R&D Spending: $1,200,000,000
Percentage of revenue: 9.8%
2020 overall ranking: 11
Abbott in March 2019 won expanded indications for its MitraClip system. The new expanded coverage allowed the device to be used in patients who have normal mitral valves with diminished left heart function. The device was originally cleared in 2013 for use in reducing mitral regurgitation in patients with mitral valve abnormalities whose risks for mitral valve surgery were prohibitive.
In May 2019, the company launched its next-generation, smartphone-connectable Confirm Rx implantable continuous cardiac monitor. The device is a paperclip-sized implantable device intended for the remote monitoring of unpredictable heart rhythm problems. It is also intended to produce fast and accurate diagnoses. Confirm Rx can be implanted just under the skin in the chest above the heart during a minimally invasive outpatient procedure.Abbott then received FDA approval in July 2019 for its fourth-generation MitraClip G4. The transcatheter heart valve repair device is designed to treat mitral regurgitation. The company expanded the number of clip sizes to four and includes clips with a wider grasping area to expand treatment options. It also includes an upgraded catheter that allows integrated real-time continuous left atrial pressure monitoring during implant.
In September 2019, Abbott launched a pivotal trial in the U.S. for its TriClip tricuspid repair device. The study was designed to compare the device with standard medical treatment and includes a single arm of patients with more complex tricuspid disease.
Abbott also received FDA approval for its low-dose recharge-free spinal cord stimulation system with up to 10-year battery life for people in chronic pain in September 2019. The Proclaim XR neurostimulation system couples low-energy therapy with a low-dosing protocol to provide pain relief and preserve its battery. It is also capable of using Apple mobile devices and Bluetooth wireless technology.
Abbott’s R&D spend fell -3% in Q3 2020 to $580 million compared with the third quarter of 2019. Otherwise, it’s been an eventful year. Read more about Abbott’s 2020 latest business moves here.