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Abbott Laboratories Message Board

  • sellhi_2000 sellhi_2000 Nov 4, 1999 10:38 AM Flag

    The real story

    As long time employee of ABT, let me tell all
    what happened. During the days of Hillary Care, Abbott
    managment decided to swim in the mainstream of political
    correctness. Big dollars were spent to assuage the
    pharmaceutical antagonists in Washington and the media. Higher
    incentives for sales people, quality control, and research
    dollars were eschewed in favor of "corporate outreach"
    programs and internal "diversity" goals-- political
    agendas returning nothing to the bottom line. To this
    day, Abbott employees receive a "multicultural
    calander" once a year delineating and celebrating holidays
    appealing only to the far left liberal establishment. Under
    Duane Burnham "affirmative action" directives weren't
    grudgingly tolerated--they were embraced.
    Miles White
    perpetuates this culture, exacerbating it with his mentality
    of mergers and aquisitions. In short, Abbott no
    longer has an identity.

    Having said all this, you
    can all be assured that things will be righted.The
    FDA is currently an arm of a liberal Washington
    establishment. If Bush, or some other Republican (I prefer
    Forbes, gets elected, the regulatory trajectory of
    government should subside. Until then, I would hold shares
    or accumlate them if you're a long termer like
    me.Replacing the current managment with one that has the moxy
    to make revolutionary changes to our corporate
    culture will speed up recovery of the stock.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Don't fight the Fed, be it the FRB, the FDA, or the FAA.

    • I completely agree w/r/t the relative attitude
      posturing of both parties. I had searched FDA's site
      looking for the May and Sept letters, and also found the
      Mar and Jul letters you posted. My guess is that the
      Sept letter in particular will be very adversarial.

    • You are correct in that these do not deal
      directly with the current issue. However I provided these
      to give the board some idea of the interaction
      between Abbott and FDA. Of course this is one sided
      because you only see one set of letters. But I also
      believe that you can see the resistance and attitude
      within Abbott in dealing with the FDA and their
      questions.

      I will continue to look the letters
      referenced.

    • Also note that the Abbokinase letters deal with a
      relatively narrow problem in Abbott's Pharmaceuticals
      Division mfg process. The problem, while significant, was
      confined to the Abbokinase mfg process.

      The consent
      decree, fine, and product sales restrictions of last week
      deal with the Diagnostics Division which, as has been
      noted by many others, was the direct responsibility of
      the current CEO Miles White, prior to has recent
      appointment by the Board. The allegations are of widespread
      non-compliance with validation and documentation processes, but
      as I pointed out earlier, do NOT allege any direct
      defect in the products.

    • Both the letters for which dtexas has provided
      the URL's are letters from the FDA addressing the
      specific issue of Abbokinase - an anti-clotting drug that
      Abbott was forced to withdraw from the market as a
      result of lack of quality control from the FDA's point
      of view. These are not the specific letters of May
      and Sept that the FDA sent regarding the GENERAL
      quality issues at Abbott, but do provide a representative
      view of FDA's disdain for Abbott (perhpas justified or
      not, depending on your perspective.)

      I've
      looked but have not been able to find on the FDA's site
      the two letters mentioned in Abbott press releases
      and the consent decree. Does anyone know where to
      find those particular letters?

    • Here is another letter to Miles submitted from the FDA.

      http://www.fda.gov/cber/ltr/abb031999.pdf

      Will need Acrobat to view. It is free off the net if you do not have.

      Enjoy.

    • Good synopsis. Every once in a while, regulators set out to send a message to an industry. In this case, ABT had set itself up to be the perfect vehicle.

    • You are correct. There is no formal recall, and
      my message improperly implied that there was. In
      point of fact, the FDA has sent a letter SUGGESTING
      that Abbott products should be replaced by stating
      that they (FDA) can not verify the compliance of
      Abbott's mfg. with GMP/QSR. The reality is, however, that
      most healthcare orgs (e.g. the entire Baylor Health
      Care System in Texas) have internally issued a
      memorandum to do just that -- replace the products.

    • GO LONG ABT!

    • How do you know that no one was killed or
      seriously injured because of a bad diagnostic product? In
      my oppinion, They must have a pretty lame quality
      system, and therefore product, if they can't comply with
      basic FDA GMPS/QSRs. I guess they will comply now or be
      out of business. If their system is bad as it
      appears, they wouldn't know if they had a product problem
      or not.

    • View More Messages
 
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