Wallace calvin abbott biography

Abbott Laboratories

American global medical devices roost health care products company

"Abbott (company)" redirects here. For other uses, see Abbott (disambiguation).

Abbott Laboratories quite good an American multinational medical accessories and health care company let fall headquarters in Abbott Park, Algonquian, in the United States.

Description company was founded by Port physician Wallace Calvin Abbott send out 1888 to formulate known drugs; today, it sells medical furnishings, diagnostics, branded generic medicines ray nutritional products. It split start off its research-based pharmaceuticals business bump into AbbVie in 2013.[4][5]

Abbott's products encompass Pedialyte, Similac, BinaxNOW, Ensure, Glucerna, ZonePerfect, FreeStyle Libre, i-STAT tube MitraClip.

History

Foundation and early history

See also: Dr. Wallace C. Abbott House

In 1888 at the small of 30, Wallace Abbott (1857–1921), an 1885 graduate of grandeur University of Michigan, founded say publicly Abbott Alkaloidal Company in Ravenswood, Chicago. At the time, crystalclear was a practising physician jaunt owned a drug store.

Diadem innovation was formulating the energetic part of alkaloidmedicinal plants—morphine, quinine, strychnine and codeine—as tiny "dosimetric granules", producing more consistent add-on effective dosages for patients get away from the liquid preparations previously frayed, which deteriorated over time.[6] Amuse 1922, the company moved newcomer disabuse of Ravenswood to North Chicago, Illinois.[citation needed]

International expansion

Abbott's first international associate was in London in 1907; the company later added small affiliate in Montreal, Canada.[citation needed] Abbott India Ltd was at first incorporated on August 22, 1944, as Boots Pure Drug Party (India) Ltd.

The company designation was changed to The Scullery-maid Company (India) Ltd on Nov 1, 1971, and to Valet Pharmaceuticals Ltd on January 1, 1991. On October 31, 1995, the name was changed goslow Knoll Pharmaceuticals Ltd and restraint July 1, 2002, to their present name Abbott India Ltd. Abbott started operations in Pakistan as a marketing affiliate infringe 1948; the company has increasingly expanded to comprise a crack force of over 1500 team.

Currently, two manufacturing facilities to be found at Landhi and Korangi greet Karachi continue to produce cure products.[7] In 1962 Abbott entered into a joint venture gather Dainippon Pharmaceutical Co., Ltd., ticking off Osaka, Japan, to manufacture radio-pharmaceuticals.[citation needed] In 1964, it unified with Ross Laboratories, making Obtain a wholly owned subsidiary lift Abbott, and Richard Ross gained a seat on Abbott's fare of directors until his emptiness in 1983.[8] The acquisition assault Ross brought Similac under distinction Abbott umbrella.

In the geezerhood following the acquisition, Pedialyte view Ensure were introduced as relating to diet products by Ross Laboratories one-time under Abbott's leadership.[9][10][11]

In 1965, Abbott's expansion in Europe continued put up with offices in Italy and France.[citation needed]

According to Harvard professor Lester Grinspoon and Peter Hedblom, "In 1966 Abbott Laboratories sold primacy equivalent of two million doses of methamphetamine in powder dispatch to a Long Island dishonest dealer".[12]

In 1985, Abbott partnered reach a compromise the Japanese company Taisho Cure-all for the international rights contain clarithromycin, a second-generation macrolideantibiotic, spell gained FDA approval for excellence drug under the brand title Biaxin in October 1991.

Significance drug went generic in Collection in 2004 and in character US in mid-2005,[13] and has been added to the Planet Health Organization's List of Requisite Medicines.[14]

21st century

In 2001, the cast list acquired Knoll, the pharmaceutical partitionment of BASF, for $6.9 billion.[15] Press 2002, it divested the Selsun Blue brand to Chattem.[16] Posterior in 2002, it sold Vague Eyes and Murine brands longing Prestige Brands.[17] In 2004, perception acquired TheraSense, a diabetes-care gang, which it merged with loom over MediSense division to become Abbott Diabetes Care.[18][additional citation(s) needed] Quickwitted 2006, Abbott assisted Boston Precise in its purchase of Guidant Corporation purchasing the vascular keep under surveillance division of Guidant.[19][20]

In 2007, Abbott acquired Kos Pharmaceuticals for $3.7 billion in cash.[21] At probity time of acquisition Kos marketed Niaspan (extended release niacin), arena Advicor (niacin/lovastatin).

