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Abbott (ABT) to Upgrade PHCs Across India With New Pact
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Abbott Laboratories (ABT - Free Report) recently partnered with Americares India Foundation to upgrade 75 Primary Health Centres (PHCs) to Health and Wellness Centres (HWCs) across nine States in India. These centers are essential to support the government's Ayushman Bharat initiative and will advance access to healthcare, optimize required resources and help reduce the burden on healthcare facilities at the secondary and tertiary levels.
For investors’ note, Americares India is a health-focused relief and development organization. It helps people affected by poverty or disasters with life-changing health programs, medicines and medical supplies.
The recent development is likely to fortify Abbott's commitment to advance its global sustainability priority of innovating for access and affordability in health.
More on the HWC Program
The HWC program is supported by Abbott funding of nearly $2.4 million and will benefit more than 2.5 million people from under-resourced communities annually. The program has three core objectives — to upgrade local PHCs to HWCs, boost capacity building for healthcare workers and enhance community awareness around noncommunicable diseases and infectious diseases.
As part of its first phase, Abbott and Americares have upgraded 16 PHCs across Maharashtra, Goa, Himachal Pradesh and Chhattisgarh, serving more than 500,000 people. Both companies plan to upgrade the remaining 59 PHCs across the four mentioned states along with Karnataka, Tamil Nadu, Odisha, Madhya Pradesh and Jharkhand by early 2024.
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The program will offer vital medical instruments, including ECG machines and equipment for maternal, neonatal, respiratory and eye care, and fortify key infrastructure and water, sanitation and hygiene interventions.
Benefits of the HWC Program
The HWC program is likely to expand ABT’s customer base across India. Moreover, in line with its 2030 Global Sustainability Plan, the company aims to extend affordable access to healthcare by offering advanced, decentralized models of care that augment prevention and early diagnosis, providing quality treatment and care.
Moreover, by upgrading PHCs, Abbott also aims to advance community-wide health-seeking behaviors like early diagnosis and treatment, alongside lifestyle measures, by enhancing awareness around key communicable and infectious diseases and providing access to quality healthcare infrastructure.
Industry Prospects
Per a report by imarc, the Indian health and wellness market is expected to exhibit a CAGR of 5.45% during the 2022-2027 period, propelled by the rising health consciousness among individuals. Considering the market potential, Abbott’s latest move is well-thought-of.
Recent Developments
This month, Abbott announced that its FreeStyle Libre 3 sensor integrated with the mylife Loop solution, building a smart, automated process to deliver insulin based on real-time glucose data. This automated insulin delivery system solution is now available in Germany and will be accessible in other European countries, starting in 2023.
Also, this month, Abbott received the FDA approval for its Eterna spinal cord stimulation (SCS) system for treating chronic pain. The Eterna SCS system is the smallest implantable, rechargeable system that is currently available in the market for this indication.
Price Performance
Shares of Abbott have declined 23.1% in a year compared with the industry’s fall of 44.9%.
Zacks Rank & Key Picks
Currently, Abbott carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space that investors can consider are ShockWave Medical, Inc. (SWAV - Free Report) , Orthofix Medical Inc. (OFIX - Free Report) and Merit Medical System (MMSI - Free Report) .
ShockWave Medical, carrying a Zacks Rank #2 (Buy) at present, has an estimated growth rate of 33.1% for 2023. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 180.1%.
ShockWave Medical has outperformed its industry in the past year. SWAV has risen 35% against the industry’s 32.6% fall in the past year.
Orthofix Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a third-quarter 2022 adjusted EPS of 13 cents, which beat the Zacks Consensus Estimate by a stupendous 550%. Revenues of $114 million outpaced the consensus mark by 2.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Orthofix Medical has an estimated next-year growth rate of 58.97%. OFIX’s earnings surpassed estimates in the trailing three quarters and missed in one, the average being 129.1%.
Merit Medical, currently carrying a Zacks Rank of 2, reported a third-quarter 2022 adjusted EPS of 64 cents, which beat the Zacks Consensus Estimate by 20.8%. Revenues of $287.2 million outpaced the consensus mark by 5.2%.
Merit Medical has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average being 25.4%.
