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The character of the pharma industry is such that many people tend to think of it as a very different industry from the rest. It is perhaps one of the most developed sectors in recent times.
Talking about the pharmaceutical industry, Abbott Laboratories is one such company that has made a substantial global impact with its innovative pharma and medical products. Its global headquarters are present in Abbott Park, Illinois, United States. The company is spread across countries in Asia Pacific, Europe, the Middle East, South Africa, and the Americas. Founded in 1888 by Chicago medic Wallace Calvin Abbott, Abbott Laboratories has made a gigantic name for itself in India as well, with its subsidiary Abbott India Limited, which has its headquarters in Mumbai.
Dive into this article for further information on Abbott India Ltd. Read about its mission and vision, key products of Abbott India, business and revenue model, CSR activities, and more.
Abbott India Ltd. - Company Highlights
- Company Name-Abbott India Limited
- Headquarters-Mumbai, India
- Sector-Pharmaceuticals, Healthcare
- Founder-Wallace Calvin Abbott
- Parent Organisation-Abbott Laboratories
Abbott India Ltd. - About
- Abbott India Limited is a subsidiary of Abbott's international pharmaceutical business in India. It is one of the country's fastest-growing pharmaceutical firms today. Boots Pure Drug Company (India) Ltd was the initial name under which Abbott India Ltd was founded in 1944. It runs a production plant in Goa as well as a number of independent contractors and third-party producers located throughout the nation.
- Abbott India Limited, an Abbott Laboratories subsidiary with its headquarters in Mumbai, offers reliable, high-quality medications in a variety of therapeutic areas, including women's health, gastroenterology, cardiology, metabolic disorders, and primary care.
- Abbott India Ltd is devoted to giving Indians access to high-quality healthcare through a combination of international and domestic goods. The company has its development and medical team that generates products and clinical trials that are specifically suited to the demands of the Indian market. Its staff members try to create high-quality, high-volume formulations utilizing methods that are economical. Additionally, Abbott's skilled staff members are committed to guaranteeing adherence to global quality standards.
- Some of Abbott's well-known products include Pedialyte, Similac, BinaxNOW, Ensure, Glucerna, ZonePerfect, FreeStyle Libre, i-STAT, and MitraClip in the medical equipment, diagnostics, and nutrition product businesses.
Abbott India's CSR Activities
- Abbott India is also involved in many corporate social responsibility activities that focus the society in general.
- Its therapy-shaping efforts are intended to enlighten and assist individuals in making educated decisions, dispel common misconceptions about illnesses, and increase accessibility and effectiveness. It has set up health clinics like Fibroscan and Liver clinics to help provide a quick, reliable, and timely diagnosis to people. Vaccination outreach programs to create awareness of flu. Abbott India has reached out to parents across more than 50 schools to create awareness and stress the importance of flu vaccines. More than 500 Menopause clinics were established pan India by Abbott India. The company has also executed around 100+ Pausetive Talks (awareness on menopause symptoms) for women across India in 12 regional languages, both digitally and physically.
Abbott India Ltd. - Industry details
- India's pharmaceutical sector is predicted to be worth $65 billion by 2024 and $130 billion by 2030. India's pharmaceutical sector is currently worth $50 billion.
- Patient expenditure on healthcare and medications is anticipated to increase for non-COVID-19 therapy as India's economic growth is anticipated to continue.
Abbott India Ltd. - Founder and Team
- Abbott India Ltd is the subsidiary of Abbott Laboratories, which was founded by Wallace Calvin Abbott in 1888.
Wallace Calvin Abbott
- Dr. Wallace Calvin Abbott was born in 1857. He is a graduate of the University of Michigan. When he founded the Abbott Alkaloidal Company, Dr. Abbott was a practicing physician. He was one of the first American doctors to use a novel method to distill alkaloids, the components of medicinal plants that have a therapeutic effect into a solid form like morphine, quinine, strychnine, and codeine. This strategy was helpful because it gave patients more dependable and efficient dosing. The business relocated from Ravenswood to North Chicago, Illinois, in 1922.