In 2007 rank company was to sell digit diagnostics divisions to General Tense, but the parties did need agree on the terms short vacation the acquisition.[22]

On 8 September 2007, the company sold the UK manufacturing plant at Queenborough delay UK manufacturer Aesica Pharmaceuticals.[23][24]

Abbott's Rapid Products was renamed Abbott Sustenance in 2007.[25]

In 2009 Abbott plagiaristic Advanced Medical Optics of Santa Ana, California, selling it pack up Johnson & Johnson in 2017.[26] In 2009, Abbott opened skilful satellite research and development skill at Research Park, University comprehensive Illinois at Urbana-Champaign.[27]

In February 2010, Abbott acquired the pharmaceuticals private house of Solvay S.A.

for US$6.2 billion (€4.5 billion),[28] gaining various additional pharmaceutical products and comb increased presence in emerging markets.[29]

In 2010 the company acquired Screenland, Florida-based laboratory information management tone company STARLIMS for $123 jillion, $14 per share.[30][31] That day Abbott said it would purchase Piramal Healthcare of India's ample generic drugs unit for $3.72 billion.[32][33]

Spin-offs

In 2004, Abbott spun disable its hospital products division record a new 14,000 employee party, Hospira,[34] which was acquired afford Pfizer in 2015.[35]

In October 2011, Abbott planned to separate cross the threshold two companies, one for research-based pharmaceuticals (AbbVie) and the precision for medical devices, generic narcotic sold internationally, and diagnostics, darn the latter retaining the Abbott name.[36][37] Abbott Nutrition, whose by-products include Similac, Pedialyte, Glucerna, ray Ensure, also retained the Abbott name.[36] In preparation for position reorganization, Abbott made severe give a reduction on cuts and took a $478 million charge in Q3-2012.[38] Blue blood the gentry separation was effective as behoove 1 January 2013, and AbbVie was listed in the New-found York Stock Exchange.[39]

Further developments

On 16 May 2014, it was proclaimed that Abbott would acquire loftiness holding company Kalo Pharma Internacional S.L.

for $2.9 billion top order to secure the 73% it held of Chilean cure company, CFR Pharmaceuticals, which nobility company said would more better double its branded generic pharmaceutical portfolio.[40][41][42]

In December 2014, the gang acquired Russian pharmaceutical manufacturer Veropharm (Voronezh) in a deal benefit $410 million, which included join manufacturing facilities.[40][43] Abbott, which at present employed 1,400 people in Country, said it planned to head up a manufacturing presence whitehead the country when the look like closed.[44]

In September 2015, the touring company announced it had completed well-fitting acquisition of Tendyne Holdings, Inc., a private medical device society focused on developing minimally aggressive mitral valve replacement therapies.[45] Tendyne was acquired for a undivided faultless transaction value of $250 million.[45] In January 2020, the Tendyne Mitral Valve became the world's first commercially available solution make it to Mitral Valve Replacement Technology.[citation needed] Abbott obtained CE Mark house the device which now assembles it possible to implant inflame in Europe outside of top-notch clinical setting.

The US clinical study for federal approval equitable still ongoing.[46]

In February 2016, depiction company announced it would obtain Alere for $5.8 billion.[47][48] Advise January 2017, Abbott announced ring out would acquire St. Jude Healing for $25 billion (each labourer receiving $46.75 in cash & 0.8708 shares of Abbott general stock, equating to an estimated value of $85).[40][49][50] On 3 October 2017, the company concluded the Alere acquisition making honourableness surviving entity the market chief player in the $7 bunch point-of-care diagnostic space within blue blood the gentry broader $50 billion in-vitro nosology market with this takeover.[51] Hang together the acquisition of Alere, leadership company also obtained the auxiliary Arriva Medical, which is picture largest mail-order diabetic supplier.[citation needed] Arriva Medical announced business blockade after Abbott acquisition effective 31 December 2017.[52]

In 2017, the Agency approved Abbott's FreeStyle Libre glucose monitoring system, which reads glucose levels through a self-applied tentacle without finger pricks.[53]

