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October 19, 2023

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Abbott aims to increase spending with small diverse businesses by 50% by 2030, from a 2020 baseline

2023 Billion Dollar Roundtable Best Practices Summit: Inductees

ABBOTT LABORTORIES INC.

Q: When and why did your company start its supplier diversity program?

A: Abbott initiated a formal supplier diversity program as early as the 1970s. As a global company with a broad range of businesses and employees in 160 countries around the world, diversity has long been an inherent part of our company and what we do across our operations. It’s both a guiding principle and a practical necessity.

People in communities across the U.S. and globally depend on our health products and technologies, so we need to ensure a resilient and reliable supply chain. And that means we need to have a large and diverse pool of suppliers to depend on. So, you can see that our supplier diversity program is an integral part of this important work.

Q: What is the significance of your company being inducted into the Billion Dollar Roundtable Inc. (BDR)?

A: For many years, the Billion Dollar Roundtable has set a high bar for companies working to expand their work with diverse businesses. It’s an important benchmark for demonstrating positive impact for both businesses and the communities they serve. For us, induction into the Billion Dollar Roundtable is a very important milestone on our journey, marking the progress we’ve made to date and looking ahead to the future we’re helping to build.

Q: What advice would you give companies aspiring to earn BDR membership? My advice for those aspiring to earn BDR membership is to:

A: First, it’s essential to align with your leadership both within procurement and in the business to establish advocates. Second, you need to develop a roadmap and determine what it will take to get there. And third, I would say it’s important to communicate progress along the way. Any company aspiring to BDR is going to be a large business, so there are many different stakeholders within the company that will need to be engaged. Highlighting internal champions and sharing stories that demonstrate business impact will help drive greater buy-in across the organization.

Q: What is your company’s spend goal with diverse suppliers over the next five years?

A: In our 2030 Sustainability Plan, Abbott has set a goal to reach 3 billion people with our life-changing technologies. In order to reach this goal, we’ve set targets across our business, including building a diverse and resilient supply chain to deliver these innovations to the people who need them. We aim to increase spending with small diverse businesses by 50% by 2030, and Black and women-owned businesses by 150% by 2025, all from a 2020 baseline.

Beyond increasing spend, we’re also aiming to broaden the economic impact of this work. A recent analysis showed that our supplier diversity efforts have supported over 7,500 jobs and generated over $4.5 billion in economic impact in the diverse communities where we operate across the U.S., and we’re looking to expand that impact in the years to come.

To learn more about Abbott, visit abbott.com/partners/suppliers/supplier-diversity-programs.