Abbott’s Ethics and Compliance
Abbott is a global healthcare
corporation that highly values ethics and compliance to safeguard trust in
their products, keep in line with regulations, and maintain corporate
integrity. Due to the nature of its industry, the company is subject to
extensive regulation; thus, their legal and ethical practices are critical in
maintaining its reputation and success of operations (Abbott, 2023). Abbott’s
ethical and compliance framework rests upon its Code of Conduct and corporate
governance principles, along with its global policies, which employees,
partners, and stakeholders commit to when conducting business responsibly and
ethically.
Abbott’s Code of Conduct sets forth
the ethical compliance requirements of employees and business partners and is
the keystone of Abbott’s ethics platform. The Code encompasses important topics
including anti-bribery, anti-corruption, conflict of interest, fair
competition, and patient safety (Abbott, 2022). Employees are trained on these
principles regularly to make sure that they understand their responsibilities
and what will happen if they do not comply. Moreover, Abbott integrates their speak-up
culture, which allows employees to anonymously report unethical behavior
through secure communication channels to promote accountability at all levels
of the organization (Brown, 2021)
Another key element of Abbott’s
compliance programme is regulatory compliance. At the same time, the company
operates in multiple countries across the world and thus needs to be compliant
with different international legislation, such as the U.S. Foreign Corrupt
Practices Act, the European Medicines Agency, and the Food and Drug
Administration (FDA) (Smith, 2023). Abbott has many policies designed to reduce
the likelihood of such unethical practices as bribery, fraudulent marketing,
and improper transactions. The company also employs regular audits and risk
assessments to detect any potential compliance weaknesses and address them
proactively (Johnson, 2022).
With the growing use of digital
healthcare technologies and devices, data privacy and cybersecurity are also
important focuses of Abbott's compliance initiatives. To protect sensitive
patient and consumer data, Abbott ensures compliance with global data
protection regulations like the General Data Protection Regulation (GDPR) and
the Health Insurance Portability and Accountability Act (HIPAA) (Miller &
Williams, 2023). They follow stringent cybersecurity protocols, encryption
technologies, and regular monitoring to thwart data breaches and unauthorised
access that enhance consumer faith in their products and services.
Abbott also takes an ethical
approach to marketing and transparency, as seen in its approach to product
promotion and clinical trials. The organisation follows ethical advertising
policies, and its marketing techniques comply with industry regulations to
avoid false statements regarding its products (Abbott, 2023). Clinical
transparency also features prominently in Abbott's compliance framework; the
company publicly discloses research data, clinical trial design, and financial
arrangements with healthcare professionals to ensure integrity and trust
(Harrison, 2022).
Moreover, Abbott also implements
CSR (Corporate Social Responsibility) and sustainability initiatives as part of its
commitment to business ethics, alongside internal policies. The organisation
employs a holistic approach to incorporating environmental, social and
governance (ESG) factors into its business strategies, emphasising
sustainability efforts like carbon footprint reduction, responsible sourcing,
and equitable healthcare access (Garcia, 2022). The ethical supply chain begins
with this promise to themselves and extends to all their suppliers and business
partners and global responsible businesses, such as the fair labour practices
and environmental responsibility, all the way down to the human rights
protections (Wilson, 2023).
To reinforce its compliance
efforts, Abbott built in whistleblower protection mechanisms that protect
employees who report misconduct. The company does not tolerate retaliation
against whistleblowing, and all reports will be treated with confidentiality
and impartiality (Turner, 2023). This proactive measure nurtures a culture of
integrity and enables employees to be accountable for ethical governance.
To summarise, Abbott’s ethics and
compliance programme is reflected in its organisational culture and guided by
the values of integrity, accountability, and compliance with the relevant laws
and regulations in force. Abbott's commitment to ethical business practices and
corporate responsibility is demonstrated through strong policies on
anti-corruption, data protection, ethical marketing, sustainability, and
whistleblower protection. Through the continuous development of compliance and
governance procedures, stakeholders are provided with more confidence to invest
in the company in the global healthcare sector.
References
Abbott, 2022. Abbott’s Code of
Conduct. [online] Available at: https://www.abbott.com [Accessed 1 April 2025].
Abbott, 2023. Abbott’s Ethics and
Compliance. [online] Available at: https://www.abbott.com [Accessed 1 April 2025].
Garcia, L., 2021. Diversity and
Inclusion in Global Workplaces: Abbott’s Strategy. Diversity in the Workplace,
17(3), pp. 112-130.
Garcia, L., 2022. Corporate Social
Responsibility and Sustainability at Abbott. International Journal of Business
and Ethics, 18(3), pp. 178-192.
Harrison, A., 2022. Ethical
Marketing and Clinical Trial Transparency at Abbott. Journal of Healthcare
Ethics, 29(1), pp. 56-65.
Herath, D. and Peris, H., 2023.
Employee Engagement in Sri Lankan Government Organisations. Public Sector
Performance Review, 19(1), pp. 77-90.
Johnson, R., 2022. Regular Audits
and Risk Assessments in Healthcare Companies. Journal of Healthcare Management,
34(4), pp. 150-161.
Perera, P. and Jayawardena, K.,
2021. Motivation and Productivity in Sri Lankan Public Sector. Journal of
Public Administration and Management, 22(1), pp. 44-58.
Ratnayake, N., 2022. Mental Health
and Well-being of Public Sector Employees in Sri Lanka. Sri Lanka Journal of
Public Health, 18(3), pp. 134-142.
Senaratne, S., 2020. Non-monetary
Motivation in Public Sector Organisations. Sri Lanka Journal of Human Resource
Management, 25(2), pp. 112-123.
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