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Abbott Laboratories revealed on Tuesday, Oct. 10, that it has expanded into a new market in its pursuit of finding new businesses. The medical device and healthcare company has now dived into consumer wearable retail, which will allow it to offer more products to consumers.
Robert Ford, Abbott Laboratories’ chief executive officer, personally shared the news when he took the stage at the HLTH conference that was held in Las Vegas. Along with the company’s products, he talked about their expansion by adding the wearable business to the portfolio.
COVID-19’s Slowdown Pushed Abbott to Search for New Biz
According to CNBC, the brand’s 5-minute rapid Covid test kit has brought huge profits for the company. In 2021, the product reportedly recorded a massive $7.7 billion and $8.4 billion in 2022.
However, as the pandemic slowed, sales of the testing kits also dropped. This year, Abbott said it only earned $263 million for it, which showed a huge decline from its previous multi-billion profits. Ford explained that they already anticipated the eventual sales drop for the COVID testing kits so they never stopped investing in research and development for its other products, including medical equipment.
What Led Abbott to Wearables
The company developed FreeStyle Libre, a Glucose Monitoring System (CMS), in partnership with researchers. This new program alone generated more than $1.3 billion in sales, as shown in Abbott’s second-quarter earnings report.
While the device was designed for diabetic individuals, the company said people who do not have the disease also showed interest in it. Ford said they want to use FreeStyle Libre as a device that will help them learn how their bodies react to food and daily activities. This interest from the non-diabetic demographic directed Abbott to try the market for wearables.
The Lingo Wearable Product
In early 2022, Abbott unveiled the wearable sensor called Lingo, which is now available in the U.K. The CEO said the device that tracks glucose levels will also be launched in the United States next year.
Forbes reported that this new biowearable is attached to the skin to provide more accurate data about the body’s metabolism and more. The Lingo is Abbott’s latest evolution in its medical device line.
“We are creating a new consumer biowearable that not only tracks your glucose levels but, using AI, delivers a personalized coaching plan to help you develop healthier habits,” Robert Ford said. “We call it Lingo because it helps you speak the language of your body and what it’s telling you. This is not futuristic stuff and we intend to make it available across the globe.”
Photo by: Abbott Newsroom
