Abbott Laboratories From Wikipedia, the free encyclopedia This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (July 2013) Abbott Laboratories Type Public Traded as NYSE: ABT S&P 500 Component Industry Pharmaceutical Founded 1888; 126 years ago (as Abbott Alkaloidal Company) Founder(s) Dr. Wallace Calvin Abbott Headquarters North Chicago, Illinois, United States Area served Worldwide Products Pharmaceutical products Medical devices Diagnostic assays Nutritional products Animal health products Revenue US$ 39.874 billion (2012)[1] Operating income US$ 8.085 billion (2012)[1] Net income US$ 5.963 billion (2012)[1] Total assets US$ 67.235 billion (2012)[1] Total equity US$ 26.813 billion (2012)[1] Employees 91,000 (2012)[1] Website abbott Abbott Laboratories is an American global pharmaceuticals and health care products company. It has 90,000 employees and operates in over 130 countries.[2] The company headquarters are in Abbott Park, North Chicago, Illinois. The company was founded by Chicago physician Wallace Calvin Abbott in 1888. In 2010, Abbott had over $35 billion in revenue. In 1985, the company developed the first HIV blood-screening test[citation needed]. The companys drug portfolio includes Humira, a drug for rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, Crohns disease, moderate to severe chronic psoriasis and juvenile idiopathic arthritis; Norvir, a treatment for HIV; Depakote, an anticonvulsant drug; and Synthroid, a synthetic thyroid hormone. Abbott also has a broad range of medical devices, diagnostics and immunoassay products as well as nutritional products, including Ensure, a line of meal replacement shakes; and EAS, the largest producer of performance-based nutritional supplements.[citation needed] The companys in vitro diagnostics business is a world leader in immunoassays and blood screening. Its broad range of medical tests and diagnostic instrument systems are used worldwide by hospitals, laboratories, blood banks, and physician offices to diagnose and monitor diseases such as HIV, hepatitis, cancer, heart failure and metabolic disorders, as well as assess other important indicators of general health. Abbott Point-of-Care manufactures diagnostic products for blood analysis to provide health care professionals critical diagnostics information accurately and immediately at the point of patient care. Abbott also provides point-of-care cardiac assays to the emergency room.[citation needed] Contents [hide] 1 History 2 Organization 2.1 AbbVie 3 Divisional structure 4 Management structure 5 Management practices 6 Litigation 6.1 Depakote 7 Tax avoidance 8 See also 9 References 10 External links History[edit] Dr. Wallace C. Abbott In 1888 at the age of 30, Dr. Wallace C. Abbott (1857–1921), an 1885 graduate of the University of Michigan, founded the Abbott Alkaloidal Company. At the time, he was a practicing physician and owned a drug store. His innovation was the use of the active part of a medicinal plant, generally an alkaloid (morphine, quinine, strychnine and codeine), which he formed into tiny pills which he called dosimetric granules. This was successful since it allowed more consistent and effective dosages for patients.[3] As the companys overseas sales and reputation was growing, Abbott had to consider new ways to organize its sections. International expansion began in 1931 when Abbott formed its first international office in Montreal, Canada (Fact 21). Expansion continued in 1962 when Abbott entered into a joint venture with Dainippon Pharmaceutical Co., Ltd., of Osaka, Japan, to manufacture radio-pharmaceuticals. During this year, Abbotts expansion projects in England, Italy and France were also completed. With all these developments abroad, Abbott adopted an International Division Structure (Ranjan 41). Under this organization of management, Abbott simply added another division to the three product based divisions to be responsible for all foreign operations. This international division is itself divided regionally, with each country reporting to the international management.[citation needed] In 1967, the company successfully challenged the FDA on labeling regulations before the Supreme Court in Abbott Laboratories v. Gardner. In 2009, it unsuccessfully attempted to bar other pharmaceutical companies from producing a drug it had a patent on in Abbott v. Sandoz. However, it was determined that Abbott had patented the drug by a specific process of creation and the other companies were not infringing on the patent when they used a different process to arrive at the same final product.[ci
Posted on: Wed, 05 Mar 2014 08:00:08 +0000
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