In emerging markets, healthcare sector is growing fast, showing a strong resilience to economic downturn and even outpacing GDP and population growth in many countries. Main drivers of healthcare demand are attributable to an aging and growing population, changing lifestyles, higher income levels and the willingness to pay for care.
Abbott, a global leading healthcare company, has focused its business activities on health-conscious consumers in these markets and achieved significant successes.
Abbott recorded an 11-percent per year sale increase for 2013 in emerging markets, according to its annual report released in March 2014.
The company also recorded a four-percent total sale increase over 2012, topping about US$21.8 billion in which emerging markets account for 40 per cent of the revenues. Seventy-percent of the sale was generated outside the US.
The figure came at the time as many of these emerging countries recorded slower economic growth last year and a weakening of key emerging market currencies. However, consumers in these countries are now more willing to pay for healthcare products and services, especially those that packed with high-end technology.
In 2013, Abbott Nutrition had more than 60 product launches.
Growth rate in emerging economies are expected to grow nearly 6 per cent in 2014, compared with 2 per cent for developed countries.