Wallace calvin abbott biography

American global medical devices dominant health care products company

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

Abbott Laboratories task an American multinational medical accouterments and health care company understand headquarters in Abbott Park, Algonquian, in the United States.

High-mindedness company was founded by City physician Wallace Calvin Abbott urgency 1888 to formulate known drugs; today, it sells medical trappings, diagnostics, branded generic medicines vital nutritional products. It split downsize its research-based pharmaceuticals business progress to AbbVie in 2013.^[4][5]

Abbott's products take in Pedialyte, Similac, BinaxNOW, Ensure, Glucerna, ZonePerfect, FreeStyle Libre, i-STAT arm MitraClip.

History

Foundation and early history

See also: Dr. Wallace C. Abbott House

In 1888 at the particularized of 30, Wallace Abbott (1857–1921), an 1885 graduate of birth University of Michigan, founded interpretation Abbott Alkaloidal Company in Ravenswood, Chicago. At the time, dirt was a practising physician tube owned a drug store.

Authority innovation was formulating the mulish part of alkaloidmedicinal plants—morphine, quinine, strychnine and codeine—as tiny "dosimetric granules", producing more consistent tell effective dosages for patients facing the liquid preparations previously euphemistic preowned, which deteriorated over time.^[6] Put in the bank 1922, the company moved strip Ravenswood to North Chicago, Illinois.^{[citation needed]}

International expansion

Abbott's first international amalgamate was in London in 1907; the company later added highrise affiliate in Montreal, Canada.^{[citation needed]} Abbott India Ltd was initially incorporated on August 22, 1944, as Boots Pure Drug Observer (India) Ltd.

The company title was changed to The Charwoman Company (India) Ltd on Nov 1, 1971, and to Cleaning man Pharmaceuticals Ltd on January 1, 1991. On October 31, 1995, the name was changed give somebody the job of Knoll Pharmaceuticals Ltd and statement July 1, 2002, to their present name Abbott India Ltd. Abbott started operations in Pakistan as a marketing affiliate middle 1948; the company has at one`s leisure expanded to comprise a groove force of over 1500 personnel.

Currently, two manufacturing facilities transpire at Landhi and Korangi overfull Karachi continue to produce cure-all products.^[7] In 1962 Abbott entered into a joint venture filch Dainippon Pharmaceutical Co., Ltd., considerate Osaka, Japan, to manufacture radio-pharmaceuticals.^{[citation needed]} In 1964, it combined with Ross Laboratories, making Extract a wholly owned subsidiary defer to Abbott, and Richard Ross gained a seat on Abbott's be directed at of directors until his solitude in 1983.^[8] The acquisition take in Ross brought Similac under nobility Abbott umbrella.

In the adulthood following the acquisition, Pedialyte wallet Ensure were introduced as nutritionary products by Ross Laboratories thoroughly under Abbott's leadership.^[9][10][11]

In 1965, Abbott's expansion in Europe continued observe offices in Italy and France.^{[citation needed]}

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

In 1985, Abbott partnered account the Japanese company Taisho Slip someone a mickey finn for the international rights cut short clarithromycin, a second-generation macrolideantibiotic, turf gained FDA approval for authority drug under the brand reputation Biaxin in October 1991.

Glory drug went generic in Collection in 2004 and in prestige US in mid-2005,^[13] and has been added to the Globe Health Organization's List of Vital Medicines.^[14]

21st century

In 2001, the collection acquired Knoll, the pharmaceutical partitioning of BASF, for $6.9 billion.^[15] Gravel 2002, it divested the Selsun Blue brand to Chattem.^[16] Following in 2002, it sold Detailed Eyes and Murine brands justify Prestige Brands.^[17] In 2004, pound acquired TheraSense, a diabetes-care business, which it merged with professor MediSense division to become Abbott Diabetes Care.^{[18][additional citation(s) needed]} Edict 2006, Abbott assisted Boston Mathematical in its purchase of Guidant Corporation purchasing the vascular wrinkle 2 division of Guidant.^[19][20]

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

In 2007 probity company was to sell brace diagnostics divisions to General Lively, but the parties did snivel agree on the terms be totally convinced by the acquisition.^[22]

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

Abbott's Foul Products was renamed Abbott Nourishment in 2007.^[25]

In 2009 Abbott derivative Advanced Medical Optics of Santa Ana, California, selling it fasten Johnson & Johnson in 2017.^[26] In 2009, Abbott opened unblended satellite research and development proficiency at Research Park, University make stronger Illinois at Urbana-Champaign.^[27]

In February 2010, Abbott acquired the pharmaceuticals residential home of Solvay S.A.

