Living Our Values - Abbott Laboratories

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Living Our Values2004 Global Citizenship Report

About the CoverThese children from a village in Tamil Nadu, India, lost their parents to AIDS and now live with their grandparents. Whentheir father passed away, no one from the village came to the funeral out of fear because of the stigma surroundingHIV/AIDS. The family also was not permitted to bathe in the village pond. With the support of the Abbott Fund’s StepForward program, a local community organization worked with the leaders of the village to educate everyone aboutHIV/AIDS. When the children’s mother died one year later, the entire village attended the funeral in support of the family,and local resources were mobilized to build a home for the grandparents and children.This report updates information provided in our 2003 global citizenship report, Touching Lives, with 2004 data on our financial, social,and environmental, health and safety performance. For a comprehensive review of our global citizenship policies, programs andperformance, and an electronic version of this report, visit our Web site at www.abbott.com/citizenship.This report does not contain performance for TAP Pharmaceutical Products Inc., our 50/50 joint venture with Takeda PharmaceuticalCompany Ltd. of Osaka, Japan, unless otherwise noted. In August 2003, Abbott announced the spinoff of most of our hospital productsbusiness (now known as Hospira, Inc.). The transaction was completed in 2004. This report includes data from the Hospital ProductsDivision as noted.Abbott trademarks and products in-licensed by Abbott are shown in italics in the text of this report. The Together Rx program is not atrademark of Abbott.Abbott consulted many resources, including the Global Reporting Initiative’s 2002 Sustainability Reporting Guidelines, during thedevelopment of this report.All financial information is stated in U.S. dollars.Published August 2005

Table of ContentsMessage From the Chairman and CEO2About Abbott3Citizenship at Abbott5Advancing Science and Technology11Valuing Our Diversity17Our PeopleSupplier DiversityFocusing on Exceptional Performance21Environment, Health and SafetyPeople PerformanceStriving to Earn Trust31Ethics and ComplianceWorking with SuppliersSustaining Success39Access to Health CarePartnerships in the CommunityAwards and RecognitionData Summary Table47Index of Key Terms48

A Promise for LifeTurning Science into CaringOur Values:PIONEERINGACHIEVINGCARINGENDURINGWe are here for the people we serve in their pursuit of healthy lives. Thishas been the way of Abbott for more than a century – passionately andthoughtfully translating science into lasting contributions to health.Our products encircle life, from newborns to aging adults, from nutritionand diagnostics through medical care and pharmaceutical therapy.Caring is central to the work we do and defines our responsibility to thosewe serve:We advance leading-edge science and technologies that holdthe potential for significant improvements to health and to the practiceof health care.We value our diversity – that of our products, technologies, marketsand people – and believe that diverse perspectives combined withshared goals inspire new ideas and better ways of addressing changinghealth needs.We focus on exceptional performance – a hallmark of Abbottpeople worldwide – demanding of ourselves and each other becauseour work impacts people’s lives.We strive to earn the trust of those we serve by committing tothe highest standards of quality, excellence in personal relationships,and behavior characterized by honesty, fairness and integrity.We sustain success – for our business and the people we serve –by staying true to key tenets upon which our company was foundedover a century ago: innovative care and a desire to make a meaningfuldifference in all that we do.The promise of our company is in the promise that our work holds for healthand life.1

