Monday, August 26, 2019
Strategic Management of Quest Diagnostics Essay
Strategic Management of Quest Diagnostics - Essay Example Ideally, the diagnosis is established with beyond a reasonable doubt certainty, but substantial uncertainty or frank diagnostic error can afflict the diagnostic process for a variety of reasons. Many of these diagnostic problems are explained by failures of decision-making. Their main strategic approach, competency, and challenges are explained herewith. Quest Diagnostics is the nationÃ¢â¬â¢s leading provider of diagnostic testing, information, and services. They are the largest providers of global central laboratory services performed in connection with clinical research trials on new drugs and these trials assess the safety and efficiency of these new drugs. Quest Diagnostics operates 24 hours a day, 7 days a week, 365 days a year providing their customers with a comprehensive menu of routine and specialty laboratory tests and services. Their major services include laboratory health care services, featured lab tests, online services and medical research etc. In New York City by 1967 Dr. Paul Brown launched the clinical laboratory industry with his vision to offer the high quality, highly automated and cost-effective clinical testing. Corning Incorporated purchased Met Path in 1982 and continued to build the company. The business continued to expand and additional companies were acquired, including Damon in 1993, Maryland Medical Laboratory in 1994 and Bioran in 1994. Also in 1994, Corning acquired Nichols Institute, world-renowned for esoteric testing. On December 31, 1996, Corning Incorporated spun off the laboratory testing business to its shareholders, establishing Quest Diagnostics as an independent company trading on the New York Stock Exchange under the Symbol "DGX.Ã¢â¬ . The acquisition enabled the company to enter into a testing related business, providing services to the life insurance industry.