Abbvie

Company Score

-0.42
Industry Pharmaceuticals, Biotechnology & Life Sciences
Country United States
Year Added 2018
Impact Ratings 722
Impact Notes 27
SDG Covered 8 out of 17

AbbVie is an American publicly-traded biopharmaceutical company, it originated as a spin-off of Abbott Laboratories, with AbbVie focusing on research-based pharmaceutical manufacturing. According to the Wall Street Journal as of January 2016 ibrutinib, a speciality drug, cost US$116,600 to $155,400 a year wholesale in the United States. In spite of discounts and medical insurance, the prohibitive price causes some patients to not fill their prescriptions. AbbVie estimates global sales of the drug at $1 billion in 2016 and $5 billion in 2020.

Read about AbbVie and its impact below.

Impact notes

Good Health and Well-being

In 2021, AbbVie exceeded pharma industry standards in raising prices for multiple drugs

Profile Paushali Bhattacharya
Icon time Fri Mar 5th, 2021 at 9:02am

According to a 2020 report, drug prices have increased by 33% since 2014, which is a significantly greater rise than other healthcare services4. In the US, even though insurers and patients covered by healthcare services mostly do not pay full price for drugs, increasing prices significantly adds to the financial burden of healthcare for US consumers10. A 2019 survey showed that 44% of people in the US do not purchase medically necessary prescription drugs because of high costs5.

Gender Equality

Women's overall employment share is 53.3%, but less than at management levels

Profile Rameen
Icon time Wed Feb 10th, 2021 at 8:53pm

According to a McKinsey report, women comprise 50% of the health care workforce in the US and, 58% of managers, 50% of senior managers, and 30% of C-suite positions4. In the pharma industry, women hold 25% of the leadership team and only one female CEO among the top 10 pharmaceutical companies6, due to biases in the recruitment process creating a glass ceiling effect for women8. Gender diversity in the industry can better understand the different needs of the population it serves, as the biopharma industry is directly affecting the lives of billions of people around the world 9. In 2018, the General Pharmaceutical Council has reported a median gender pay gap of 16.5%7.

Good Health and Well-being

Allergan Increases Price of More Than 30 Drugs

Profile BCDonno
Icon time Wed Feb 10th, 2021 at 9:59am

The United States (US) is currently in the grip of a pharmaceutical drug price crisis. 20 of the leading drugs sold in the US this year were priced on average 70%-80% lower in comparable high-income countries1. Over the last 10 years, the cost of brand-name drugs has more than tripled2. This forces millions of Americans to import life-saving medications such as insulin from other countries, despite federal restrictions on such activity. In 2016, one poll found that 19 million adults in the US imported medications - about 8% of the population3.

Peace, Justice and Strong Institutions

Abbvie agreed to pay $24 Mn in 2020 for violating Insurance Fraud Act in 2018 for drug Humira

Profile Shubham Bakolia
Icon time Fri Feb 5th, 2021 at 11:13am

The annual cost of corruption has reached $2.6 trillion worldwide, which is nearly 5% of the world's GDP1;p2. Corruption and bribery exist at all stages of the healthcare industry2;p1.

Good Health and Well-being

The Allergan Foundation supported community health with $95Mn charity in 21 years

Profile Arpan Arora
Icon time Tue Jan 5th, 2021 at 11:34am

The United Nations reported that more than 400Mn people lack access to primary healthcare globally1. More than 1.6Bn people reside in areas with weak national capacity to provide basic health services1. According to UNICEF, on a global level, millions of children and mothers lack access to essential health services2.