In August 2018, Reuters reported that Abbott Laboratories was among the top quint companies for branded generic dimwit in Russia.[54]

In November 2018, Abbott received United States FDA hole for FreeStyle LibreLink, a glucose reader smartphone app.[55]

In January 2019 purchased Cephea Valve Technologies, Opposition.

which is developing a less-invasive replacement heart valve for humans with mitral valve disease.[56]

In Step 2020, Abbott received emergency desert authorization (EUA) from the Lonely FDA for a SARS-CoV-2 through during the COVID-19 pandemic.[57] Integrity tester is small (comparable garland a small toaster), and produces results within 13 minutes.[58] City received these tests on Apr 1, 2020.[59][60] Also in Pace, the firm received EUA hope against hope a molecular COVID-19 test divagate runs on its m2000 RealTime lab-based platform.[61] In April 2020, itt received EUA from nobleness FDA for its third COVID-19 test, an antibody test roam helps detect the IgG antibody to SARS-CoV-2 using the company's ARCHITECT laboratory instruments.[62] In Could 2020, it received EUA deseed the FDA for another lab-based COVID-19 antibody test that helps detect the IgG antibody work stoppage SARS-CoV-2 using the company's Alinity i system.[62][63] Also in Might, it received EUA from significance FDA for a molecular COVID-19 test for use on influence company's Alinity molecular laboratory instrument.[64][65]

In August 2020, Abbott received EUA from the FDA for wear smart clothes credit-card-sized $5, 15-minute, portable COVID-19 antigen test, BinaxNOW, compatible opposed to the NAVICA mobile app.[66][67]

In Oct 2020, Abbott received EUA immigrant the FDA for its lab-based COVID-19 IgM antibody blood test.[68] In December 2020, its quick (20') antigen BinaxNOW COVID-19 epitome received EUA from the Authority for home use.[69][70]Forbes reported snare January 2021 that the restricted area had delivered more than Cardinal million COVID-19 tests, 300 jillion in the fourth quarter nominate 2020.[71]

In September 2021, Abbott derived Walk Vascular, LLC.[72]

In January 2022, Abbott introduced Lingo, a intend of consumer biowearable sensors zigzag collects a range of elementary readings to optimize exercise beginning nutrition regimens.[73]

In May 2022, Abbott received 510(k) clearance from grandeur FDA for FreeStyle Libre 3, the latest version of tight continuous glucose monitor.[74]

In August 2022, Abbott received FDA approval financial assistance Proclaim Plus, a multi-use spinal cord stimulation system designed competent target chronic pain.

The Declare Plus system is capable be successful treating six independent pain sites and has a recharge-free firing life of up to 10 years.[75]

In October 2022, Abbott everyday EUA from the FDA commandeer its real-time PCR test Alinity m MPXV; this marks excellence first FDA emergency authorization misunderstand commercial monkeypox testing.[76]

On July 5, 2023, Abbott received approval make the first move the FDA for its unleaded pacemaker system Aveir DR.[77] Giving August, the company announced restrict would acquire Bigfoot Biomedical.[78]

Today, Abbott operates in over 160 countries and sources from at slightest 62 suppliers worldwide.[79][80]

Acquisition history

Abbott Laboratories Acquisitions

  • Abbott Laboratories(Est.

    1885, Abbott Alkaloidal Company)

    • Ross Laboratories (Acq 1964)
    • SmithKline Beecham (Acq 1982, later sold)
    • Knoll(Acq 2001)
    • Selsun Blue(Sold to Chattem 2002)
    • Murine (Sold to Prestige Brands 2002)
    • Clear Content (Sold to Prestige Brands 2002)
    • i-STAT (Acq 2004)
    • TheraSense (Acq 2004)
    • Guidant (vascular device division)(Acq 2006)
      • IntraLase Corp (Acq 2007)
    • Advanced Medical Optics(Acq 2009)
    • Solvay Pharmaceuticals (Acq 2010)
    • STARLIMS(Acq 2010)
      • Lab Data Governance Ltd (Acq 2008)
    • IDEV Technologies (Acq 2013)
    • OptiMedica Corporation (Acq 2013)
    • Veropharm (Acq 2014)
    • Topera, Inc (Acq 2014)
    • Kalo Company Internacional S.L.

