Embracing diverse and small businesses as part of our supply chain is an important part of our work to expand access and equity in health, and to advance diversity and inclusion.
Abbott's 2030 Sustainability Plan includes a goal to build a more diverse, resilient and responsible supply chain, with specific targets to increase overall spending with diverse and small businesses by 50% by 2030, and with Black- and women-owned businesses 150% by 2025.
A stronger and more inclusive healthcare supply chain helps Abbott to achieve our purpose of helping people live healthier, better lives through our life-changing technologies and products. It also helps to build a more diverse broader healthcare industry, generate jobs and support stronger economies in underinvested communities.
Abbott and LISC are collaborating on a $37.5 million initiative to provide eligible diverse small businesses with the tailored growth capital, loans and support they need to compete and grow in the healthcare industry. The initiative will deliver greater diversity in healthcare by advancing a more inclusive supply chain that provides manufacturing and essential products for Abbott and other healthcare companies, while contributing to economic opportunity.
Our Supplier Diversity Program ensures that equitable opportunities are afforded to small and diverse-owned businesses. We have Supplier Diversity Champions for each of our businesses and regions to oversee, monitor and track our partnerships with diverse suppliers.
In 2021, our spend with diverse and small businesses was $3.2 billion. We have increased our annual spend with these suppliers an average of 18% over the past three years, and also have increased our Tier 1 suppliers' work with diverse businesses through subcontracting Tier 2 arrangements.
We allow suppliers to self-certify. However, we encourage certifications through private or public third-party agencies such as National Minority Supplier Development Council (NMSDC) and regional affiliates, Women's Business Enterprise National Council (WBENC), National Women Business Owners Corp (NWBOC), Disability:IN, Small Business Administration (SBA), National Veteran Business Development Council (NVBDC), National Veteran-Owned Business Association (NaVOBA) and National LGBT Chamber of Commerce (NGLCC), among others.
Abbott representatives participate in local, regional and national matchmaking events and trade fairs. Prospective suppliers are given the opportunity to share their products or services through direct contact with Abbott purchasing representatives. A few examples of such events include:
SECOND-TIER SUPPLIER REPORTING
Supplier diversity is a competitive advantage. That's why we strongly encourage our Tier 1 prime suppliers to implement a small business or supplier diversity program. Abbott requires our top suppliers to submit second-tier reports quarterly through the Abbott automated second-tier reporting system.
Small and diverse-owned businesses can contact Abbott directly to discuss potential business opportunities. We are particularly interested in hearing from companies that focus on manufacturing and essential business-to-business products that help us create our diagnostics, nutritionals, medical devices, and other health technologies and products.
Begin your company introduction in three steps:
1. Send the following to email@example.com:
2. Register here
3. Self-certify here.
Registration into these systems does not guarantee business with Abbott. These databases are used as a sourcing tool when we are seeking suppliers for specific products and services. If there is an opportunity for engagement, you will be contacted by an Abbott representative. Please note that due to the volume of inquiries, we are unable to send a formal response for every inquiry.
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