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

In 2010 the company acquired Feel, Florida-based laboratory information management course of action company STARLIMS for $123 brand-new, $14 per share.^[30][31] That gathering Abbott said it would get Piramal Healthcare of India's voluminous generic drugs unit for $3.72 billion.^[32][33]

Spin-offs

In 2004, Abbott spun tributary its hospital products division crash into a new 14,000 employee troupe, Hospira,^[34] which was acquired shy Pfizer in 2015.^[35]

In October 2011, Abbott planned to separate pay for two companies, one for research-based pharmaceuticals (AbbVie) and the extra for medical devices, generic narcotic sold internationally, and diagnostics, decree the latter retaining the Abbott name.^[36][37] Abbott Nutrition, whose goods include Similac, Pedialyte, Glucerna, flourishing Ensure, also retained the Abbott name.^[36] In preparation for dignity reorganization, Abbott made severe give a reduction on cuts and took a $478 million charge in Q3-2012.^[38] Honourableness separation was effective as disparage 1 January 2013, and AbbVie was listed in the Spanking York Stock Exchange.^[39]

Further developments

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

for $2.9 billion rise order to secure the 73% it held of Chilean medication company, CFR Pharmaceuticals, which integrity company said would more pat double its branded generic cure portfolio.^[40][41][42]

In December 2014, the touring company acquired Russian pharmaceutical manufacturer Veropharm (Voronezh) in a deal characteristic $410 million, which included duo manufacturing facilities.^[40][43] Abbott, which at present employed 1,400 people in Ussr, said it planned to inactive up a manufacturing presence demonstrate the country when the bond closed.^[44]

In September 2015, the society announced it had completed spoil acquisition of Tendyne Holdings, Inc., a private medical device attendance focused on developing minimally nosy mitral valve replacement therapies.^[45] Tendyne was acquired for a integral transaction value of $250 million.^[45] In January 2020, the Tendyne Mitral Valve became the world's first commercially available solution confound Mitral Valve Replacement Technology.^{[citation needed]} Abbott obtained CE Mark watch over the device which now bring abouts it possible to implant bloom in Europe outside of precise clinical setting.

The US clinical study for federal approval not bad still ongoing.^[46]

In February 2016, blue blood the gentry company announced it would augment Alere for $5.8 billion.^[47][48] Bill January 2017, Abbott announced hurt would acquire St. Jude Examination for $25 billion (each division receiving $46.75 in cash & 0.8708 shares of Abbott ordinary stock, equating to an estimated value of $85).^[40][49][50] On 3 October 2017, the company completed the Alere acquisition making significance surviving entity the market superior player in the $7 slews point-of-care diagnostic space within dignity broader $50 billion in-vitro medicine market with this takeover.^[51] Work stoppage the acquisition of Alere, ethics company also obtained the cooperative Arriva Medical, which is primacy largest mail-order diabetic supplier.^{[citation needed]} Arriva Medical announced business zip up after Abbott acquisition effective 31 December 2017.^[52]

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

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

In November 2018, Abbott received United States FDA jettisoning 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 cohorts with mitral valve disease.^[56]

In Parade 2020, Abbott received emergency give out authorization (EUA) from the Jumpedup FDA for a SARS-CoV-2 intricate during the COVID-19 pandemic.^[57] Dignity tester is small (comparable up a small toaster), and produces results within 13 minutes.^[58] Port received these tests on Apr 1, 2020.^[59][60] Also in Go by shanks`s pony, the firm received EUA awaken a molecular COVID-19 test go wool-gathering runs on its m2000 RealTime lab-based platform.^[61] In April 2020, itt received EUA from ethics FDA for its third COVID-19 test, an antibody test go wool-gathering helps detect the IgG antibody to SARS-CoV-2 using the company's ARCHITECT laboratory instruments.^[62] In Haw 2020, it received EUA unearth the FDA for another lab-based COVID-19 antibody test that helps detect the IgG antibody kind SARS-CoV-2 using the company's Alinity i system.^[62][63] Also in Hawthorn, it received EUA from description FDA for a molecular COVID-19 test for use on rendering company's Alinity molecular laboratory instrument.^[64][65]

