue; pharmaceutical products accounted for $10.5 billion, or 41% of revenue; nutritional products accounted for $4.3 billion, or 17% of revenue (Abbott Laboratories, 2008). Their top-selling products include Humira, a rheumatoid arthritis medicine, Depakote, for epilepsy and bipolar disorder, the Xience V coronary stent, and nutritional products, which include both the Ensure and ZONE Perfect lines. In addition, their target market runs anywhere from infancy to the golden years. The company employs around 68,000 people from all over the world, including Russia, India, and Latin America among others. They have been in business for over 120 years (About Abbott, n.d.). Vision, Mission, Objectives Trust, innovation, and quality are what stand out in Abbott’s vision for the company. Abbott prides itself in being the leading innovator in healthcare products including their developments in HIV detection and diabetes care. Their number one concern is for their customers, making sure that their products are both efficient and profitable. Finally, Abbott maintains a commitment to its history and to the future (Vision, Mission, and Objectives, 2007). External Environment Porter’s Model is comprised of five components. These five components include the threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitute products, and the intensity of rivalry among competitors in an industry (Dess,
  3. 3. Abbott Labs 3 et al., 2008). The threat of new entrants is medium because most competing drug companies have already been established; however, new entrants can impose the threat of creating generic drugs. The bargaining power of buyers is a medium threat. Most consumers will choose the generic drug over the more expensive drug. If there is no generic drug to choose from, the consumer has no choice but to buy the more expensive drug. The bargaining power of suppliers is very low. Abbott Labs purchases from over 200,000 suppliers. Therefore, if Abbott does not want to buy from one supplier, they can go to another. The threat of substitute products is medium high. One thing Abbott has protecting them against substitute products is patents. However, those patents run out, and there in lies the threat. Once patents run out, other companies will make a generic drug to compete with Abbott. Rivalry among competitors is high. Johnson & Johnson, Pfizer and Novartis are currently more profitable than Abbott. But, Abbott is ahead of eight other competing drug companies. All drug companies are competing for patents on drugs, technology, etc, because they have put intense research into the development of these things. It is constantly a race to the finish line. Stakeholders Abbott’s stakeholders not only include its shareholders but also its employees. Everyone from research and development to those who work in the plant are stakeholders. They also include Don Patton, the CEO, and all managers that support the CEO. The decisions and progress Abbott makes in its discoveries and developments contribute to the wealth of the company and its employees. Internal Environment
  4. 4. Abbott Labs 4 The biggest strength Abbott has over other companies is that Abbott is currently experiencing growth in the stock market compared to other companies which are not experiencing growth due to the economy. Over the last five years Abbott has grown from selling a volume of 5,413,760 shares in 2004 to selling a volume of 8,715,920 shares in the beginning of 2008 (Abbott Laboratories, 2008). Abbott has also been around for over 120 years. The company has a history of innovation; Dr. Wallace C. Abbott was one of the founders of modern day pharmacy (History, 2008). Because of the enormous growth of the company, Abbott now sells their products in over 130 countries, employs over 68,000 employees, and has more than 100 facilities worldwide (Fast Facts, 2008). One of Abbott’s major weaknesses is that the company depends on mature products. They depend on a couple of products whose patents are nearing expiry. One already expired in 2005 (Abbott Laboratories. SWOT Analysis, 2008). Another weakness Abbott faces is pending litigation. According to the company’s own SWOT analysis, “A number of antitrust cases are pending in US federal courts…and various state courts in connection with the settlement of patent litigation by Abbott involving…a drug sold by Abbott (Abbott Laboratories. SWOT Analysis, 2008). The most significant opportunity the company has, are the discoveries they have yet to make. Abbott is working on making a new product to measure blood glucose levels more comfortably, and more importantly a pain-free method. Their biggest opportunities lie within the improvements they can make in the products that they already make—through research and development. Finally, Abbotts threats two threats faced by all pharmaceutical companies, the threat of competition from generics, and price regulation of pharmaceutical products in various markets
  5. 5. Abbott Labs 5 (Abbott Laboratories. SWOT Analysis, 2008). Go to any Wal-Mart, and they can offer you most generics for four dollars. When consumers buy their products at such a reduced price it causes companies like Abbott to have to cut their prices, or sell less of their product. This leads to a lack in sales which directly effects the funding that goes into research and development. Price regulation has the exact same effect. Value-Chain Analysis The primary activities in the value-chain analysis are inbound logistics, operations, outbound logistics, marketing and sales, and service (Dess, et al., 2008). At Abbott, inbound logistics include the use of a logistics management company that plans and executes logistics, stores the product, and tracks each shipment. This same logistics company is involved in the operations as well. Abbott has a plant that is connected to its offices in downtown Columbus. This makes it easier to produce, store, ship, and track product. With the use of the logistics management company, Abbot is able to store and track its product after it is produced, and after it leaves the plant. Once the product leaves the plant, it is ready to be sold. This is when the marketing and sales teams come in. It is because of them that other companies pick up the product and choose to sell it on their shelves. It is also because of them that doctors use their products in hospitals. Abbott has a pharmaceutical, nutritional, and pediatric sales and marketing team among others. Without them, Abbott would not be able to sell their product with the success that they do. Abbott employs many people who answer phone calls all day. Their job is to answer questions in regards to baby formula, diabetes products, nutritional supplements, etc. They