- Abbott Laboratories was one of the forerunners of the scientific practice of pharmacy under the visionary direction of Dr. Abbott, and it expanded to address increasing global health demands by supporting new fields of medical research.
Vivek V Kamath
- Vivek V Kamath is the Managing Director of Abbott India Ltd. He has a degree in science with a focus on microbiology and a Master's in Management with a focus on marketing. Mr. Vivek has more than 30 years of extensive and varied expertise in the healthcare industry, including the pharmaceutical, over-the-counter, and diagnostic industries. He has held many top leadership roles in reputable pharmaceutical firms, both Indian and MNCs, in a variety of geographical locations. Mr. Vivek also possesses significant functional knowledge in the fields of strategy, marketing, sales, and general management. He worked with MSD Pharmaceuticals, Roche Diagnostics in India, Novartis in Singapore, Ranbaxy, Pfizer in India, Fulford in India, Wockhardt, and Johnson & Johnson before joining Abbott.
- Rajiv Sonalker is the whole-time Director and CFO of Abbott India Ltd. He is a fellow member of the Institute of Chartered Accountants of India and holds a Bachelor's Degree in Science from the University of Bombay. Rajiv Sonalker served as Director of Finance at Bristol-Myers Squibb before joining Abbott India. In Germany and India, Rajiv has also worked with Voltas Ltd., Johnson & Johnson, and Sanofi-Aventis.
Abbott India Ltd. - Startup Story | How It Began?
- The story of Abbott India began in the 1940s. The origin of the company is when Dr. Wallace Calvin Abbott founded its parent organization Abbott Alkaloidal Company in 1888. It was during this time when the production of “alkaloidal” medicine granules was introduced, which made it a big hit in the market. After making sufficient sales in the USA, Abbott established its first overseas affiliate in London in 1907; the company then acquired a Montreal, Canada, affiliate. Boots Pure Drug Company (India) Ltd. was the initial name under which Abbott India Ltd. was formed on August 22, 1944. On November 1st, 1971, the business was renamed The Boots Company (India) Ltd; on January 1st, 1991, it became Boots Pharmaceuticals Ltd. The name was changed to Knoll Pharmaceuticals Ltd on October 31, 1995, and then to Abbott India Ltd on July 1, 2002.
- 17 new products were introduced by Abbott India during the fiscal year that concluded on March 31, 2016, and they collectively generated 1.9% of the company's net sales. The firm and Bharat Biotech India Limited entered into a license agreement during the reviewed year to commercialize vaccines in the immunology category.
Abbott India Ltd. - Mission and Vision
- The mission statement of Abbott India is, "to build life-changing technologies that keep your heart healthy, nourish your body at every stage of life, help you feel and move better, and bring you information, medicines, and breakthroughs to manage your health."
Abbott India Ltd. - Name, Tagline, Logo
- Before Abbott India, the company's name was Knoll Pharmaceuticals Ltd. The name was changed in 2002.
- The tagline of Abbott Laboratories is, "Live Your Best Life, Now And In The Future"
Abbott India Ltd. - Business Model
- Diagnostics, medical equipment, branded generic drugs, and nutritional goods make up the core businesses of Abbott, which have been expanded via acquisitions. The company through its subsidiary, Abbott India creates and sells more than 600 goods for medical professionals that support Indians' overall health and well-being.
- The extensive pharmaceutical portfolio of Abbott in India covers the complete spectrum of healthcare requirements for all phases of life, from illness prevention to treatment and cure. Abbott Healthcare Solutions represents one of the largest pharmaceutical portfolios in India, including some of the market's most dependable goods. In the fields of dermatology, diabetes, cardiology, gastrointestinal, central nervous system, pain management, and orthopedics, it is widely regarded as a market leader.
