2008 Woodie Awards
Hance Speaks on Innovations in Diabetes Management
Chip Hance, President of Abbott Diabetes Care, Addressed Challenges and Opportunities in the Diabetes Management Market
Jonathan Wyler (OC), Contributing Writer
Issue date: 3/10/08 Section: News
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On Monday, March 3, Robert (Chip) Hance, President of Abbott Diabetes Care (ADC), addressed a group of MBA students on the topic of diabetes care and the blood glucose monitoring industry. This event marks yet another in a series of speaker events hosted by the Healthcare Club featuring a high-profile leader in the healthcare industry.
Mr. Hance, an alumnus of the Class of 1988, introduced himself as an anomaly of HBS: he is perhaps the only member of his class still working for the same company as that in which he started post-graduation, and also one of the few people in his class that initially took a job as a salesperson. Hance has had broad range of experiences with Abbott in sales and marketing roles, leading commercial groups in Europe, the Middle East, and Africa, as the President of the Vascular Division during the Guidant acquisition, and now in Diabetes.
The speech started with an overview of Abbott Laboratories' business that includes pharmaceutical, medical device, diagnostics, and nutritionals groups and a corporate strategy to focus on competitive advantage through investing in research and innovation while spinning off more mature business units (such as Hospira in 2004). His Diabetes Care division, formed through the integration of MediSense (acquired in 1996) and TheraSense (acquired in 2004) is one of the fastest growing division in the company with annual revenues of about $1.25B.
Hance's discussion focused on several key opportunities and challenges in the $7.2B worldwide blood glucose monitoring market that he has been focused on, most notably the uniquely brand- and marketing-driven nature of diabetes products. While competitors such as Roche and Johnson & Johnson's Lifescan division have focused investment in direct-to-consumer advertising and other promotions, ADC and its predecessors have traditionally been focused on driving innovation through R&D investment and technology leadership. Hance anticipates increased emphasis on marketing initiatives as the types of products currently on-market become increasingly similar and commoditized.
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