  6. 6. Abbott Labs 6 respond to customer complaints as well. This is how the company receives feedback and resolves issues about their products. Abbott’s supportive activities include general administration, human resource management, technology development, and procurement (Dess, et al., 2008). Procurement at Abbott includes the machines used to test the products, the machines used to package the product, and mostly the machines used to produce the product. This is a supportive activity because it would not exist if there were no operations. Technology development also includes the facility Abbott uses to produce its product, or its plant. It also includes the tools used to log in product, packages, and shipments. Without the product there would be no need for this technology. General administration includes Don Patton, the CEO of Abbott Laboratories. It also includes his supporting managers’ ability to achieve goals and objectives, as well as his ability to maintain a positive relationship between stakeholders and the company (Dess, et al., 2008). Human resource management includes those in charge of recruiting, developing, and retaining employees at Abbott. Human resource management uses many incentives to draw in new hires, such as good pay, flexibility, and a diverse workforce. They provide extensive training, leadership, and mentoring programs to develop the skills of new hires and current employees. The good pay, diverse workforce, and their reward and recognition of hard work are what retain employees. An important facet of procurement is “the analysis and selection of alternate sources of inputs to minimize dependence on one supplier” (Dess, et al., 2008). In 2007, Abbott purchased an estimated $12 billion in goods and services from more than 200,000 suppliers worldwide.
  7. 7. Abbott Labs 7 More than $8 billion of those purchases supported their operations in the United States (Our Suppliers, n.d.). Intellectual Assets Currently, Abbott employs over 68,000 people worldwide. The company attracts this human capital by offering flexible schedules, a family friendly atmosphere, and through involving the poor as employees, entrepreneurs, suppliers, distributors, etc. (Mahmud, A., and Parkhurst, M., 2007). Abbott spends a lot of time developing the skills of these employees by spending an average of $1,600 on each new hire during his or her training; a formal leadership program, which lasts one year, further improves the knowledge of Abbott employees. Formal mentorship programs are also available (2008 Best Places to Launch a Career, 2008). One of Abbott Laboratory’s biggest intellectual assets is their patent for the Xience coronary stent, a tiny mesh scaffold used to prop open clogged arteries. Over 13 million people in the United States suffer from coronary artery disease; the Xience stent is a major scientific breakthrough in the treatment of this disease. The product went on sale in July of this year, and Abbott is hoping to even further extend the patent until May 24, 2011 (Barris, 2008). Strategies Abbott’s star performers are consistently their pharmaceutical and nutritional products. These two lines of products continuously bring in money for the company; both experience high growth and high market share. Abbott’s question marks are their diagnostic instruments and tests. These two could potentially experience enormous growth if more research and development could be focused on them, which would require more money. Medical and surgical devices are the company’s cash cows. Now that the patent for Xience has been approved, this product will lead to huge profits for the company; it also gives them a competitive advantage
  8. 8. Abbott Labs 8 over other companies that were not able to beat them to the punch. Finally, animal healthcare is the company’s dog. This is a very small sector of the company, and not much money is devoted to it compared to the company’s other products, such as nutritional and pharmaceutical products. Abbott is not known to be a leader in animal healthcare; they are known more for their innovative advances in human healthcare. Abbott Lab’s strength is in its differentiation. Its strength in differentiation comes from the immense diversity of products the company offers that are considered innovative and unique compared to products made by competitors. Abbott Labs produces pharmaceutical, medical, and nutritional products. They are the leading innovators in anesthetics, HIV, and diabetes care. One challenge Abbott addressed specifically was the challenge the company has with products that are patent pending, and with products whose patents are running out. When certain drug patents run out, that allows for other drug companies to create generic drugs, very cheap generic drugs. With the introduction of generic drugs, Abbott loses profits because they cannot sell their products at a higher price. This higher price is what allows the company to fund research needed to create innovative drugs and technology. When the company has to wait for patents to be approved, this is also money that the company is waiting on to fund research, as well as money needed to open new facilities. Financial Analysis Over the last five years, Abbott Laboratories has experienced increases in total revenue and gross profit, allowing them to further develop each of the three divisions that make up their product lines, medical, pharmaceutical, and nutritional. In 2004 Abbot’s price per share was as low as 38.69. Now in 2008, price per share has been as high as 60.50. Abbott Laboratory’s current market-to-book ratio is 0.2466, or less than one which means that the stock is overvalued.