Message From the Chairman and CEO“We put our values into action to help patients access affordable healthcare, the most important issue facing our industry.”Miles D. White, Chairman and CEOBeing a responsible company is more than a matter ofcivic-mindedness or community relations. Abbott hasbeen serving patients for more than 117 years and, for us,being responsible means ensuring we are as successfulin the future as we have been in the past. It also meansensuring that this institution will be there for patients,shareholders, employees and others who depend onus around the world.To build on our success over the past few years, we havefocused our business in two areas – pharmaceuticalsand medical devices. Today, our broad base of businessesand technologies makes Abbott one of the most stablecompanies in the health care industry, and enables us toserve more people than ever before.As we have focused Abbott’s strategic direction, we alsohave revisited the goals and beliefs that make our companywhat it is and guide our behaviors and decisions. Our“Promise for Life,” which is found on the previous page,is our statement of purpose. It declares what Abbott is allabout and contains a vision for what our company strivesto be. The Promise stands upon a strong foundation: ourvalues – pioneering, achieving, caring and enduring. ThePromise is based on the insights of a broad sampling ofour key stakeholders – from customers and patients toemployees and health care professionals worldwide. Insome respects, it is aspirational because it is intended tobe our compass, guiding us toward ongoing improvementand inspiring us to aim higher. In other ways, the Promisereminds us of who we have always been. It reflects how weresponsibly deploy our expertise and resources, and howwe conduct ourselves in ways that will continue to earn thetrust of our many stakeholders and the millions of peoplewe touch every day.We put our values into action to help patients accessaffordable health care, the most important issue facing ourindustry. And this is what led Abbott’s citizenship agenda in2004. Through the Abbott Patient Assistance Program andHumira Medicare Assistance Program, we provided morethan 200,000 patients in the United States with free anddiscounted medicines valued at more than 235 million.We also expanded our Medicare AssistanceProgram to make a number of Abbottmedicines available at a substantialdiscount to patients lacking prescriptiondrug coverage. Internationally, our StepForward program provided services to morethan 146,000 children and families affectedby HIV/AIDS in Burkina Faso, Tanzania,India and Romania.The Abbott Access program reached amilestone in 2004 when we shipped our 25millionth rapid HIV test, at no profit, to Africa and otherdeveloping countries. We donated 5.5 million in funds,prescription medicines and nutritionals to aid victims of theIndian Ocean tsunamis. We also joined others in our industryin several forums to advocate for policies that improve accessto health care for patients.In 2004, guided by our values, we continued to integratecitizenship across the business. The charter for the PublicPolicy Committee of the board of directors includes thereview of Abbott’s policies and practices with respect to socialresponsibility. We translated our Code of Business Conductinto 35 languages and rolled out a global ethics andcompliance program. We created a new Global ProductProtection group to address the rise of counterfeitpharmaceutical products. We also set ourselves five-yearperformance goals in a number of key environmental, healthand safety areas.Our report illustrates our commitment to citizenship throughthe ways that we deliver on our Promise and live our values.To me, citizenship at Abbott expresses the best hopes andintentions of our company and our people – to be creative andproductive, to make a real difference, and to be caring citizensof the world we share. We are proud of our achievements todate, and we will continue this important work.Thank you for taking the time to learn more about our efforts,Miles D. White2

About AbbottAbbott is headquartered in north suburbanChicago, Illinois, United States.3

About AbbottThe story of Abbott’s Promise began in 1888 with a young physiciannamed Wallace Calvin Abbott.The story of Abbott’s Promise began in 1888 with a youngphysician named Wallace Calvin Abbott. Dr. Abbott wasdissatisfied with contemporary processes for makingpharmaceuticals. Most medicines at the time were madeusing a fluid extraction method: plants and herbs weresoaked in alcohols and the medicinal properties extractedfrom the leaves. The effects were imprecise andunpredictable. Dr. Abbott thought there was a better way.He began to produce granules based on the alkaloids ofmedicinal plants – the parts that actually produced medicaleffect – and the Abbott Alkaloidal Company was born.Dr. Abbott was a part of a pioneering generation ofdoctors, pharmacists and scientists who helped createmodern medicine. Their work, and that of the generationswho have followed, has resulted in the most significantimprovements in human health in our history. We have theability today to prevent, diagnose, treat and cure morediseases than were even known to exist in their time.more than 100 manufacturing, distribution, research anddevelopment, and other facilities. More than half of Abbottemployees are located outside of the United States.In 2004, Abbott achieved record sales of 19.7 billion andincome from continuing operations of 3.7 billion. Ouroperating cash flow from continuing operations exceeded 4.3 billion. In December 2004, Abbott also declared the324th consecutive quarterly dividend to be paid toshareholders since 1924.Our stock outperformed both the S&P 500 and the S&PHealth Index in 2004. Our total return, including stockappreciation and dividend payouts in 2004, was 9.7 percent.Complete financial information on Abbott and a list of ourproducts are available at www.abbottinvestor.com.2004 Net Sales(dollars in millions)All Other Countries4,595Dr. Abbott’s vision continues to guide our company.Today, Abbott is a broad-based health care company thatdiscovers, develops, manufactures and markets productsthat span the continuum of care. Our products, whichrange from pharmaceuticals and diagnostic assays tonutritionals and medical devices, address some of theworld’s most important medical needs.Italy745The Netherlands705Canada595Germany811Japan987Abbott serves customers in more than 130 countries,with more than 60,000 employees in 72 countries atTotal: 19,680Abbott and Peer GroupFive-Year Total Return(through December 31, 2004)60%52.5 52.250%United States11,2422004 Net Sales by Segment(dollars in ational6,1663.50%-10%-4.5 .4-50%-60%NVS ABTJNJWYE AMGN ideDiagnostics3,378-50.6BMY DOWS&P S&PHLTH 500Total: 19,6804

