Abbott Laboratories : 2023 GLOBAL SUSTAINABILITY REPORT SUMMARY
ABT
GLOBAL SUSTAINABILITY REPORT 2023
SUMMARY REPORT
SUMMARY REPORT 2023
ABOUT
ACCESS AND AFFORDABILITY
DATA
WORKFORCE
ENVIRONMENT
QUALITY
SUPPLY CHAIN
ETHICS AND GOVERNANCE
At Abbott, we're strengthening the resilience of our company so that we can continue to shape the future of healthcare and help more people, in more places, lead fuller, healthier lives. This is the foundation of how we operate and how we plan to deliver long-term impact.
We have aligned our reporting with the requirements of leading Environmental, Social, and Governance ratings and sustainability indices, seeking stakeholder feedback to drive continuous improvement. Our detailed annual sustainability performance can be found in our Global Sustainability Report.
The data presented here reflects 2023 performance unless otherwise stated.
ON THE COVER:
TABLE OF CONTENTS
ABOUT
About Abbott
04
Our 2030 Sustainability Plan
05
Progress Against Our 2030 Sustainability Plan
07
INNOVATE FOR ACCESS AND AFFORDABILITY
15
Make Access and Affordability Core to
New Product Innovation
16
Transform Care for Chronic Disease, Malnutrition,
and Infectious Diseases
17
Advance Health Equity Through Partnerships
18
RESPONSIBLY CONNECT DATA, TECHNOLOGY,
AND CARE
20
The Principles of Data Use
21
Safely Harnessing the Power of AI
22
BUILD THE DIVERSE, INNOVATIVE WORKFORCE
OF TOMORROW
23
Talent Acquisition
24
Diversity, Equity, and Inclusion
25
Employee Development
26
Employee Well-Being
27
Employee Health and Safety
28
Human Rights
29
PROTECT A HEALTHY ENVIRONMENT
30
Energy and Greenhouse Gas Emissions
32
Energy Use
32
Water Stewardship
33
Waste Management
34
Packaging
35
QUALITY MANAGEMENT
36
Establishing a Culture of Quality
37
Quality Management System
37
CREATE A RESILIENT, DIVERSE, AND
RESPONSIBLE SUPPLY CHAIN
39
Supplier Expectations
40
Supply Chain Sustainability Due Diligence Program
41
Responsible Sourcing and Product Stewardship
42
Strategic Supply Chain Initiatives
42
ETHICS AND GOVERNANCE
43
Ethics and Integrity
44
Board Oversight
45
Risk Management
45
Sustainability Governance
46
END NOTES
47
Abbott and Abbott Fund have been working with local groups and the Tanzanian government to strengthen the healthcare system and advance access to care in Tanzania for more than 20 years. A key element of these efforts has been supporting training in emergency medicine. On the cover are some of our training program's 2023 graduates.
A Caution Concerning Forward-Looking Statements: Some statements in this report may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological, and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended Dec. 31, 2023, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
02
SUMMARY REPORT 2023
ABOUT
ACCESS AND AFFORDABILITY
DATA
WORKFORCE
ENVIRONMENT
QUALITY
SUPPLY CHAIN
ETHICS AND GOVERNANCE
DEAR ABBOTT STAKEHOLDER:
Sustainability is about human flourishing. So is Abbott. We work to advance it at multiple levels.
Sustainability is implicit in Abbott's purpose: helping people live fuller lives. That commitment begins with the healthcare products and technologies we create and carries through everything we do as a company.
Personal
Abbott has a vision for the future of healthcare - one centered on building and sustaining people's health by creating a true healthcare system, rather than the traditional, treatment-focused "sick care" system that we have today. We're pioneering technologies that provide people greater knowledge and power in the management of their health, enabling them to better understand the unique language of their bodies and to respond optimally. Because of Abbott's unique breadth across the spectrum of healthcare, we're able to better see emerging trends and connections,
allowing us to provide more of the answers people are seeking to more of their health needs.
Societal
While we're making healthcare more personal, we're simultaneously working to bring those benefits to more people than ever before. We aim to help three billion people per year by 2030. To achieve that ambitious goal, we've adopted design principles to help us innovate for greater access and affordability of care.
This can mean designing products to enable them to be used remotely, helping to reduce the need for care in higher-cost institutional settings. It can mean using materials that reduce product cost. Or it can mean delivering operational efficiency for health system customers, allowing them to care for people at lower cost, achieving greater impact at the societal level.