  9. 9. Abbott Labs 9 Their price per share at today’s closing price was 12.37 and their book value per share was 50.15 (Yahoo! Finance, 2008). Despite tough economic times, Abbott has been thriving because the 130 countries in which Abbott sells its products still need drugs, baby formula and heart-disease devices. According to CEO Miles White, “Our products are the kind that people rely on and need, regardless of economic conditionsquot; (Iwata, 2008). Abbott’s financial performance is consistent with its mission, objectives, and organizational environment. The company’s vision is “Always at the forefront, always first choice,” and the company embraces the idea of “focusing on a culture of continuous improvement and a dedication towards organizational excellence” (Pharmaceutical Field, 2008). This includes the improvement of employees, products, and the company as a whole. Abbott’s greatest differentiator is in the diverse mix of their business portfolio. Abbott’s broad line of products and the success of their employees is what contribute to such high numbers, as well as the company’s ability to produce what people need throughout the world, medically, pharmaceutically, and nutritionally. Abbott Laboratories current ratio is higher than one; therefore their networking capital is positive. The high current ration indicates high liquidity which is deemed as a good thing to lenders. This means that the company has an efficient use of cash and other short-term assets. The company’s total debt ratio indicates that it does have the ability to meet its obligations; the company has financial leverage. Abbott’s total asset turnover reveals that for every dollar that belongs to the company in assets, they generate 0.625 in sales. In addition, the company’s profit margin equals 0.139. This number measures how efficiently Abbott uses its assets or more specifically, they produce 14 cents in profit for every dollar they have in sales. Finally, Abbott’s PE ratio indicates that their shares sell for 18 times earning. This number also indicates how
  10. 10. Abbott Labs 10 much investors are willing to pay per dollar for current growth; therefore, Abbott appears to have significant profits for future growth (Dess at al, 2008). Johnson & Johnson is one of Abbott’s biggest competitors. Currently, Johnson & Johnson’s price per share is at 58.77. Their earnings per share are 4.42; therefore their price earning ratio is 13.31. These numbers indicate that Johnson & Johnson is currently outperforming Abbott Labs. In 2004 the company’s price per share was as low as 50.1. This is not far from where Abbott’s price per share is today. In 2008 the company’s price per share has been as high as 71.33; however in April of 2005 the company’s price per share was higher than it is today, and it has staggered up and down throughout the last three years. Over the last thirty years the company has experienced consistent growth. Last year Johnson & Johnson experienced $61.10 billion in revenue compared to Abbott’s $25 billion in revenue (Abbott, 2008). Although Abbott did not make the revenue that Johnson & Johnson did for 2007, it did perform better than at least eight other companies competing within the same industry, including Merck. Only two other companies competing in the same industry (not including Johnson & Johnson) outperformed Abbott, Pfizer and Novartis (Abbott, 2008). Strategic Implementation, Evaluation, & Control Abbott Labs implement a contemporary approach to strategic control. The relationships between strategy formulation, implementation, and control are very interactive (Dess, et al, 2008). A traditional approach would not be appropriate for the industry in which Abbott produces products for because the industry is always changing. Medical technology, new scientific developments in pharmaceuticals, and new and better formulas in nutritional products are all reasons why Abbott follows the contemporary approach versus the traditional. The competitive nature of the industry also affects the approach that Abbott uses. They are not the