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Abbott (ABT) to Upgrade PHCs Across India With New Pact
Abbott Laboratories (ABT - Free Report) recently partnered with Americares India Foundation to upgrade 75 Primary Health Centres (PHCs) to Health and Wellness Centres (HWCs) across nine States in India. These centers are essential to support the government's Ayushman Bharat initiative and will advance access to healthcare, optimize required resources and help reduce the burden on healthcare facilities at the secondary and tertiary levels.
For investors’ note, Americares India is a health-focused relief and development organization. It helps people affected by poverty or disasters with life-changing health programs, medicines and medical supplies.
The recent development is likely to fortify Abbott's commitment to advance its global sustainability priority of innovating for access and affordability in health.
More on the HWC Program
The HWC program is supported by Abbott funding of nearly $2.4 million and will benefit more than 2.5 million people from under-resourced communities annually. The program has three core objectives — to upgrade local PHCs to HWCs, boost capacity building for healthcare workers and enhance community awareness around noncommunicable diseases and infectious diseases.
As part of its first phase, Abbott and Americares have upgraded 16 PHCs across Maharashtra, Goa, Himachal Pradesh and Chhattisgarh, serving more than 500,000 people. Both companies plan to upgrade the remaining 59 PHCs across the four mentioned states along with Karnataka, Tamil Nadu, Odisha, Madhya Pradesh and Jharkhand by early 2024.
The program will offer vital medical instruments, including ECG machines and equipment for maternal, neonatal, respiratory and eye care, and fortify key infrastructure and water, sanitation and hygiene interventions.
Benefits of the HWC Program
The HWC program is likely to expand ABT’s customer base across India. Moreover, in line with its 2030 Global Sustainability Plan, the company aims to extend affordable access to healthcare by offering advanced, decentralized models of care that augment prevention and early diagnosis, providing quality treatment and care.
Moreover, by upgrading PHCs, Abbott also aims to advance community-wide health-seeking behaviors like early diagnosis and treatment, alongside lifestyle measures, by enhancing awareness around key communicable and infectious diseases and providing access to quality healthcare infrastructure.
Industry Prospects
Per a report by imarc, the Indian health and wellness market is expected to exhibit a CAGR of 5.45% during the 2022-2027 period, propelled by the rising health consciousness among individuals. Considering the market potential, Abbott’s latest move is well-thought-of.
Recent Developments
This month, Abbott announced that its FreeStyle Libre 3 sensor integrated with the mylife Loop solution, building a smart, automated process to deliver insulin based on real-time glucose data. This automated insulin delivery system solution is now available in Germany and will be accessible in other European countries, starting in 2023.
Also, this month, Abbott received the FDA approval for its Eterna spinal cord stimulation (SCS) system for treating chronic pain. The Eterna SCS system is the smallest implantable, rechargeable system that is currently available in the market for this indication.
Price Performance
Shares of Abbott have declined 23.1% in a year compared with the industry’s fall of 44.9%.
Zacks Rank & Key Picks
Currently, Abbott carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space that investors can consider are ShockWave Medical, Inc. (SWAV - Free Report) , Orthofix Medical Inc. (OFIX - Free Report) and Merit Medical System (MMSI - Free Report) .
ShockWave Medical, carrying a Zacks Rank #2 (Buy) at present, has an estimated growth rate of 33.1% for 2023. The company’s earnings surpassed estimates in all the trailing four quarters, the average beat being 180.1%.
ShockWave Medical has outperformed its industry in the past year. SWAV has risen 35% against the industry’s 32.6% fall in the past year.
Orthofix Medical, currently sporting a Zacks Rank #1 (Strong Buy), reported a third-quarter 2022 adjusted EPS of 13 cents, which beat the Zacks Consensus Estimate by a stupendous 550%. Revenues of $114 million outpaced the consensus mark by 2.7%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Orthofix Medical has an estimated next-year growth rate of 58.97%. OFIX’s earnings surpassed estimates in the trailing three quarters and missed in one, the average being 129.1%.
Merit Medical, currently carrying a Zacks Rank of 2, reported a third-quarter 2022 adjusted EPS of 64 cents, which beat the Zacks Consensus Estimate by 20.8%. Revenues of $287.2 million outpaced the consensus mark by 5.2%.
Merit Medical has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average being 25.4%.