Abbott Laboratories

Under the leadership of Dr. Abbott, Abbott Laboratories was established in 1888 as one of the pioneers in the scientific practice of pharmacy, focusing on expanding its business to address global health needs and championing new medical research areas.

Abbott Laboratories was founded in 1891, and has been a key player in the healthcare industry for over 130 years, contributing to numerous breakthroughs and innovations in healthcare.

In 1900, Chicago physician Wallace C. Abbott founded the Abbott Alkoloidal Co. to experiment with the manufacture of alkaloid drugs and antiseptics.

In 1907, Abbott established its first international affiliate in London, marking the beginning of its global expansion.

In 1916, Abbott produced Chlorazene, its first synthetic medicine, which was used as an antiseptic to treat World War I soldiers.

In 1935, Abbott introduced Pentothal, a leading anesthetic for many years to come, developed by Doctor Volwiler and Doctor Donalee Tabern, earning them a place in the United States National Inventors Hall of Fame.

By 1939, Abbott Laboratories experienced a significant increase in annual sales, driven by the sales of anesthetics such as 'Nembutal' and 'Pentothal'.

During World War II, Abbott Laboratories was one of the first mass-producers of penicillin, contributing to its growth.

Abbott India Ltd was originally incorporated on August 22, 1944, as Boots Pure Drug Company (India) Ltd, eventually undergoing several name changes before adopting its present name in 2002.

In 1962, Abbott entered into a joint venture with Dainippon Pharmaceutical Co., Ltd. of Osaka, Japan, focusing on the manufacturing of radio-pharmaceuticals.

In 1964, Abbott merged with Ross Laboratories, acquiring Similac and introducing nutritional products like Pedialyte and Ensure under its leadership.

In 1965, Abbott expanded its presence in Europe by establishing offices in Italy and France, further solidifying its global footprint.

According to Harvard professor Lester Grinspoon and Peter Hedblom, in 1966 Abbott Laboratories sold a significant amount of methamphetamine to a criminal dealer in Long Island.

In 1972, Abbott Laboratories introduced its first hepatitis test, marking a significant advancement in medical diagnostics.

Abbott Laboratories issued $100,000,000 9.20% sinking fund debentures due October 15, 1999, using the proceeds to reduce outstanding domestic short-term debt incurred for capital expenditures and working capital. The decision to accumulate and invest funds from Puerto Rico subsidiaries with tax-exemption grants influenced the need for borrowings.

In 1979, Abbott introduced Quantum, an automated immunoassay system utilizing new EIA technology for diagnosing hepatitis A. This innovation allowed Abbott to transition from radioactive tests to enzyme immunoassays for their hepatitis product line.

In 1985, Abbott received FDA approval for the first licensed antibody test to detect the HIV virus in blood. This breakthrough played a crucial role in ensuring the safety of the blood supply and marked a significant milestone in the fight against HIV/AIDS.

In 1997, Abbott developed the ABBOTT PRISM, which was the first fully automated and high-volume blood screening platform.

In 1998, Abbott launched new systems like Alcyon, Aeroset, and Determine, while also acquiring International Murex Technologies Corp. to enhance its product offerings.

In 1999, Abbott introduced the ARCHITECT i2000, the first in a series of analyzers for clinical laboratories.

In October 2001, TAP Pharmaceutical Products, a subsidiary of Abbott Laboratories, settled criminal and civil charges related to federal and state Medicare fraud and illegal marketing of the drug leuprorelin. The settlement amount was $875 million, a record high pharmaceutical settlement.

By 2002, Abbott Laboratories' annual sales exceeded $16 billion, employing approximately 17,000 Chicago-area residents, showcasing significant growth over the years.

In 2004, the company acquired TheraSense, a diabetes-care company, which it merged with its MediSense division to become Abbott Diabetes Care.

In 2006, Abbott launched the ABBOTT PRISM, a high-volume blood bank screening platform, and introduced CELL-DYN Sapphire, an automated, high-volume hematology instrument. The company also expanded its manufacturing capacity in various European locations to meet the growing global demand for diagnostic testing in areas like infectious diseases, cancer, thyroid, and cardiovascular.

On September 22, 2010, the U.S. Equal Employment Opportunity Commission (EEOC) filed a lawsuit against Abbott Labs for alleged age discrimination. The lawsuit aimed to address concerns regarding discriminatory practices within the company.

On December 23, 2010, Abbott Laboratories issued a recall for diabetes test strips due to potential issues with the product. The recall was announced to ensure the safety and accuracy of the test strips used by individuals with diabetes.

In 2011, Abbott announced it was to separate into two leading healthcare companies by the end of 2012. One was to be Abbott, and the other, a new researched-based global biopharmaceutical company – AbbVie.

On October 2, 2012, Abbott Laboratories faced a $500 million fine and $198.5 million forfeiture for unlawfully marketing Depakote for unapproved uses. The company was also sentenced to a five-year probation term and court supervision.

On January 1, 2013, AbbVie, the pharmaceutical company spun off from Abbott, was officially listed on the New York Stock Exchange.

The case of Equal Employment Opportunity Commission v. Abbott Laboratories was decided on March 29, 2013, in the United States District Court, E.D. Wisconsin.

On May 16, 2014, Abbott announced the acquisition of the holding company Kalo Pharma Internacional S.L. for $2.9 billion to secure the 73% stake it held in Chilean pharmaceutical company, CFR Pharmaceuticals, expanding its branded generic drug portfolio.

In February 2016, Abbott revealed its plan to acquire Alere for $5.8 billion, aiming to strengthen its position in the point-of-care diagnostic market.

The company initiated a recall of faulty devices almost five years after the issue arose in October 2016.

Abbott had to recall 465,000 pacemakers as they were found to be vulnerable to potential hacking threats.

On October 3, 2017, Abbott completed the acquisition of Alere, becoming a market leader in point-of-care diagnostics with the takeover, including gaining Arriva Medical as a subsidiary.

In October 2017, Abbott Vascular issued a recall for coronary catheters due to the risks associated with difficulty in removing the balloon sheath. The recall was initiated to address safety concerns and prevent potential harm to patients.

In May 2018, Abbott recalled the HeartMate 3 Left Ventricular Assist System due to a potential malfunction that could result in graft occlusion, posing a risk to patients relying on the device for heart support.

Abbott Laboratories is a well-known company in the healthcare industry. It is a global healthcare company that produces various medical devices, diagnostics, and nutritional products.

In September 2021, the Irish Times revealed that Abbott was employing the Single Malt tax tool to protect profits from its COVID-19 testing kits. This tool was used as a means to shield profits.

On July 5, 2023, Abbott received approval from the FDA for its leadless pacemaker system Aveir DR.

On July 18, 2023, Abbott recalled its Proclaim and Infinity IPGs due to complaints from patients who are unable to exit MRI mode. The affected IPGs may require surgery for removal and replacement with a new device.