As Covid testing business drops, Abbott searches for new line of business with consumer wearables
Summary
Abbott Laboratories CEO Robert Ford took the stage at the HLTH conference in Las Vegas Tuesday to discuss the companys expansion into a new market: Consumer wearables. Abbott knew Covid testing rates would come down eventually, so Ford said he wanted to ensure the company continued investing in research and development for its other offerings, like its medical devices. Margaret Kaczor Andrew, a partner and research analyst at William Blair, told CNBCs Erin Black in May that Abbott has around two-thirds of the global CGM market. Ford said people without the disease have expressed interest in using FreeStyle Libre as a way to learn about how their bodies react to food and other daily activities. The device tracks glucose levels and pairs with an app where average consumers can access a personalized coaching algorithm that offers recommendations around diet, sleep and exercise.