Wearable Technology Rising: Embracing the Post-Covid Era as Testing Becomes Less Prominent

Abbott Laboratories







CEO Robert Ford took the stage at the HLTH conference in Las Vegas on Tuesday to discuss the company’s expansion into a new market: consumer wearables.

The health-care company offers a range of products but derives the majority of its revenue from medical devices and diagnostic tools. Its rapid Covid test generated a staggering $7.7 billion in sales in 2021 and $8.4 billion the following year, contributing significantly to its total 2022 sales of $43.7 billion.

However, as the pandemic waned, testing rates declined. Abbott reported $263 million in Covid test sales during its second quarter, a significant drop from the $2.3 billion in the year-earlier period.

Recognizing the eventual decline in Covid testing, Abbott’s CEO, Robert Ford, emphasized the importance of continued investment in research and development for other products, such as its medical devices.

One of Abbott’s notable products is the FreeStyle Libre, a continuous glucose monitor (CGM) used in diabetes management. The latest model, FreeStyle Libre 3, generated over $1.3 billion in sales for Abbott during the second quarter alone.

Surprisingly, FreeStyle Libre has attracted interest from individuals without diabetes who want to gain insights into their body’s reaction to daily activities, including food consumption.

Abbott identified an opportunity to enter the wearable market, aiming to cater to the broader population interested in staying healthy. The company introduced a new wearable sensor called Lingo, currently available in the U.K, and plans to release it in the U.S. next year. With Lingo, consumers can track their glucose levels and access personalized coaching on diet, sleep, and exercise through an accompanying app.

Abbott’s challenge lies in delivering data to consumers in a simple and actionable manner without overwhelming them. Ford acknowledged the need to change their communication approach to ensure accessibility and user-friendliness.

Ford’s prior experience with Abbott’s first CGM, FreeStyle Navigator, taught him the importance of effectively communicating with consumers. He wants to reassure consumers that Abbott understands the technological revolution taking place in the healthcare industry.

Abbott plans to submit its Lingo filing to the Food and Drug Administration by the end of this year.

Since the announcement of Lingo, Abbott has been focused on presenting data to consumers in a simple and actionable manner. The company aims to make the latest technology accessible to all without requiring extensive medical knowledge.

As Abbott enters a new market, it anticipates challenges and the need to evaluate its marketing effectiveness, consumer engagement, and target audience.

Ford, with his prior experience, understands the importance of ease of use. He previously worked as Abbott’s Chief Operating Officer and Executive Vice President of Medical Devices, where he launched the FreeStyle Navigator CGM. However, due to usability issues, the product was eventually discontinued. This experience has helped shape Abbott’s improved communication approach.

Ford recognizes the ongoing revolution between healthcare and technology, acknowledging the increasing accessibility of health data to individuals. The company plans to leverage this technological moment to benefit consumers.