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Abbott Laboratories focuses on product diversification to boost market position

February 04, 2025

Shams ul Nisa

Abbott Laboratories, a global leader in healthcare, is prioritizing product diversification as a key strategy to strengthen its market position in 2025, reports WealthPK.

Additionally, the company is capitalizing on the recent macroeconomic stability in the pharmaceutical sector to drive growth, innovation, and operational efficiency. Aligned with its goal of expanding the product portfolio, the company is investing in innovation to meet the customer needs, increase market share, and reinforce its leadership in 2025. Furthermore, this strategy will put the company in a strong position to capture a larger share of the market in the healthcare industry.

The company’s unwavering commitment to expanding its product portfolio and enhancing performance through well-designed initiatives is expected to drive ongoing growth and success. Despite increasing competition in the healthcare sector, Abbott’s focused efforts are poised to ensure its continued progress and long-term prosperity. Abbott Laboratories (Pakistan) Limited, a public company established on July 2, 1948, focuses on production, import, and marketing of branded generic pharmaceuticals, nutritional products, diagnostics, diabetes care, molecular devices, hospital supplies, and consumer goods.

Abbott delivered strong results for the nine months ending September 30, 2024, with notable growth across its key segments. Pharmaceutical sales rose 22%, driven by established brands, gains from new customer acquisitions, and nutritional sales benefited from strategic price adjustments. The company achieved higher profitability, with gross margins improved by 28%, due to the pricing strategies and operational efficiencies, reversing last year’s net loss into profit.

Additionally, supported by price adjustments, the sales surged by 24% in the third quarter, led by pharmaceuticals and nutrition growth. Abbott's ongoing dedication to broadening its range of products and boosting performance through carefully crafted initiatives is anticipated to sustain continuous growth and prosperity, even in the face of competition in the healthcare sector. Looking forward, Abbott remains optimistic about its future, with a focus on maintaining economic stability and promoting favorable fiscal policies.

The company is committed to reviewing and harmonizing the existing regulations with international standards, recognizing this as a vital step toward fostering growth and ensuring long-term sustainability of the pharmaceutical industry. In this way, Abbott aims to strengthen its competitive position while establishing a solid foundation for continued success in the years ahead.

Credit: INP-WealthPk