Citizenshipat AbbottTom Wistar of the Abbott Access program travelsthroughout Africa to raise awarenessof our HIV medicines and rapid HIV testto local programs that provide HIVtesting and care.5

Citizenship at AbbottOur company’s sense of citizenship flows directly from our enduring mission:to use our expertise and resources to improve people’s lives around the globe.Global citizenship at Abbott reflects how our companyadvances our business objectives, engages ourstakeholders, implements our policies, applies our socialinvestment and philanthropy, and exercises our influence tomake a productive contribution to society.We recognize that citizenship is a process of continuousimprovement that is strategic and measurable. Abbott’sGlobal Citizenship and Policy department serves as theprimary catalyst to implement our global citizenship visionthroughout the company. A divisional vice president, whoreports to a corporate officer, heads the department. Theresponsibilities of the group include identifying issues,developing Abbott’s positions, managing philanthropic andemployee involvement programs, sharing best practices,and managing citizenship reporting.This report provides an update on our citizenship initiativesand builds on past reports, which are available atwww.abbott.com/citizenship/news/citizen rpt.cfm.GovernanceAbbott has a long tradition of ensuring the independence ofthe majority of our board of directors. Independent boardmembers chair the public policy, audit, compensation, andnominations and governance committees. Among the criteriafor candidates of the board are a global business perspectiveand a commitment to good corporate citizenship. In 2004,we adopted a charter for the Public Policy Committee ofthe board. The charter includes the review and evaluationof Abbott’s policies and practices with respect to socialresponsibility. It covers a review of social, political, economicand environmental trends and public policy issues that affectAbbott. Details of Abbott’s corporate governance structureand committees are available at www.abbottinvestor.com.Citizenship ApproachIn 2004, we continued to make progress on our citizenshipprogram: We led an issues identification exercise based on externalresearch, stakeholder engagement and internal interviews.We identified high-priority issues, including the HIV/AIDSpandemic, intellectual property, pharmaceutical pricing,product safety and counterfeiting, sales and marketingpractices, the uninsured, health care disparities amongminorities, and the U.S. liability environment. In 2005,we will review and enhance processes to manage theseissues, and we will monitor emerging issues to stayabreast of developments that affect our company andour stakeholders. The Pharmaceutical Policy Committee, a forum of seniorexecutives who review major public policy issues, workedon U.S. Medicare Modernization Act implementation,reimportation issues, clinical trials data disclosure andaccess for the uninsured in the United States. We expanded membership of the Global CitizenshipWorking Group to include greater representation from ouroperating businesses and key functions. The groupmanages our global citizenship reporting process andsupports citizenship efforts. Abbott and our partners presented lessons learned andresults of our programs at several meetings, including theInstitute of Medicine, International AIDS Conference andGlobal Health Council Conference.6

