I thought I would also highlight one other topic covered during the earnings call today. In addition to focusing on a common value system as defined by the company's Credo, for many years, Johnson & Johnson has worked under an operating model that includes being broadly based in human health care, managing the business for the long term, taking a decentralized management approach and focusing on employees and the company's value system. Within this strategic framework, the company will rally around common, high level priorities that reflect the current environment and the changing needs of the business. Today Chairman and Chief Executive Office Bill Weldon highlighted the common set of priorities that the company would focus on in 2010. In his words:
"These Growth Priorities are what we believe our businesses need to focus on. They are:
Innovative Products – Our growth has always been based on scientific innovations that serve unmet patient and customer needs in a meaningful way. This has led us to be a market leader, #1 or #2, in many of our businesses. We will stay focused on bringing forth innovative, accessible and effective products – and entirely new business models -- that address the most prevalent health care needs of the day.
Robust Pipelines – We must continuously target, invest and manage the development of a robust pipeline of new medicines, devices and products. We plan to use a mix of internal and external sources to sustain pipelines that provide a competitive advantage. We fully expect the new products coming out of our pipeline today to accelerate the proportion of our sales driven by newer products.
Global Presence – As a global health care leader, we must continue to expand our presence and execute our strategies in the appropriate way for diverse markets and customers. Our approach will be strategic, effective and cost-efficient to address the local needs.
Talented People – Our extraordinary and diverse workforce is still our cornerstone and we must develop our people, challenge them, motivate them and reward them to achieve success."