LabCorp

LabCorp today gave me and interesting insight into the world medicine beyond the doctors office. It was very interesting to see how a company like that operated. With a company such as LabCorp it is not surprising that they are publicly traded, what I found most interesting about LabCorp though was their takeover mentality. The company sets aside money just for the sake of buying out smaller/failing operations when it is possible. This shows how competitive of a company LabCorp is and how cut throat the real world can be. From a business perspective this was the most interesting thing that I heard. On a more personal level our tour guide made a very interesting statement about what it is like looking at cell’s. He said that every scientist wants to find unique and interesting cells, and when they find them it is very exciting at first but they then discover that the cells mean a death sentence for a person. It was a different perspective into the results that come from the labs and what they mean to a doctor. LabCorp’s mission statement is basically to provide cutting edge laboratory tests and services nationwide. They are either the 1st or 2nd most prevalent company at what they do in the country so I would say they are carrying out their mission statement pretty well. They have become this big by selling to different healthcare providers around the country, who all value getting inexpensive but also highly accurate tests done. Over the years LabCorp has been able to provide their service cheaper than practically anybody else and still provide a quality product. LabCorp uses a 5 pillar plan to decide on what their future will be and has set aside money just for the sake of buying out their competition.

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