It was found by Dr. Wallace in 1888, as a diversified Pharmaceutical and Health Care company providing human and veterinarian pharmaceutical products and nutritional ones. Abbott is located in Abbott Park, Illinois with 65,000 employees and operates in 130 countries. Their net income and revenue is calculated in billions.
In addition, Abbott Laboratories provided a number of unique developments program for their staff (physicians and scientist) these programs aspire to develop leadership traits and business skills on managerial level.
Management challenge (MC) and leadership development program (LDP) are Abbott’s success story in the field of strategies and execution. Some of the factors that lead to this success are:
•Passion to their business success
•Achievement and prosperity
•Internal growth and reliance
•Belief in Abbott team
Strategic and Competitive Business Challenges:
In the early 90’s, tremendous changes occurred around the globe as the 1993 healthcare reform initiative took place to narrow the gap of raising health care cost. Government were committed to this issue which cost a lot of health care companies to merge or get acquired by others. However Abbott stood still with their strategies, which help in building a foundation for their future successful strategies. These strategies were:
•Remain diversified company, leveraging its multiple strengths •Continue its drive to excellence through outstanding execution and productivity improvement •Drive rapid growth by:
1.Increasing the effectiveness and efficiency of internal research and development 2.Maximizing global opportunities particularly the emerging markets 3.Effective licensing and acquisition of technology
4.Acquisition of selected new business
Leadership Development Program (LDP):
It was launched in 1991, an executive managerial program which last for 3 weeks annually for 35 participants...