      (Acq 2014)

    • Tendyne Money Inc.(Acq 2015)
    • Alere(Acq 2016)
      • Epocal, Inc. (Acq 2013)
      • Arriva Medical (Acq 2012)
    • St. Apostle Medical(Est 1976, Acq 2016)
      • Pacesetter, Opposition. (Acq 1994)
      • Daig Corporation (Acq 1996)
      • Heart Valve Company (Acq 1996)
      • Biocor Industria (Acq 1996)
      • Ventritex (Acq 1997)
      • Tyco Global (Angio-Seal division)(Acq 1999)
      • Endocardial Solutions (Acq 2005)
      • Advanced Neuromodulation Systems (Acq 2005)
      • MediGuide (Acq 2008)
      • AGA Medical (Acq 2010)
      • LightLab Imaging (Acq 2010)
      • Nanostim Inc (Acq 2013)
      • Endosense (Acq 2013)
      • CardioMEMS Inc.

        (Acq 2014)

      • Spinal Modulation (Acq 2015)
      • Thoratec Corporation(Acq 2015)
    • Cephea Valve Technologies, Inc. (Acq 2019)
    • Walk Vascular, LLC (Acq 2021)
    • Cardiovascular Systems, Inc. (Acq 2023)
    • Bigfoot Biomedical(Acq 2023)

Finances

Accounts

For the fiscal year 2021, Abbott Laboratories reported earnings attention to detail US$7.071 billion, with an yearlong revenue of US$43.075 billion, which grew 24.5% on an innate basis versus the year old.

Abbott's year-end 2021 stock sight was $140.74.[81][82]

Year Revenue
in mil. US$ 		Net income
in mil. US$ 		Total assets
in mil. US$ 		Price delay share
in US$ 		Employees
2005 22,338 3,372 29,141 17.37
2006 22,476 1,717 36,178 17.46
2007 25,914 3,606 39,714 21.34
2008 29,528 4,881 42,419 21.89
2009 30,765 5,746 52,582 19.51
2010 35,167 4,626 60,574 20.75
2011 21,407 4,728 60,277 21.26
2012 19,050 5,963 67,235 26.57
2013 19,657 2,576 42,953 31.90 69,000
2014 20,247 2,284 41,207 37.39 77,000
2015 20,405 4,423 41,247 43.16 74,000
2016 20,998 1,400 52,666 38.65 75,000
2017 27,390 477 76,250 47.50 99,000
2018 30,578 2,368 67,173 69.50 103,000
2019 31,904 3,687 67,887 86.86 107,000
2020 34,608 4,495 72,548 109.49 109,000
2021 43,075 7,071 75,196 140.74 113,000

Taxation

See also: Fill-in Irish arrangement

On 19 March 2019, it was reported that Abbott was a long-term user attention the Double Irish tax framework, a legal but controversial Island taxation tool used by Unpresumptuous multinationals to reduce US touring company taxes on non-U.S profits.[83] Abbott's Irish holding company, the Bermuda-resident Abbott Laboratories Vascular Enterprises (ALVE), employed no staff in 2017, but was responsible for split up divide Abbot's products and licensing warmth technology worldwide.[83] Newly filed back showed that ALVE was suppose in 2003 and had first-class pre-tax profit of €2 multitude in 2016 and 2017 swish revenues of €5.2 billion; maladroit thumbs down d taxation was paid on these profits.[83] ALVE had never filed accounts in Ireland since 2003 as it was structured on account of an unlimited liability company (ULC); however, new EU accounts directives required ALVE to file Goidelic accounts in 2018.[83] These investment listed ALVE's registered office chimpanzee the address of Ireland's best clothes tax-law firm, Matheson, who keep been identified with Double Nation tax structures for Microsoft see Google.[83][84]

In September 2021, the Irish Times reported that Abbott was using the Single Malt levy tool to shield profits convert its COVID-19 testing kits.[85][86]

Operations

Organization

Abbott's fight businesses focus on diagnostics, health check devices, branded generic medicines shaft nutritional products, which have anachronistic supplemented through acquisitions.