  11. 11. Abbott Labs 11 only ones developing new technologies, medical devices, and pharmaceuticals. Johnson & Johnson, Pfizer, and many others are either ahead or quickly catching up in the race to develop patents. Abbott must be flexible on their strategic control; they cannot wait on feedback. Information control is implemented by constantly testing products that are returned to them. They perform ongoing tests on products that have yet to be released. The company also employs a consumer relations department for questions, concerns, and comments on products. In addition to the numerous benefits Abbott offers to its employees, managers are extremely approachable and actively encourage employees to put themselves forward for promotion. With opportunities coming up frequently, there is a strong feeling of energy and progression within the company which helps contribute to a positive atmosphere within the sales force and rest of the company. The company’s vision is “Always at the forefront, always first choice,” and the company embraces the idea of “focusing on a culture of continuous improvement and a dedication towards organizational excellence” (Pharmaceutical Field, 2008). The company also awards multiple awards for achievement. The Volwiler award is bestowed for science achievements and their top sales people receive the Abbott All-Star award, to name just a few (Abbott Onboarding and Development, 2008). Organizational Design Abbott Labs uses a matrix organizational structure. As previously stated, the company has locations all over the world, and this type of structure is appropriate for a company that has operations world-wide. As stated in the text book, the matrix structure is a “combination of the functional and divisional structure” (Dess, et al, 2008). In this type of structure, each manager manages over a project, which can last a couple of months, or it can be open-ended. The employees involved in each project report to the manager in charge of that project as well as the
  12. 12. Abbott Labs 12 manager in charge of their functional area. Those managers report to the corporate office, and corporate reports to the CEO. Abbott is always working on a new project, whether it is creating a new formula for babies, or testing the durability of a container holding product. Each of these projects follows the structure displayed by the matrix structure. Abbott does outsource some of its administrative, warehouse, and plant positions. The front lobby reception desk, library, and mailroom are outsourced to an office solutions company. Warehouse and plant positions are filled through manpower, or temp agencies. Evaluation and Contingency Approach Their largest source of revenue comes from pharmaceutical sales. Other than research and development, marketing and sales play an enormous role in the performance of the company and achieving their goals. According to an article written by Pharmaceutical Field, Abbott implements what is known company-wide as Class A, which integrates business processes, tools and people with their behaviors (2008). In other words, each sales force meets monthly with the marketing team and presents qualitative and quantitative information from their territory. The marketing teams then incorporate the feedback into their forecasting and marketing plans. This process allows marketing and sales teams to come together, be on the same page, and successfully sell and market products. Recommendations In conclusion, despite economic hardships, Abbott will thrive as they have been by continuing to develop new and beneficial products that are innovative and ahead of the curve. In order to maintain a competitive edge, the company must develop patents before their competition
  13. 13. Abbott Labs 13 does. They will do this by continuing to encourage employees to succeed and excel, and by increasing the flow of funds in research and development. In the past year, medical products accounted for $2.5 billion, or 9.7% of the company’s revenue. Additionally, coronary heart disease is the number one life-and-death emergency in the United States. As a leader for this company, I would further improve the performance and design of their line of medical devices, specifically the Xience V coronary stent. This will increase the company’s competitive edge within the industry. In order to fund this project, I would recommend that the company discontinue investing in animal healthcare.
