Abbott Labs cuts 1900 jobs

[ArlJim78]

Remember how the heathcare bill is really a jobs bill according to Pelosi. I believe she said it would produce 500,000 jobs immediately upon passage. Of course she also said we have to pass it to find out what is in it. Well Abbott Labs discovered what is in the bill, so they're scaling back.


Abbott Laboratories said it is axing 1,900 workers, including about 1,000 of its more than 13,000 people in Northern Illinois as part of a restructuring.

The cuts, which represent about 2 percent of the company’s 90,000 global work force and 6 percent of its U.S. workers, are expected to save Abbott $300 million in coming years. Abbott blamed the cuts on new fees and pricing pressures associated with the healthcare reform law and a “challenging regulatory environment” at the Food and Drug Administration, which approves new drugs.

http://www.suntimes.com/business/3503715-420/billion-abbott-percent-company-per.html

maybe these people can find work in the new healthcare administration bureaucracy that is forming.

[johnhannibalsmith]

...
maybe these people can find work in the new healthcare administration bureaucracy that is forming.

Submit pedigree page in lieu of resume. Thanks.

[boxcar]

Remember how the heathcare bill is really a jobs bill according to Pelosi. I believe she said it would produce 500,000 jobs immediately upon passage. Of course she also said we have to pass it to find out what is in it. Well Abbott Labs discovered what is in the bill, so they're scaling back.


http://www.suntimes.com/business/3503715-420/billion-abbott-percent-company-per.html

maybe these people can find work in the new healthcare administration bureaucracy that is forming.

It's no wonder that 27 states have joined the lawsuit against the Feds regarding BOcare. I could be wrong, but I think this is unprecedented in terms of fighting unpopular federal legislation.

Boxcar

[boxcar]

Remember how the heathcare bill is really a jobs bill according to Pelosi. I believe she said it would produce 500,000 jobs immediately upon passage. Of course she also said we have to pass it to find out what is in it. Well Abbott Labs discovered what is in the bill, so they're scaling back.

As an afterthought, let's not gloss over the incomprehensible absurdity of Pelosi's statement or anyone else's prior to passage of this monstrosity. How can anyone rationally make any statement about any topic, any subject any book, etc. when the content is unknown!? And how can anyone, rationally, take such statements seriously?

As far as I'm concerned, the fact this bill was rammed down Americans' throats unread is reason enough to toss the bill in the nearest dumpster.

Boxcar

[Mike at A+]

Pelosi talks like she's from another freakin planet. Greta interviewed her last night after Obama's BS speech and she was beaming about all the jobs Obama created (or saved). I have to wonder if the bitch overdosed on her meds or if she really is that stupid.

[HUSKER55]

IT WILL PROBABLY BE SARAH'S FAULT, GIVE IT AWHILE. SHE GETS BLAMED FOR EVERYTHING ELSE.

[mostpost]

Remember how the heathcare bill is really a jobs bill according to Pelosi. I believe she said it would produce 500,000 jobs immediately upon passage. Of course she also said we have to pass it to find out what is in it. Well Abbott Labs discovered what is in the bill, so they're scaling back.


http://www.suntimes.com/business/3503715-420/billion-abbott-percent-company-per.html

maybe these people can find work in the new healthcare administration bureaucracy that is forming.
It certainly is fashionable to blame any job cuts on HR3590. Just say "It's that darn healthcare reform." But never give any specifics. Never say how what is in Health care reform will cost you money. What new fees are there in HR3590 that Abbott will have to pay that itwasn't paying before.
What does "pricing pressures" mean? Talk about a nebulous term. I think the government is now allowed to negotiate for lower prices on drugs it purchases, but that's negotiate not compel.

It was nice of you to include an excerpt from the Sun Times story. It would have been even nicer to include excerpts such as these:
Abbott has steadily increased its revenue year after year, even as most of its pharmaceutical peers have watched sales fall as patents on blockbuster drugs expire.
Perhaps Abbott also has patents scheduled to expire in the near future.

Last week the company halted research on a next-generation psoriasis drug after the FDA indicated additional clinical trials would be needed to win approval. It also pulled its diet drug Meridia from the market in October because of heart risks, only one month after it recalled millions of containers of its best-selling Similac baby formula because of possible contamination from insect parts.
All of these things could effect the bottom line and cause Abbott to retrench in anticipation.

Excluding costs related to the acquisition of Solvay Pharmaceuticals and Piramel Healthcare Solutions,

Buying two companies could cause Abbott to need to raise capital or retain capital.