Citizenship at AbbottWe improved our citizenship performance this year, asevidenced by our Dow Jones Sustainability Index ranking,which rose to 63 percent from 49 percent in the medicalproducts category.For a full copy of our citizenship plan, view our 2003 report atwww.abbott.com/citizenship/gcr 2003.Working With StakeholdersAbbott has multiple internal and external stakeholdersincluding patients, employees, physicians, investors, healthcare providers, policy makers, regulators, scientists,multilateral organizations and humanitarian organizations.We regard their perspectives and interests as valuableinsights that inform our decisions, shape our programs andinfluence our public-private partnerships.Across the company, we worked with our stakeholders,including physicians, patient organizations and communitygroups, on many issues, such as access to medicines in theUnited States and health care disparities within minoritypopulations. On the international front, we worked with otherpharmaceutical companies and United Nations agencies toexpand HIV testing and treatment programs in developingcountries. We also gained feedback directly from children andfamilies, people living with HIV/AIDS, and community leadersbenefiting from Abbott’s AIDS-related humanitarian programsin India and Africa. Working with stakeholders is an ongoingprocess at Abbott and is reflected in many of the activitiesdescribed throughout this report.7Advancing CitizenshipWe continue to learn from and share our views withacademic institutions, other companies and nongovernmentalorganizations about how we integrate citizenship within ourorganization. In 2004, we participated in the following forums: Boston College Executive Forum on Global Citizenship Business for Social Responsibility Commonwealth Business Council Working Group onBusiness and Society The Conference Board International Business Leaders Forum SustainAbility’s Engaging Stakeholders ProgramFurthermore, we contributed to a study of the impactof the pharmaceutical industry on economic development,which was conducted by the UK-based consultancy firmAccountAbility and funded by the Ford Foundation andUSAID. Abbott’s perspectives were also included in a reporton the integration of global citizenship in companies, whichwas published by the Boston College Executive Forum inApril 2005.

Corporate Citizenship in theHealth Care SectorAn Essay by Jane Nelson, Director of the Corporate Social ResponsibilityInitiative at the Kennedy School of Government, Harvard University, and Directorof the International Business Leaders ForumThe health care sector, probably more than any other, touches people’s lives around the globe in a mannerthat is deeply personal and filled with expectation, while also being of significance to macroeconomicgrowth, household income and poverty alleviation. Health care is one of the few industries cited by name inthe Millennium Development Goals, by which the world’s governments have agreed to, “in cooperation withpharmaceutical companies, provide access to affordable, essential drugs in developing countries.”The decision makers who play a role in the provision of affordable health care, therefore, have a uniqueresponsibility, from prevention and diagnosis, to treatment and cure. It is a challenge that tests the expertiseand compassion of some of the world’s best scientists and academics, as well as policy makers and healthcare professionals. And it creates particular leadership and corporate citizenship challenges for the healthcare companies that take the commercial risks and earn the financial rewards from discovering, developing,manufacturing and marketing health products.Expanding access to affordable medicines – in both developed and developing countries – moves theconcept of corporate citizenship for health care companies far beyond philanthropy, compliance, ethics andresponsible workplace practices, to the heart of business strategy and policies. It requires these companiesto explore innovative new approaches that combine the best of scientific discovery with robust businessmodels and viable pricing structures. Equally important, it requires them to integrate effective communityinvestment, product donation programs, and a range of public-private partnerships – including efforts tohelp build public sector capacity and health infrastructure – into their core mission.None of this is easy, especially in an era that is characterized by growing competition, massive researchand development outlays, increased regulatory oversight, short-term shareholder pressure and high publicmistrust of business. Yet innovations in the area of corporate responsibility are unavoidable for health carecompanies aiming to sustain their regulatory and societal “license to operate,” and to succeed over thelong term.Five leadership actions are essential to building trust and meeting growing health careneeds in an ethical, profitable and sustainable manner:1. Embed a commitment to corporate citizenship into the company’s core business operations, incentivesystems and governance structures, not simply its philanthropy programs.2. Ensure that corporate citizenship issues, including ethics, due diligence and expanded access, areintegrated into the company’s research and development policies and strategies.3. Commit to measurement and public reporting on all material aspects of the company’s performance –social, ethical and environmental – in addition to financial.4. Engage with key stakeholders in a manner that moves beyond one-way communication to alsoencompass regular consultation, and, where necessary,

Living Our Values 2004 Global Citizenship Report . . We put our values into action to help patients access affordable health care, the most important issue facing our . GSK-4.5 LLY-6.6 PFE-10.7 MRK-42.4 SGP-45.7 BMY-50.6 DOW 3.5 S&P HLTH 14.6 S&P 500-11.0 About Abbott. 5 Citizenship at Abbott

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