  14. 14. Abbott Labs 14 Appendix A Vision and Values Our vision is to be the trusted worldwide leader in providing innovative and superior nutrition that advances the quality of life for people of all ages. Pioneering Leading-edge science and commercialization We lead with solutions that address human needs by pioneering innovative treatments and products, lifesaving medical devices, and new approaches to managing health. Pioneering means leading-edge science and innovative execution. Achieving Customer-focused outcomes and world-class execution We drive for meaningful results — demanding of ourselves and each other because our work impacts people's lives. We're committed to working together to deliver solutions that are effective and profitable. Our focus on execution and collaboration ensures that we keep our promises to each other and to those we serve. Caring Making a difference in people's lives Caring is central to the work that we do to help people live healthier lives. We have tremendous respect for the lives of everyone touched by our company. Our respect for people is demonstrated in what we do and how we act. Enduring Commitment and purpose Enduring means both honoring our history and maintaining our commitment to the future. We will always be here to help keep people healthy. We keep our promises, acting in accordance with all of our values. We grow through our intellectual curiosity and a desire to continuously learn and improve
  15. 15. Abbott Labs 15 Appendix B Appendix C Value Chain Analysis Inbound Outbound Marketing > Operations > > > Service Logistics Logistics and Sales Margin Firm Infrastructure HR Management Technology Development Procurement Appendix D Activity Actions/Strategies Implications
  16. 16. Abbott Labs 16 1. Flexible work 1. Employees are able to schedule (Dubil, build a schedule that works Attracting Human Capital 2002) for them 2. Family friendly 2. Employees don't have to (Dubil, 2002) choose work over family 3. Involving the poor as employees, 3. Reaching out to the entrepreneurs, community gives the suppliers, distributors, company a competitive etc. (Mahmud, A., and advantage over other that Parkhurst, M., 2007) do not reach out to the poor 1. Average of $1,600 spent on training, per new hire, in 2007 1. It is clear what (2008 Best Places to employees' job duties are Launch a Career, and who the company is Developing Human Capital 2008) that they are working for 2. A formal leadership program that lasts one year (The Abbott Professional 2. Abbott encourages Development Program leadership, and therefore [PDP]) (2008 Best does not hold people back Places to Launch a from performing to their Career, 2008) full potential 3. Formal mentorship 3. Employees have program (2008 Best someone to look up to, and Places to Launch a current employees are held Career, 2008) to a higher standard 1. By integrating diversity into every aspect of its business practice (Abbott Makes Honor Roll For Its Workplace 1. Diverse people equal Retaining Human Capital Diversity, n.d.) diverse thoughts and ideas 2. Employees are 2. Recognizing and encouraged to do a good rewarding hard work job, and they are more (Dubil, 2002) motivated to do a good job Appendix E Boston Consulting Group Portfolio Matrix
  17. 17. Abbott Labs 17 Stars Question Marks Pharmaceutical Products Industry Growth Rate Nutritional Products Diagnostic Instruments and Tests Cash Cows Dogs Medical and Surgical Devices Animal Healthcare Relative Market Share Appendix F GENERIC DRUGMAKERS RANKED BY SALES Company Symbol Price Change Market Cap P/E Sandoz International GmbH Private - View Profile Watson Pharmaceuticals Inc. WPI 22.79 -4.04% 2.38B 11.74 Alpharma, Inc. ALO 36.1 0.00% 1.51B 13.49 Barr Pharmaceuticals Inc. BRL 62.84 -3.90% 6.88B 47.93 King Pharmaceuticals Inc. KG 9.25 -3.75% 2.28B 8.78 Ranbaxy Laboratories Limited Private - View Profile Mylan, Inc. MYL 8.85 -5.95% 2.70B N/A Pfizer Inc. PFE 15.28 -7.00% 103.03B 9.78 Johnson & Johnson JNJ 55.33 -5.55% 153.84B 12.53 GlaxoSmithKline plc GSK 32.02 -7.03% 81.80B 11.77 Appendix G *Numbers in the thousands w/the exception of PPS and EPS Financial Ratio Analysis (2007)
