Abbott Laboratories acknowledged that a number of its glucose test strips may produce bogus low blood-glucose results when used with certain older-model meters, so executives turned to a voluntary recall as a safety precaution.
San Diego's Volcano is facing shareholder pressure to boost its value and find itself a buyer, and analysts believe the intravascular device company could be an ideal target for med tech giants Abbott Laboratories and Medtronic.
The latest report on healthcare fraud settlements is out, this time from Taxpayers Against Fraud. And this time, as usual, Big Pharma features prominently. The anti-fraud group regularly totes up whistleblower settlements with federal and state governments, and we all know that drugmaker payments account for billions.
The Hatch-Waxman Act shook up the generic drugs business in 1984, and almost 30 years later, it's safe to say the law had its desired effect. About 84% of the 4 billion prescriptions written each year are for generic drugs, saving patients and government programs billions of dollars a year. In other words, generic drugs are big business. And with a slew of blockbuster brands now off patent, it's a big business with growing pains.
Abbott Laboratories is still fleshing out its identity nearly a year removed from the drug development game, and now, thanks to some timely M&A and a focus on diagnostics, the Illinois conglomerate is charging forward in med tech.
Abbott Laboratories won a CE mark for its FreeStyle Optium Neo Blood Glucose and Ketone Monitoring System, expanding its presence on the European diabetes market with a next-gen device.
Abbott Laboratories is still crawling through some sluggish sales in its medical device business, and now the company has traded $250 million for a share of the growing laser-assisted cataract surgery market in a move to reverse revenue trends.
While other Big Pharma companies may have settled on clawback provisions for executive pay, hoping to inspire top management to toe the compliance line, a similar shareholder resolution at Abbott Laboratories failed. But the New York State Comptroller, which was behind the push at Abbott, says he'll keep pushing.
Abbott Laboratories picked up FDA clearance to market the FreeStyle Precision Pro, an inpatient blood glucose monitor the company said can stream test results in real time.
Abbott Laboratories is slashing another 200 positions from a San Diego-area plant that produces cardiovascular stents and other devices, coming off the elimination of 450 jobs at the facility in February.