Overall, unless you or someone else can come up with specific example from HR3590 of fees that materially effect Abbott, I will continue to think that your theory is a lot of hot air.

[bigmack]

What new fees are there in HR3590 that Abbott will have to pay that itwasn't paying before.
Faster than cold syrup, SuperHero Mostpost on the scene to defend HR3590 yet again. :eek:

http://i165.photobucket.com/albums/u70/macktime/mp-1.jpg

[boxcar]

Overall, unless you or someone else can come up with specific example from HR3590 of fees that materially effect Abbott, I will continue to think that your theory is a lot of hot air.

Hey, why don't you email Abbott and ask them for specifics? After all they were the one who placed blame on BORotCare.

And by the way, I want to remind you that when little Weiner Whiner was all set to subpoena various large corporations last yeqr to come before the House to testify about their complaints about BORotCare, and ordered them to bring every shred of paperwork with them, including internal memos, he suddenly had a change of heart and canceled that gig! Wonder why that was!? I'm betting it's because businesses have superior bean counters to the Fed's. :rolleyes:

Boxcar

[mostpost]

Faster than cold syrup, SuperHero Mostpost on the scene to defend HR3590 yet again. :eek:

http://i165.photobucket.com/albums/u70/macktime/mp-1.jpg
Playing dress up again Mack?

[cj's dad]

At least there were no charts and graphs.

Faster than cold syrup, SuperHero Mostpost on the scene to defend HR3590 yet again. :eek:

http://i165.photobucket.com/albums/u70/macktime/mp-1.jpg

[johnhannibalsmith]

I wanna be this guy!

http://thefilmnest.com/wp-content/uploads/2009/01/captainchaos-236x300.jpg

[delayjf]

Pelosi talks like she's from another freakin planet. Greta interviewed her last night after Obama's BS speech and she was beaming about all the jobs Obama created (or saved). I have to wonder if the bitch overdosed on her meds or if she really is that stupid.

I don't think she has had a conscious moment in her life.

[NJ Stinks]

It certainly is fashionable to blame any job cuts on HR3590. Just say "It's that darn healthcare reform." But never give any specifics. Never say how what is in Health care reform will cost you money. What new fees are there in HR3590 that Abbott will have to pay that itwasn't paying before.
What does "pricing pressures" mean? Talk about a nebulous term. I think the government is now allowed to negotiate for lower prices on drugs it purchases, but that's negotiate not compel.

It was nice of you to include an excerpt from the Sun Times story. It would have been even nicer to include excerpts such as these:
[/B]
Perhaps Abbott also has patents scheduled to expire in the near future.


All of these things could effect the bottom line and cause Abbott to retrench in anticipation.



Buying two companies could cause Abbott to need to raise capital or retain capital.

Overall, unless you or someone else can come up with specific example from HR3590 of fees that materially effect Abbott, I will continue to think that your theory is a lot of hot air.

This post makes entirely too much sense. Cut it out Mostpost and play fair.

[mostpost]

This post makes entirely too much sense. Cut it out Mostpost and play fair.
Sorry.

[lamboguy]

i didn't know that abbott had another drug in the pipeline for psoriasis other than humira, which i believe is already approved for rhumetoid arthritis. i know that remacaid and embrel were first approved for arthritis and then they continued on with their study and eventually got the drugs fda approved for psoriasis. as far as i know, humira has been in front of the fda for over 5 years now.

[Tom]

BO says we have broken the back of the recession.

What he meant was we are all broke and the recession is back.

[newtothegame]

Not to worry Tom...I am sure there will be a disclaimer about "mis-spoke" shortly :lol:

[ArlJim78]

I see that the Obamacare waivers are up to 729 covering 2.1 million people. mainly unions and other assorted cronies of the left. Abbott being a non union profitable evil drug company, I guess didn't qualify for a waiver.

[skate]

Ah...see that... you people just dont give credit to where it belongssss.


GM goes world under the BO, after getting $45 Billion tax right-off
after gwetting $50 Billion loan, interest free.
After giving away a $460 Million contract to Mexico, this month.

Now we have GM giving a contract to India, god bless India... yep.
GM introduced the first engine developed by its Indian unit, as the Detroit:bang: auto maker takes a significant:lol: step to expand its presence in the country,



GM says locally developed engines will help GM utilize the lower-cost and skilled manpower in the south Asian country to produce new cars that are priced competitively to take on rivals such as , Hyundai Motor Co. and Ford (aint that us).

SO, there...BO is hard at work, promoting Jobs and love, all that's LEFT for you to do...provide MONEY HONEY... so simple, yepper