2015 med tech R&D budget: $977 billion
Change from 2014 budget ($953 billion): 2%
Percent of 2015 segment sales ($9.6 billion): 10%
Abbott knows that R&D fuels its engine, and the company shelled out more cash in 2015 to power some of its ongoing initiatives. The Illinois-based company concentrated in particular on vascular devices, electrophysiology products, diabetes devices and diagnostics last year to deliver growth.
Earlier this year, Abbott notched a win after an FDA panel overwhelmingly backed the company’s bioresorbable drug-eluting stent (DES), Absorb. The news came after the company chalked up positive clinical results for the stent last year.
Abbott is also focusing on developing next-generation versions of some of its metallic DES, guide wires and balloon delivery catheters. The company launched a new peripheral percutaneous transluminal angioplasty balloon catheter for challenging cases in the third quarter of 2015.
But Abbott isn’t putting all of its eggs in one basket. The company is also focusing on electrophysiology, diabetes and diagnostics to eke out more growth.
In February, Abbott snatched up Kalila Medical to gain access to the company’s steerable sheaths for cardiac ablation procedures. Through the deal, the company gained “a unique technology to expand our portfolio of tools for the treatment of atrial fibrillation and other heart rhythm disorders,” Michael Pederson, the general manager of Abbott’s electrophysiology business, said at the time.
Abbott scored a victory last year after its FreeStyle Libre Flash Glucose Monitoring System got European approval for children and young people between the ages of 4 and 17 years old with diabetes. The company recently reported out study results showing that FreeStyle Libre helped reduce hypoglycemia in patients.
Abbott also made strides on the diagnostics front, despite its complicated deal with point-of-care diagnostics maker Alere ($ALR). In March, the company announced that it would launch a trial with more than 1,000 patients to try to standardize traumatic brain injury testing. Abbott is developing a blood-based biomarker test that runs on a handheld portable device, which could be used in point-of-care settings.
Abbott's Freestyle Libre reduces hypoglycemia, offers comparable monitoring without finger-sticks: Study
Abbott to launch 1,000+ patient trial to standardize traumatic brain injury testing
Abbott snags CE mark for continuous glucose monitor with no finger sticks for kids
Abbott acquires Kalila Medical, maker of sheaths to deliver ablation catheters
Abbott presents data showing strong health economics of its Supera peripheral stent