Abbott must expend greater financial resources in overseeing such overseas operations. In the future, it must also strive to negotiate clearer contracts with outsourcing firms, to ensure that quality control and oversight is stringently observed. Abbott may also need to renegotiate some of its existing contracts. One potential strength Abbott has failed to exploit is in some of its less-publicized product lines, such as its pharmaceuticals and nutritional products for diabetics. At present, Abbott is failing to create a competitive advantage. Fully integrating the promotion of Abbott's nutritional product line into its diabetic solutions pharmaceuticals division is demanded. Abbot should embark upon an Integrated Marketing Campaign (IMC) to do so, perhaps by hiring an outside advertising agency to create a seamlessly integrated marketing campaign for diabetic-related pharmaceuticals and products,. This would bring and new face to the company and encourage this particular, growing base of clients to see Abbott as a company with unique sensitivity to their needs. The numbers of diabetics in America has been growing, as have the numbers of diabetics around the world, due to the obesity crisis.

Finally, Abbott has fails to promote its educational institute. The Abbott Nutrition Health Institute provides continuing education to medical professionals on products, testing and treatment advances. Abbott must expand its website to more extensively report upon the benefits of interacting with the Institute for medical professionals and also create more contacts...

Hiring a PR firm to promote the Institute with specific knowledge of medical public relations would thus also be advised.
The resources that Abbott must marshal include both intellectual as well as financial capital. Research scientists to construct drug studies, a pool of willing and appropriate candidates to participate in genetically-specific drug trials and PR and advertising support are all necessary to deal with Abbott's new challenges and enable it to avail itself of the opportunities in the current pharmaceutical marketplace. Of course, financial capital is required as well to fund such initiatives. And finally, Abbott must radically expand its connections within the medical profession to promote its Institute. Abbott has long been synonymous with what is cutting-edge in the medical profession, and if it becomes a market leader in genetically-specific medication and diabetic products, it can ensure a steady stream of revenue in the future. Its problems with outsourced firms should be able to be contained, provided action is taken now.

References

Abbott official website. (2011). Retrieved July 4, 2011, from Abbott Laboratories:

http://www.abbott.com

Argosy University. (n.d.). Lecture 4.

FDA proposes targeted drug testing guidelines. (2011, July 12). Retrieved July 24, 2011,

from CNBC: http://www.cnbc.com/id/43730019

of © 2006 Argosy University