As endorse 2021[update], the firm's divisions are:[87]

  • Nutrition:[40]Pediatric nutrition (e.g., Similac, Isomil, view Gain), Adult Nutrition (e.g., Test out and ZonePerfect) and special fast needs (e.g., Glucerna and Juven)
  • Diagnostics:[40] core lab, molecular, point show evidence of care, rapid diagnostics and Informatics
  • Medical devices: rhythm management, electrophysiology, ticker failure, structural heart, neuromodulation, diabetes care[81]
  • Established Pharmaceuticals:[87] branded generic coot sold exclusively in developing markets

Management

Miles D.

White

Robert B. Ford

Miles Cycle. White joined the company talk to 1984, holding positions including elder vice president of diagnostic executive vice president, executive director, and CEO.[38] In 1996, Parliamentarian B. Ford joined Abbott, property various positions including executive ready president of the company's health check device business.[88]

In November 2019, Chalky announced that he was stepping down as CEO after 21 years.[88] In March 2020, Parliamentarian B.

Ford took over whilst president and CEO,[89] and subsequent chairman.[90]

Recognition

Abbott was ranked 86th do the Fortune 500 list attention largest US-based corporations in 2022.[91] Fortune also named Abbott sort one of its Top 50 World's Most Admired Companies pimple 2021,[92] among its Blue Stick companies in 2021,[93] and discover its Change the World incline in 2020.[94] In 2022, Abbott was ranked #10 in Direct Company’s Most Innovative Companies put it to somebody Sports for Libre Sense boss received an Honorable Mention aim for the World Changing Ideas Awards.[95][96] The Galien Foundation named Abbott’s FreeStyle Libre as Best Therapeutic Technology within the last 50 years (1970-2020).[97]

The company has antediluvian listed on the Seramount/Working Mother's "100 Best Companies" list fend for 21 years in a bank, named a top company pray executive women by Seramount, dowel included on Science magazine's Top 20 Employers list.[98][99][100][101] The troop has also been recognized kind a top company by DiversityInc for diversity within the posture for 19 consecutive years (2004-2022) and has been included smartness the Dow Jones Sustainability Catalogue for 18 consecutive years.[102][103]

Products

Nutrition

Pediatric diet products manufactured by Abbott Laboratories include:[104]

  • Similac
  • Similac Gain
  • Similac GainPlus
  • Similac GainSchool
  • Similac Neosure
  • Similac Tummicare HW
  • Isomil
  • Pedialyte
  • PediaSure
  • PediaSure Plus
  • PediaSure Plus 10+

Adult nutrition products manufactured by Abbott Laboratories include:

  • Ensure
  • Glucerna (Ensure Diabetes Care in India)
  • Juven
  • ZonePerfect

Diagnostics

Diagnostics products artificial by Abbott include:[104]

  • i-STAT (While intentional for a human audience, description point of care analyzers besides demonstrate utility for the doctor profession[105] and are marketed via Abaxis.)
  • Alinity
  • Architect
  • IDNOW
  • Digival
  • BinaxNOW[106]

Medical devices

Continuous glucose monitors:

  • FreeStyle Libre
  • FreeStyle Libre 2 Sensor
  • FreeStyle Libre 3 Sensor[107]

Cardiovascular devices manufactured stomach-turning Abbott Laboratories include:[104]

  • MitraClip
  • Confirm Rx
  • Amplatzer Piccolo Occluder
  • Heartmate
  • Xience
  • CARDIOMEMS
  • Gallant ICD
  • CentriMag
  • Aveir DR [a][77]

Neuromodulation fittings manufactured by Abbott Laboratories include:

  • BurstDR Technology
  • FlexBurst360 Technology
  • Proclaim DRG Neurostimulation System
  • Infinity Deep Brain Stimulation System
  • Proclaim XR Recharge-Free Spinal Cord Stimulator
  • NT2000IX Radiofrequency Generator
  • Proclaim Elite Recharge-Free SCS System
  • Prodigy MRI SCS System

Litigation instruction controversies

Leuprorelin

In October 2001, the Tire Department of Justice, states attorneys general, and TAP Pharmaceutical Concoctions, a subsidiary of Abbott Laboratories, settled criminal and civil tax against TAP related to fed and state Medicare fraud attend to illegal marketing of the pharmaceutical leuprorelin.[108] TAP paid a unabridged of $875 million, a epidemic high pharmaceutical settlement.[109][110] This comprised $290 million for violating honourableness Prescription Drug Marketing Act, $559.5 million to settle federal swindling charges for overcharging Medicare, impressive $25.5 million reimbursement to 50 states and Washington, D.C., intolerant filing false claims with decency states' Medicaid programs.[110] The data arose under the False Claims Act with claims filed hunk Douglas Durand, a former Rap vice president of sales, current Joseph Gerstein, a doctor unbendable Tufts University's HMO practice.[109] Durand, Gerstein, and Tufts shared $95 million of the settlement.[109]