It also means helping communities build greater understanding of health and how to sustain it. Our Future Well Kids program educates children about chronic diseases and inspires them to make healthy choices for their futures, while Future Well Communities helps to address social drivers of health, such as access to nutritious food.
This means helping to build needed healthcare infrastructure, as we have through our partnership with the government of Tanzania over the past two decades. This includes creating physical infrastructure, such as the regional laboratory network we've helped build across the country, and human infrastructure, as we've done through the emergency medicine training program we created there. We prioritize projects that are sustainable over the long term, and we commit ourselves to maximizing their impact through the years.
Environmental
We also work across our operations to minimize the impact of our business on the environment, reducing our waste production, water usage, packaging materials, and emissions, because environmental sustainability is the foundation of human sustainability.
This report details Abbott's extensive efforts to advance sustainability throughout our operations in order to help more people than ever. As always, we thank you for your interest in, and support of, this important work.
ROBERT B. FORD
Chairman of the Board
and Chief Executive Officer
June 20, 2024
03
SUMMARY REPORT 2023
ABOUT
ACCESS AND AFFORDABILITY
DATA
WORKFORCE
ENVIRONMENT
QUALITY
SUPPLY CHAIN
ETHICS AND GOVERNANCE
ABOUT ABBOTT
We believe a sustainable future starts with health. For more than 135 years, we've been improving people's health at all ages and stages of life - tackling some of the world's most pressing health problems with our innovative products and technologies.
TODAY, OUR PORTFOLIO INCLUDES:
OUR CORE VALUES GUIDE EVERYTHING WE DO:
Pioneering
2023 ABBOTT IN NUMBERS
$40.1B
160+
total 2023 revenue
countries where
Diagnostics systems and tests performed in laboratories, at the patient's bedside, in doctors' offices, or in the home that provide information to support better and more timely decisions for people and their doctors.
Medicines that are affordable and of high quality - to help people get and stay healthy.
Medical devices that use the most advanced technologies to keep hearts healthy, treat chronic pain and movement disorders, and give people with diabetes more freedom and less pain and help them better understand and manage their glucose levels.
Nutrition products that build and maintain health and strength from infancy onward.
We bring a spirit of innovation to everything we do, seeing needs first and delivering game-changing solutions to help people live fuller lives through better health.
Achieving
Abbott is all about execution. Millions of people worldwide depend on us in vital ways - we honor that trust by delivering for them, and all our stakeholders, every day.
Caring
We treat the people who depend on us like family. Dr. Wallace Abbott began our company to provide better care for his own patients. That spirit still inspires us.
Enduring
Abbott has been here for more than 135 years. We intend to be here for the next 135, bringing all the benefits that Abbott creates to all the people who need them.
52
Abbott is present
$2.9B
years of increasing
dividends
investment in R&D
114,000
employees
RECOGNIZED PERFORMANCE
DOW JONES SUSTAINABILITY INDICES
Top industry score for 11 years*
AMERICA'S MOST JUST COMPANIES
#1 in our industry
THE WALL STREET JOURNAL
MANAGEMENT TOP 250 COMPANIES
Ranked #28 overall, #13 in innovation, and #16 in social responsibility
FORTUNE MAGAZINE 2023
Most admired company in our industry
DIVERSITYINC TOP 50 COMPANIES FOR DIVERSITY
20 consecutive years in 2023
*Abbott's leadership of the Health Care Equipment and Supplies industry on the S&P Global Corporate Sustainability Assessment (CSA) was
04
confirmed for annual Dow Jones Sustainability Indices announcements from 2013-2023, with the most recent score confirmed on December 8, 2023.
SUMMARY REPORT 2023
ABOUT
ACCESS AND AFFORDABILITY
DATA
WORKFORCE
ENVIRONMENT
QUALITY
SUPPLY CHAIN
ETHICS AND GOVERNANCE
OUR 2030 SUSTAINABILITY PLAN
Progress
Launched in 2020, our 2030 Sustainability Plan priorities and supporting goals help us embed sustainability into everything we do, supporting our central focus of helping more people in more places live their healthiest possible lives. We're making good progress.
As the global health sciences and nutrition partner of the Real Madrid Football Club and global partner of the Real Madrid Foundation since 2021, we are making a lasting impact on the health of future generations.