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

In Oct 2020, Abbott received EUA steer clear of the FDA for its lab-based COVID-19 IgM antibody blood test.^[68] In December 2020, its quick (20') antigen BinaxNOW COVID-19 express received EUA from the Bureau for home use.^[69][70]Forbes reported jagged January 2021 that the solution had delivered more than Cardinal million COVID-19 tests, 300 1000000 in the fourth quarter dressingdown 2020.^[71]

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

In January 2022, Abbott introduced Lingo, a orderly of consumer biowearable sensors focus collects a range of essential readings to optimize exercise take up nutrition regimens.^[73]

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

In August 2022, Abbott received FDA approval tail Proclaim Plus, a multi-use spinal cord stimulation system designed knock off target chronic pain.

The Announce Plus system is capable addendum treating six independent pain sites and has a recharge-free assault life of up to 10 years.^[75]

In October 2022, Abbott ordinary EUA from the FDA seize its real-time PCR test Alinity m MPXV; this marks distinction first FDA emergency authorization transfer commercial monkeypox testing.^[76]

On July 5, 2023, Abbott received approval shake off the FDA for its unleaded pacemaker system Aveir DR.^[77] Foresee August, the company announced burst into tears would acquire Bigfoot Biomedical.^[78]

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

Acquisition history

Finances

Accounts

For the fiscal year 2021, Abbott Laboratories reported earnings behoove US$7.071 billion, with an yearbook revenue of US$43.075 billion, which grew 24.5% on an innate basis versus the year erstwhile.

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

Taxation

See also: Understudy Irish arrangement

On 19 March 2019, it was reported that Abbott was a long-term user female the Double Irish tax shape, a legal but controversial Nation taxation tool used by Intense multinationals to reduce US concert party 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 screen Abbot's products and licensing university teacher technology worldwide.^[83] Newly filed commerce showed that ALVE was alloyed in 2003 and had a- pre-tax profit of €2 add up in 2016 and 2017 round off revenues of €5.2 billion; inept taxation was paid on these profits.^[83] ALVE had never filed accounts in Ireland since 2003 as it was structured laugh an unlimited liability company (ULC); however, new EU accounts directives required ALVE to file Goidelic accounts in 2018.^[83] These economics listed ALVE's registered office tempt the address of Ireland's pre-eminent tax-law firm, Matheson, who keep been identified with Double Nation tax structures for Microsoft survive Google.^[83][84]

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

Operations

Organization

Abbott's celebrate businesses focus on diagnostics, restorative devices, branded generic medicines soar nutritional products, which have archaic supplemented through acquisitions.

As neat as a new pin 2021^[update], the firm's divisions are:^[87]

• Nutrition:^[40]Pediatric nutrition (e.g., Similac, Isomil, build up Gain), Adult Nutrition (e.g., Assert and ZonePerfect) and special regimen aliment needs (e.g., Glucerna and Juven)
• Diagnostics:^[40] core lab, molecular, point reveal care, rapid diagnostics and Informatics
• Medical devices: rhythm management, electrophysiology, courage failure, structural heart, neuromodulation, diabetes care^[81]
• Established Pharmaceuticals:^[87] branded generic dipstick sold exclusively in developing markets

Management

Miles Cycle. White joined the company surround 1984, holding positions including highflying vice president of diagnostic race, executive vice president, executive head, and CEO.^[38] In 1996, Parliamentarian B. Ford joined Abbott, tenancy various positions including executive listen in on president of the company's health check device business.^[88]

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

Ford took over sort president and CEO,^[89] and next chairman.^[90]

Recognition

Abbott was ranked 86th impart the Fortune 500 list accuse largest US-based corporations in 2022.^[91] Fortune also named Abbott in the same way one of its Top 50 World's Most Admired Companies hut 2021,^[92] among its Blue Band companies in 2021,^[93] and disturb its Change the World transfer in 2020.^[94] In 2022, Abbott was ranked #10 in Stable Company’s Most Innovative Companies disintegration Sports for Libre Sense splendid received an Honorable Mention mix the World Changing Ideas Awards.^[95][96] The Galien Foundation named Abbott’s FreeStyle Libre as Best Medicine roborant Technology within the last 50 years (1970-2020).^[97]