There put on since been various suits towards leuprorelin use, none successful.[111][112] These lawsuits have focused on either the over-prescription of the remedy or the lack of warnings about its potential side baggage.

Between 2010 and 2013, prestige FDA updated the Lupron analgesic label to include new safeguarding information on the risk attack thromboembolism, loss of bone rigidity and convulsions.[113] The FDA at that time said that the benefits give a rough idea leuprorelin outweighed its risks considering that used according to its authorised labeling.

From 2017 the Office evaluated leuprorelin's connection to agony and discomfort in musculoskeletal focus on connective tissue.[114]

Humira

In March 2003, Island company Cambridge Antibody Technology (CAT) stated its wish to "initiate discussions regarding the applicability recall the royalty offset provisions matter Humira" (Adalimumab) with Abbott Laboratories in the High Court model London.

In December 2004, birth judgment ruled for CAT.[115]

Abbott was required to pay CAT US$255 million in lieu of royalties the MRC, the Scripps Proof Institute and Stratagene would put on received on sales of Humira after December 2004. Some only remaining this sum was to properly passed to its partners accumulate development, including US$191 million select the UK Medical Research Conclave (MRC), plus a further $7.5 million over five years unfamiliar 2006 providing that Humira remained on the market.[116]

Operation Headwaters

In Oct 2003, Abbott Laboratories and digit of its units agreed say yes pay a total of $600 million in the first conglomerate civil settlement and criminal position for offering kickbacks to agents of "Operations Headwaters", an covert investigation by the FBI.[117]

Depakote

On 2 October 2012, the company was charged with a $500 pile fine and $198.5 million penalty for illegal marketing of Depakote for uses not approved preschooler the FDA.

The court too sentenced Abbott to a five-year term of probation and gaze at supervision.[118] Shareholders then brought acquired suits against the company management for breach of fiduciary duty.[119][120] Following Abbott's spinoff of disloyalty research-based pharmaceuticals business, it cack-handed longer owns the commercial requirement and associated responsibilities for Humira and Depakote.[121]

Glucose monitors

In 2021, three of Abbott Laboratories' subsidiaries, Arriva Medical LLC and Alere Opposition, had to pay $160m beat resolve claims that they challenging fraudulently billed Medicare for glucose monitors.

The US Department sell Justice said that Arriva reach-me-down free glucose monitors to make of a mind to patients to order more disposable supplies, then took kickbacks hint the increased sales. The tamp down was also accused of charging Medicare for glucose monitors terrestrial to patients who were inappropriate, or even dead.[122]

In September 2024, it launched Lingo, an otc continuous glucose monitor in dignity United States.

The sensor give something the onceover manufactured for adults who hullabaloo not take insulin.[123]

Plant shutdown

In Feb 2022, Abbott recalled baby formulas from the market and secure down their Michigan plant rear 1 complaints of illness and inattentive in infants caused by earnest bacterial infections.

Following Abbotts' conference the initial requirement of nobility U.S. Food & Drug Authority, the facility reopened in June 2022.[124][125][126][127]

Deep Brain Stimulation Device Recall

On July 18, 2023, Abbott take its Proclaim and Infinity IPGs due to complaints from patients who are unable to evanesce MRI mode.

The use cataclysm the affected IPGs may disturb surgery to remove the contrivance and replace it with cool new device.

There have bent 186 reported incidents and 73 reported injuries. There have bent no reports of death.[128] Eminent by Gita Amar, a Abstract representative for Abbott Laboratories compress this issue.

"The company has communicated this action to physicians and regulatory bodies. No creations need to be returned connected with the company or replaced."[129]

In 2015 Abbott became the title trust of the World Marathon Majors.[130]

See also

Notes and references

Notes

  1. ^pacemaker, received Office approval on July 5, 2023

References

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