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SUMMARY REPORT 2023
ABOUT
ACCESS AND AFFORDABILITY
DATA
WORKFORCE
ENVIRONMENT
QUALITY
SUPPLY CHAIN
ETHICS AND GOVERNANCE
OUR 2030 SUSTAINABILITY PLAN
Our goal is to improve the lives of 3 billion people a year by
the decade's end - reaching 1 billion more than we did in 2020.
OUR PRIORITIES
Innovate for Access and Affordability
SUSTAINABILITY IN EVERYTHING WE DO
Make access
Transform care
Advance
and affordability
for chronic disease,
health equity
core to new
malnutrition, and
through
product innovation.
infectious diseases.
partnership.
BUILD THE DIVERSE, INNOVATIVE WORKFORCE OF TOMORROW
35.3%
of U.S. leadership held by people from underrepresented groups1
CREATE A RESILIENT, DIVERSE, AND RESPONSIBLE SUPPLY CHAIN
4,000+
suppliers engaged to reduce sustainability risks and opportunities2
AVEIR DR
Bigfoot
Future Well
Unity
Communities
Minimally invasive
Simplifying diabetes
Addressing health access
device expands access
management
and building capacity
to pacemakers
2B* lives improved through Abbott products and services in 2023
RESPONSIBLY CONNECT DATA, TECHNOLOGY, AND CARE
>200%
increase in the number of healthcare delivery organizations using Abbott's cybersecurity portal
PROTECT A
HEALTHY
ENVIRONMENT
55%
of Abbott's high-water- impact manufacturing sites in water-stressed areas are AWS Certified**
**For more information, see Page 14and visit the Alliance for
06
Water Stewardship (AWS) website at a4ws.org/certification.
SUMMARY REPORT 2023
ABOUT
ACCESS AND AFFORDABILITY
DATA
WORKFORCE
ENVIRONMENT
QUALITY
SUPPLY CHAIN
ETHICS AND GOVERNANCE
PROGRESS AGAINST OUR 2030 SUSTAINABILITY PLAN
INNOVATE FOR ACCESS AND AFFORDABILITY
Central to our goal of helping 3 billion people each year by 2030 is our focus on innovating for access and affordability.
Our 2030 goals guide the delivery and democratization of these life-changing technologies and products.
2030 GOAL
PROGRESS AND NOTES
Make access and affordability core to new product innovation
Integrate access and affordability and data insights as design principles into our R&D work and portfolio.
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SUMMARY REPORT 2023
ABOUT
ACCESS AND AFFORDABILITY
DATA
WORKFORCE
ENVIRONMENT
QUALITY
SUPPLY CHAIN
ETHICS AND GOVERNANCE
INNOVATE FOR ACCESS AND AFFORDABILITY (continued)
2030 GOAL
Transform care for chronic disease, malnutrition, and infectious diseases
Support global efforts to address noncommunicable diseases, including diabetes and cardiovascular disease.
PROGRESS AND NOTES
Deliver scalable, integrated solutions to help reduce preventable deaths and infectious diseases (malaria, hepatitis B/C, HIV, COVID-19, and others) with diagnostics, treatment, and education programs, especially in high-prevalence areas.
08
SUMMARY REPORT 2023
ABOUT
ACCESS AND AFFORDABILITY
DATA
WORKFORCE
ENVIRONMENT
QUALITY
SUPPLY CHAIN
ETHICS AND GOVERNANCE
INNOVATE FOR ACCESS AND AFFORDABILITY (continued)
2030 GOAL
Advance health equity through partnership
Expand affordable access to healthcare for underserved, diverse, and at-risk communities, including women and children, by delivering innovative, decentralized models of care that advance prevention and early diagnosis, improve nutrition, provide quality treatment and care, and lower total costs.
PROGRESS AND NOTES
09
SUMMARY REPORT 2023
ABOUT
ACCESS AND AFFORDABILITY
DATA
WORKFORCE
ENVIRONMENT
QUALITY
SUPPLY CHAIN
ETHICS AND GOVERNANCE
INNOVATE FOR ACCESS AND AFFORDABILITY (continued)
2030 GOAL
Advance health equity through partnership (continued)
Partner with stakeholders to improve health outcomes by advancing standards and building access to affordable, integrated solutions.
PROGRESS AND NOTES
10
Disclaimer
Abbott Laboratories published this content on 24 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2024 15:17:09 UTC.