Abbott Laboratories is striving to reach more people through the development of its new wearable device, Lingo.Robert Ford, the CEO, commented on their mission to provide solutions for medical issues as well as empowering regular individuals with their own health data. Lingo's functions include measuring glucose levels and providing individualized coaching with its app.The U.S. market is the target release for the product, scheduled for next year.
At Tuesday's HLTH conference in Las Vegas, Abbott Laboratories CEO Robert Ford discussed the company's move into the consumer wearables market. With revenue largely derived from medical devices, Abbott experienced a surge in Covid test sales in 2021 and 2022, with $7.7 billion and $8.4 billion respectively. However, the pandemic has since caused a plummet in testing, and the company reported $263 million in second-quarter sales from Covid testing. Ford noted that Abbott is continuing to invest in R&D in its other offerings, such as its FreeStyle Libre continuous glucose monitor (CGM). The device is capable of measuring glucose levels and can be worn for up to 14 days. Despite its intended use for diabetes sufferers, Ford said many without diabetes have expressed interest in using the CGM to manage their health. This has led Abbott to explore an expansion into the wearables market. In January 2022, the company launched Lingo, a sensor in the U.K. that tracks glucose levels and pairs with an app that provides personalized coaching around diet, exercise and sleep. Abbott is now aiming to bring the product to the U.S. next year and hopes it will empower people to make healthier decisions.
Ford explained that Abbott has been thinking of a way to make Lingo's data accessible to consumers in an understandable and actionable way since the its announcement. He noted the difficulty in communicating this message due to the company's 135 year history in working with medical experts. "We need to change how we communicate," Ford said. To further understand the market, the company will consider the effectiveness of marketing, consumer engagement, and right target audience, in addition to other areas. With his C-level experience, Ford has learned to communicate better with consumers which helped to inform Abbott's strategy. Furthermore, he wants people to be aware of the current revolution between health care and technology that allows easier access to personal health data. Abbott is planning to complete the Lingo filing by the end of 2020.
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