  18. 18. Abbott Labs 18 Current ratio = Current assets/ Current liabilities 14,042,733/ 9,103,278 = 1.543 Total debt ratio = Total assets – Total equity/ Total Assets 39,713,924 - 17,778,540 / 39,713,924 = 0.552 Total asset turnover = Sales/ Total Assets 25,914,200 / 39713,924 = 0.6253 Profit margin = Net income/ Sales 3,606,314 / 25,914,200 = 0.139 Price-earnings ratio = Price per share/ Earnings per share 52.92/ 2.91 = 18.16 Appendix H Appendix I
  19. 19. Abbott Labs 19 Appendix J Pharmaceutical and Biotech Industry — Competitive Operating Metrics (2007) Johnson & Pfizer Novartis Abbott Merck Wyeth Bristol- Eli Lilly Amgen Schering- Boston Biogen Johnson (PFE) (NVS) Laboratories (MRK) (WYE) Meyers (LLY) (AMGN) Plough Scientific Idec (BIIB) (JNJ) (ABT) Squibb (SGP) (BSX) (BMY) Revenue (in billions of USD) Total $61.10 $48.42 $38.95 $25.91 $24.20 $22.40 $19.35 $18.63 $14.77 $12.69 $8.36 $3.17 Revenue Gross $43.34 $37.18 $27.04 $14.49 $18.06 $16.09 $13.13 $14.38 $12.22 $8.29 $6.02 $2.84 Profit Revenue 14.57% 0.10% 10.94% 15.30% 6.90% 10.07% 12.12% 18.75% 3.53% 19.78% 6.85% 18.21% Growth from 2006 Income Net $10.58 $8.14 $11.95 $3.61 $3.28 $4.62 $2.17 $2.95 $3.17 -$1.47 -$0.50 $0.64 Income Net Profit 17.31% 17.05% 16.79% 13.92% 13.54% 20.61% 14.12% 15.85% 21.43% -11.61% -5.92% 20.12% Margin Operating $13.28 $9.28 $6.78 $4.58 $3.37 $6.46 $3.53 $3.88 $3.98 -$1.22 -$0.01 $0.78 Income Return on 25.60% 12.06% 14.43% 22.66% 18.33% 28.09% 19.15% 23.96% 17.19% -22.17% -3.26% 10.05% Average Equity Other Employee 119,200 86,600 98,200 68,000 59,800 50,527 42,000 40,600 17,500 55,000 27,500 4,300 s
  20. 20. Abbott Labs 20 Appendix K Formulate Implement strategies strategies Information Behavioral control control Strategic control
  21. 21. Abbott Labs 21 References (2007). Vision, Mission, and Objectives. Abbott Annual Report. Retrieved on October 10, 2008 from (2008). 2007 Annual Report. Abbott Laboratories. Retrieved on December 8, 2008 from http:// (2008). 2008 Best Places to Launch a Career. Abbott Labs Pharmaceuticals. Business Week. Retrieved on October 15, 2008 from (2008). About Abbott. Abbott. Retrieved on November 9, 2008 from 00004.htm. (2008). Abbott Laboratories (ABT). Wikinvest. Retrieved on December 8, 2008 from http:// (2008). Abbott Laboratories (ABT). Yahoo! Finance. Retrieved on October 14, 2008 from tent_00069.htm. (2008). Abbott Onboarding and Development. Abbott Laboratories. Retrieved on December 8, 2008 from content/General_Content_00388.htm (2008). FDA Approves Abbott's XIENCE V™ Drug Eluting Stent. Abbott. Retrieved on November 30, 2008 from 60.5:5/ Press_Release_0623.htm.
  22. 22. Abbott Labs 22 Abbott Laboratories. SWOT Analysis. Datamonitor. Retrieved on October 14, 2008 from Abbott Laboratories. The Industry’s Best Kept Secret? Pharmaceutical Field (PF). Retrieved on December 8, 2008 from article.aspx? issueID=19&articleID=103. Abbott Makes Honor Roll For Its Workplace Diversity. Reliable Plant. Retrieved on October 15, 2008 from Barris, M. (2008). Abbott Labs Wins One-Year Extension On Stent-Delivery Patent. Market Watch. Retrieved on November 30, 2008 from extension/story.aspx?guid=%7B198B9E11-E994-4CAB-B2E0- AC1D538088AA %7D&dist=siteid=rss. Dess, G. D., Lumpkin, G.T., & Eisner, A. B. (2008). Strategic management 4e. New York, N.Y.: McGraw-Hill Irwin. Dubil, M. (2002). Abbott Recognized For Family-Friendly Policies. Morgan Hill Times. Retrieved on October 15, 2008 from Iwata, E. (2008). Some companies (like Wal-Mart) thrive despite recession. USA Today. Retrieved on December, 8 2008 from recession-proof-companies_N.htm
  23. 23. Abbott Labs 23 Mahmud, A., and Parkhurst, M. (2007). The Role of the Healthcare Sector in Expanding Economic Opportunity. Harvard University. Retrieved on October 14, 2008 from http:// EconomicOpportunity.pdf. Our Suppliers. Abbott Laboratories. Retrieved on October 14, 2008 from ontent_00261.htm