Company Special: Abbott expands its China product portfolio
Updated: 2012-10-18 08:04
By Wang Hongyi in Shanghai (China Daily)
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This year, US-based global health care company, Abbott, has received 33 new product licenses in China that will help doctors better treat infectious diseases, cancer and metabolic disorders, according to the company.
Its products have been approved by the State Food and Drug Administration of China and will come into the market by the end of this year.
"There is a growing demand for diagnostic products in the Chinese market, which means a big opportunity to bring new testing capabilities to aid in patient diagnosis," said Brian Blaser, executive vice-president in charge of the company's diagnostic products business. "Abbott has a great history in China and, as a result, understands the demands of the Chinese market.
"We are excited about our diagnostics investment in China, which will help to meet the increased need for testing capabilities and positively affect patient care."
The global in-vitro diagnostics market was valued at $44 billion in 2011 and is projected to continue growing at a compound annual growth rate of 7.8 percent from 2011 to 2016, according to a report by marketresearch.com.
The Chinese market for in-vitro diagnostics has continued to grow steadily relative to that of other emerging countries due to increased government funding and improved health care facilities, report said.
Preventive treatment was included as a primary goal for China's most recent medical reform initiatives.
Diagnostics can provide the accurate detection of health risks and disease at earlier stages and support doctors in their efforts to improve treatment and disease management while diminishing subsequent health problems and their associated costs.
Under China's medical reform development plan for 2011-2015, the country will increase doctor visitations and improve testing capabilities. This sent a signal that an increasing demand for diagnostic tests will be seen in the country in the next five years.
"Over the past years, we have done much work to address these goals with the Chinese government. We have also made a multi-million dollar investment in the form of advanced diagnostic instruments, new product funding and increased personnel as well as improved facilities and training," Blaser said.
Earlier, the Abbott Diagnostics Call Center was launched in China, which utilizes the innovative remote diagnostics tool, AbbottLink, to provide online troubleshooting and proactive remote diagnostics monitoring.
Additionally, more than 95 percent of Abbott instruments are connected with AbbottLink through either LAN or 3G service.
"In the coming years, Abbott will continue to strengthen innovation and improve the speed and efficiency of medical diagnosis products," he said.
"It is an exciting time for laboratory medicine and the diagnostic testing industry. The emergence of new and sophisticated technologies is providing the opportunity for targeted testing and treatment as well as innovations to improve efficiency in laboratory operations," said Graham Beastall, president of the International Federation of Clinical Chemistry and Laboratory Medicine, a worldwide non-political organization.
"The meeting is an international platform and opportunities for health care professionals to discuss, debate and share information to advance the practice and patient care," Beastall said at the fifth Turning Science into Caring International Science Symposium in Shanghai on Monday.
The annual event aims to promote the development of international medical diagnostic technology and encourage communication within the field. This year, more than 500 participants from around the world gathered to share the latest information in the field of diagnostics.
wanghongyi@chinadaily.com.cn
(China Daily 10/18/2012 page14)
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