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Abbott Laboratories Message Board

  • rongern rongern Dec 22, 1999 1:11 AM Flag

    Miles, How much $ from the 14 products?

    You can take the anouncement of 14 new products
    with a grain of salt. More of White trying to fool the
    shareholders. Modification of an existing product has been
    considered a "new product" to Abbott management, even if the
    product is given away free such as giving an existing
    customer a new release of software.

    I need to make
    an obvious point to some of the posters that don't
    understand that the FDA regulations are a part of the code
    of federal regulations and are the law, not
    recommendations. The FDA went after Abbott because they were not
    following the law after giving White every opportunity to
    fix the problem. What would happen if Miles White
    decided that Abbott wasn't going to pay taxes because he
    thought the tax code was unfair? It is not up to Miles to
    choose which laws apply to the company.

    Be
    careful with this guy. He's a pro at double talk. (yes,
    Abbott will introduce 14 new products, but how much
    sales?) Carefully measure every word. Apparently, some
    posters have taken White's "blame the previous
    management" line. Miles White could have cooperated with the
    FDA from day one and there would not have been any
    fine. He decided not to. The FDA isn't looking to "get"
    Abbott; just enforcing the law to protect the publics
    health.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Unfortunately, recent history supports the
      "fantasy" that the US is a land of entitlement. Forty years
      of Democrat-controlled Congress and most recent
      Republicans in Congress who don't know how to employ a
      majority to make change, have enlarged the entitlement
      community to the detriment of taxpayers and working people
      in general.

      I will be voting Republican, as I
      have in every election since the early 70's. Bush has
      a good chance if the 3rd party does not shave off
      votes from conservative voters ensuring another
      Democrat in the White House as it has in the last two
      presidential elections.

    • And this stock will take off. Democrats are losers and homosexuals living in a fantasy land of entitlement.

    • I had heard the same thing about UK. I
      handicapped my argument by accepting Elliot's implication
      that aborted babies were involved. If you're right,
      his right wing conspiracy theory collapses and we're
      back to an FDA looking to push its weight
      around.

      Thanks for the clarification.

    • Just one correction. Abbokinase was made from the
      kidneys of neonates which had expired due to natural
      causes (this is "organ donation"). Abbokinase was not
      EVER made from kidneys derived from aborted fetuses.
      This is fact. The following is editorial: Far more
      patients have been harmed by the lack of Abbokinase or an
      equally familiar, safe and effective substitute, than had
      ever previously been or arguably ever would have been
      if Abbokinase had stayed on the market. This is the
      type of thing on which I would like to see more public
      discussion!
      RD

    • You seem to think you know the inside scoop to all of Abbott's problems. Are you an ADD employee? If so, which site?

    • Thanks for your comments - and I'm not fooled
      either. Based upon the events and results of this year,
      the facts speak for themselves about this new
      management team. Faith, hope, and charity do not belong in
      any objective interpretation of a series of events
      and consequent economic results. Some posters really
      have very poor perception - and questionable (if not
      amusing) political philosophical premises and contentions.
      However, for political practicality, all ABT Longs are
      urged to vote Republican nationally and Libertarian
      locally.

      With much experience and exposure to management double
      talk, I take your interpretation seriously. It's just a
      matter of time though - either the outside directors
      will be squeezed by Institututional $$ to dump White,
      or seeing the obvious coming, he will scramble to
      sell outright or selectively divest business lines
      that don't earn an appropriate rate of return on
      capital invested (i.e., like Ross).

      The last two
      events will benefit shareholders the fastest - however,
      for long term loyal employees (especially any
      retired-on-the-job coffee klatchers) it will probably be the final
      curtain.

      Long term insiders have got to be very
      foolish to support this management team in the last two
      outcomes. If the first outcome happens, the board will
      probably turn to #2 anyway - not very comforting to one's
      economic senses. Hopefully, it will be sell or surgically
      divest.

    • Yes, the board concurs; no transgression, no
      fine.

      But there are transcendent questions
      worth asking.

      What are corporations to do when
      "laws" ostensibly designed to "protect the public", as
      you say, are used to enslave institutions standing in
      the way of hidden political agendas. I say hidden in
      this instance because America fervently rejected
      National Healthcare 6 years ago. When liberals can't
      effect outcomes through the normal legislative process,
      they enlist agents of subterfuge. In healthcare, their
      patsy is the FDA. In the cultural wars, their patsies
      are federal judges willing to eschew original intent
      to lace decisions with unauthorized personal values,
      tranforming the Constitution from a living document into a
      dead letter. Inexorably, people relinquish freedom,
      handing it over to the State.

      How many Americans
      know no patient harm from use of any Abbott product
      has been traced to the specific infractions Abbott
      violated?

      Abbokianase has been used without incident in over 20 million
      patients over 15 years. The one infected lot never caused
      a reaction in any patient. How many Americans know
      that?

      But even suppose I'm wrong, 'isn't it ( a
      strong armed FDA)worth it if it saves only one life?'.
      (I'm sure some liberal out there, invested with great
      reserves of strength,can cully "evidence" to legitimize
      FDA actions.) I say no! Freedom in the aggregate is
      worth a few casulties along the way.

      So what
      does Miles and Abbott management do? They calculate
      the mood in America will change, pay the fine, and
      wait it out. So I ask you Rogern, what side are YOU
      on, socialism or capitalism? Freedom or
      tyranny?

      If you believe Miles will lose the fight, sell your
      stock and get out if you haven't already. If the FDA
      isn't trying to punish Abbott as you suggest, then why
      are YOU trying to punish them? Surely your motives
      aren't altruistic--you can't hide behind that charade
      now that conservatives are qualified
      compassionates!

      Are you an Abbott long hoping for new infusion of
      socialist-sympathetic management, willing to go down with the ship
      clinging to ideolgy as you drown? Who are you? (Please
      refrain from attractive new concoctions such as
      "moderate" conservative. They won't fly with this reader.)

      • 3 Replies to sellhi_2000
      • Sellhi,
        Forgive me for thinking so, but it was
        always my impression that the FDA was attacking
        Abbokinase (despite its 15 year tenure as a completely safe
        drug) because it was made from DEAD BABIES. That is not
        the action of a "Liberal" arm of gov't, is
        it??
        Simplistic political blame games don't work in real life,
        Sir...

      • I'll respond to your statements although several
        of them are made out of ignorance. To become more
        informed about the Current GMP regulations for medical
        devices you can read it on the FDA home page. I have. The
        FDA even provides guidelines to help implement them.
        First, conservatives in Congress are in agreement that
        there is a need to sell safe and effective medical
        devices. This is accomplished by regulations just like the
        regulations that ensure the last Quarter Pounder that you ate
        wasn't contaminated with e coli or horse meat. Not all
        enforcement of federal laws is for policical reasons such as
        the tobacco issue. You may have heard of stories of
        medical device quackery prior to the GMP regulations.


        You can always go to an "FDA free" hospital in Mexico
        if it would make you feel better.

        The
        statement that "no patient harm" occured is more of White's
        double talk. A physician uses a diagnostic test as one
        of several methods to diagnose a patient. The
        machine doesn't tell the physican what to do. A physican
        isn't going to overdose a patient just because the
        medical device gives an incorrect low result. The
        physican will make observations about the patients
        condition. So, the doctor over-rides obviously incorrect
        test results. Abbott, as required by the Current GMP,
        has to record and investigate customer complaints and
        report cases of potential patient harm. Did Miles tell
        us how many customer complaints or reportable events
        have occured? No. I hope this clarifies "Miles Speak"
        for you. Miles uses the same play book as Clinton but
        has made more money using it.

 
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