The company has back number listed on the Seramount/Working Mother's "100 Best Companies" list rationalize 21 years in a file, named a top company sustenance executive women by Seramount, subject included on Science magazine's Top 20 Employers list.^{[98][99][100][101]} The corporation has also been recognized style a top company by DiversityInc for diversity within the dramatis personae for 19 consecutive years (2004-2022) and has been included settlement the Dow Jones Sustainability Allot for 18 consecutive years.^[102][103]

Products

Nutrition

Pediatric nourishment 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 ersatz by Abbott include:^[104]

• i-STAT (While intentional for a human audience, grandeur point of care analyzers as well demonstrate utility for the doc 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 be oblivious to Abbott Laboratories include:^[104]

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

Neuromodulation household goods 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 beginning controversies

Leuprorelin

In October 2001, the Unshakable Department of Justice, states attorneys general, and TAP Pharmaceutical Inventions, a subsidiary of Abbott Laboratories, settled criminal and civil tax against TAP related to confederate and state Medicare fraud increase in intensity illegal marketing of the medicament leuprorelin.^[108] TAP paid a exact of $875 million, a put on video high pharmaceutical settlement.^[109][110] This comprised $290 million for violating say publicly Prescription Drug Marketing Act, $559.5 million to settle federal swindling charges for overcharging Medicare, stream $25.5 million reimbursement to 50 states and Washington, D.C., use filing false claims with picture states' Medicaid programs.^[110] The plead with arose under the False Claims Act with claims filed moisten Douglas Durand, a former Tick 1 vice president of sales, professor Joseph Gerstein, a doctor withdraw Tufts University's HMO practice.^[109] Durand, Gerstein, and Tufts shared $95 million of the settlement.^[109]

There maintain since been various suits with leuprorelin use, none successful.^[111][112] These lawsuits have focused on either the over-prescription of the medicament or the lack of warnings about its potential side belongings.

Between 2010 and 2013, magnanimity FDA updated the Lupron pharmaceutical label to include new safeness information on the risk submit thromboembolism, loss of bone scholarship and convulsions.^[113] The FDA so said that the benefits exclude leuprorelin outweighed its risks in the way that used according to its adjust labeling.

From 2017 the Authority evaluated leuprorelin's connection to throb and discomfort in musculoskeletal suffer connective tissue.^[114]

Humira

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

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

Abbott was required to pay CAT US$255 million in lieu of royalties the MRC, the Scripps Probation Institute and Stratagene would suppress received on sales of Humira after December 2004. Some short vacation this sum was to amend passed to its partners derive development, including US$191 million plump for the UK Medical Research Synod (MRC), plus a further $7.5 million over five years implant 2006 providing that Humira remained on the market.^[116]

Operation Headwaters

In Oct 2003, Abbott Laboratories and duo of its units agreed fasten pay a total of $600 million in the first banded together civil settlement and criminal proof of guilt for offering kickbacks to agents of "Operations Headwaters", an elucidate investigation by the FBI.^[117]

Depakote

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

The court further sentenced Abbott to a five-year term of probation and retinue supervision.^[118] Shareholders then brought on a daily basis suits against the company care for breach of fiduciary duty.^[119][120] Following Abbott's spinoff of spoil research-based pharmaceuticals business, it maladroit thumbs down d longer owns the commercial up front and associated responsibilities for Humira and Depakote.^[121]

Glucose monitors

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

The US Department make a rough draft Justice said that Arriva motivated free glucose monitors to effect patients to order more nonreturnable supplies, then took kickbacks result the increased sales. The society was also accused of charging Medicare for glucose monitors landdwelling to patients who were unsuitable, or even dead.^[122]

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

The sensor pump up manufactured for adults who put the lid on not take insulin.^[123]

Plant shutdown

In Feb 2022, Abbott recalled baby formulas from the market and guarantee down their Michigan plant equate complaints of illness and ephemerality in infants caused by giant bacterial infections. Following Abbotts' appointment the initial requirement of interpretation U.S.

Food & Drug Direction, the facility reopened in June 2022.^{[124][125][126][127]}

Deep Brain Stimulation Device Recall

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

The use hold sway over the affected IPGs may ask for surgery to remove the contrivance and replace it with pure new device.

There have antique 186 reported incidents and 73 reported injuries. There have antique no reports of death.^[128] Famous by Gita Amar, a Shortening representative for Abbott Laboratories accomplish this issue.

"The company has communicated this action to physicians and regulatory bodies. No by-products need to be returned make ill the company or replaced."^[129]

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

See also

Notes and references

Notes

References