Quest Diagnostics 2005 Annual Report Download - page 7

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Excited฀A bout฀the฀Future
฀ ฀ ฀ Diagnostic฀ testing฀ accounts฀ for฀ less฀ than฀ 3฀ percent฀ of฀ U.S.฀ healthcare฀ spending,฀ but฀ influences฀
approximately฀70฀ percent฀ of฀all฀medical฀decisions.฀ At฀ a฀ time฀when฀ healthcare฀ costs฀ are฀ receiving฀scrutiny฀
like฀never฀before,฀we฀have฀the฀experience฀and฀reach฀to฀help฀reduce฀costs฀and฀improve฀outcomes฀by฀working฀
with฀physicians,฀hospitals,฀managed฀care฀organizations฀and฀the฀government.
฀ ฀ ฀ Quest฀Diagnostics฀is฀the฀clear฀leader฀in฀the฀more฀than฀$40฀billion฀diagnostic฀testing฀industry฀in฀the฀U.S.,฀
yet฀ we฀ account฀ for฀ only฀ 13฀ percent฀ of฀ this฀ market,฀ with฀ a฀ very฀ limited฀ international฀ presence.฀ We฀ have฀
significant฀opportunities฀to฀grow—by฀expanding฀our฀market฀position฀here฀in฀the฀U.S.฀and฀abroad,฀and฀continuing฀
to฀be฀an฀innovation฀leader.
฀ ฀ ฀ There฀has฀never฀been฀ a฀better฀time฀ to฀be฀in฀the฀diagnostic฀testing฀ business.฀The฀ long-term฀need฀ for฀
testing฀is฀being฀driven฀by฀an฀aging฀population,฀as฀well฀as฀the฀advent฀of฀new฀technologies,฀which฀enable฀the฀
development฀ of฀ new฀ tests฀ and฀ healthcare฀ information฀ technology฀ solutions.฀ Consumers฀ are฀ taking฀ a฀ more฀
active฀ role฀ in฀ managing฀ their฀ health,฀ and฀ diagnostic฀ testing฀ is฀ a฀ fundamental฀ tool฀ for฀ this฀ purpose.฀ Finally,฀
several฀related฀fields฀are฀converging,฀blurring฀the฀lines฀that฀used฀to฀separate฀genetic฀predisposition฀testing,฀
diagnostic฀ testing,฀ diagnostic฀ imaging,฀ and฀ information฀ technology.฀ Meanwhile,฀ short-term฀ trends฀ are฀ also฀
creating฀opportunities.฀For฀example:
•฀ ฀Cancer฀testing฀represents฀a฀growth฀opportunity.฀Currently,฀clinical฀pathology,฀or฀testing฀of฀blood฀and฀other฀
bodily฀ fluids,฀ accounts฀ for฀ most฀ of฀ our฀ business.฀ While฀ we฀ are฀ the฀ leader฀ in฀ cancer฀ testing,฀ we฀ remain฀
under-represented.฀ We฀ are฀ educating฀ doctors฀ and฀ hospitals฀ about฀ our฀ capabilities฀ in฀ cancer฀ diagnosis,฀
monitoring฀ and฀ prognosis.฀ Moreover,฀ we฀ have฀ recently฀ expanded฀ our฀ presence฀ in฀ anatomic฀ pathology฀ by฀
adding฀subspecialist฀pathologists,฀creating฀proprietary฀tests,฀and฀developing฀state-of-the-art฀lab฀reports.
•฀ ฀Healthcare฀information฀technology฀is฀an฀increasingly฀vital฀issue฀for฀policymakers,฀doctors,฀hospitals,฀payers฀
and฀ especially฀ patients.฀ Our฀ Care360฀ physician฀ portal฀ is฀ already฀ in฀ use฀ by฀ approximately฀ 80,000฀฀
physicians—and฀we฀are฀adding฀capabilities฀to฀enable฀users฀to฀do฀more฀to฀reduce฀medical฀errors฀and฀drive฀
efficiencies฀for฀healthcare฀providers.
•฀ ฀The฀managed฀care฀field฀is฀swiftly฀consolidating,฀prompting฀managed฀care฀providers฀to฀seek฀ways฀to฀reduce฀
healthcare฀ costs฀ and฀ improve฀ patient฀ outcomes.฀ We฀ offer฀ the฀ greatest฀ access฀ to฀ convenient฀ laboratory฀
services฀and฀are฀drawing฀on฀our฀proven฀capabilities฀in฀laboratory฀network฀management฀to฀collaborate฀with฀
these฀organizations.
•฀ ฀Medical฀quality฀is฀critical฀for฀the฀success฀of฀any฀healthcare฀provider.฀We฀adhere฀to฀our฀own฀stringent฀quality฀
assurance฀ processes—including฀ Six฀ Sigma฀ principles.฀ We฀ are฀ focused฀ on฀ continuously฀ improving฀ quality฀
throughout฀our฀business.
฀ ฀ ฀ Quest฀Diagnostics฀is฀well฀positioned฀for฀the฀future,฀and฀I฀am฀excited฀about฀the฀opportunities฀available฀
to฀ us.฀ We฀ have฀ a฀ strong฀ company฀ and฀ the฀ right฀ strategy,฀ which฀ we฀ are฀ focused฀ on฀ executing,฀ based฀ on฀
Patients,฀Growth฀and฀People.
฀ ฀ ฀ It฀is฀my฀distinct฀honor฀to฀lead฀our฀company.฀Thank฀you฀for฀your฀continued฀confidence฀and฀support.
Take฀care,
Surya฀N.฀Mohapatra,฀Ph.D.฀
Chairman,฀President฀and฀Chief฀Executive฀Officer
»฀
Quest฀Diagnostics