- In India, the top of their respective categories is occupied by trademarks like Stemetil, Haemaccel, Kenacort, Paraxin, and Neomercazole. Abbott India's business also includes providing high-quality healthcare to those living in ultra-urban areas where access to these quality healthcare solutions is a challenge. With a high-quality, reasonably priced portfolio of products in the therapy areas of pain management, gastroenterology, and anti-invectives for diseases like typhoid, malaria, and respiratory infections, Abbott True Care is assisting in improving the health and well-being of the people in extra-urban towns.
Abbott India's main business operations are divided into the following categories:
- Nutrition - This is further divided into categories like Adult Nutrition (Ensure and ZonePerfect), Child Nutrition (Isomil, and Gain) Infant Nutrition, and other medicinal nutrition
- Diagnostics - with focus areas like Core labs, Molecular, and Point of Care
- Established Pharmaceuticals - branded generic drugs
- Medical devices - offering high-end medical devices for diabetic care, vascular care (coronary and endovascular), rhythm management, and electrophysiology.
- The superior financial success has constantly been a result of the robustness of its business model.
Abbott India Ltd. - Revenue Model
- Abbott India Ltd. made 11.4% of its Revenue from Operations. For FY 2021-2022, the company has delivered impressive results with 14.1% growth in revenue and 15.6% in net profits over the previous year. The company mostly generates its revenue from its diversified pharmaceutical portfolio.
Abbott India Ltd. - Growth
- With a 14.1% growth in revenue (from ₹4,310 crores in FY21 to ₹4,919 crores in FY22), Abbott India has added 10 new items to its major portfolios in the therapeutic areas of women's health, gastroenterology, central nervous system, multi-specialty, and vaccines. It conducts business in Nepal, Sri Lanka, Maldives, and Bhutan. Abbott India's emphasis on expanding its business in these nearby nations and helping people through its high-quality products is also growing. It has a robust distribution network of more than 8,600 stockists and 60 lacs, retailers.
Abbott India Ltd. - Advertisements and Social Media Campaigns
- In 2020, Abbott India launched the ‘Don’t Wait for Life’ campaign to highlight the importance of health challenges through technologies and solutions. The advertising campaign emphasizes the value of pursuing one's dreams without sacrificing the life one is already living. The ad talks about Abbott's groundbreaking cardiac pumps enabling people to continue living normally even when they have heart failure.
- The campaign was launched by a series of four videos that depict the stability of people with heart problems and diabetes, which are considered highly prevalent non-communicable health conditions in India.
Abbott India Ltd. - Awards and Achievements
The list of awards and achievements won by Abbott India are:
- Abbott India Ltd won the ‘GOLDEN PEACOCK HR EXCELLENCE AWARD’ For the second consecutive year from the Institute of Directors
- Abbott India Ltd was recognized by Avatar and Working Mothers as the “Best Companies in India”
- Abbott India Ltd won the “Best Places to Work” For 8 consecutive years by Business Today
- Abbott India's Goa plant received the prestigious Abbott Global EHS Excellence award for upgrading the fire-fighting facility without business interruption. The plant also received the Best Plant award from Abbott Global.
Abbott India Ltd. - Competitors
Abbott India competes with the following top competitors:
- Dr. Reddy's Laboratories
- Cipla Limited
- Divi's Laboratories
- Sun Pharmaceuticals Pvt. Ltd.
- Aurobindo Pharma Ltd.
- Lupin Ltd.
- Zydus Lifesciences Ltd.
- Torrent Pharma
- Ajanta Pharma
- Gland Pharma Ltd.
- Glenmark Pharma Ltd.
Abbott India Ltd. - Future Plans
- Abbott India wants to keep placing a priority on developing novel medicines. The company further plans to introduce cutting-edge goods and services to the market. It believes this introduction is essential if it wants to revolutionize Indian healthcare.
Who is the Managing Director of Abbott India Ltd.?
- Mr. Vivek V Kamath is the Managing Director of Abbott India Ltd.
Is Abbott India Ltd a public company?
- Yes, Abbott is a public company.
Where is the headquarters of Abbott India Ltd.?
- The headquarter of Abbott India is in Mumbai.