|March 26, 2016|
Abbott Laboratories () is a pharmaceuticals health care company. It has 72,000 employees and operates in over 130 countries. The company headquarters are in Abbott Park, North Chicago, Illinois. The company was founded by Chicago physician, Dr. Wallace Calvin Abbott in 1888. In 2008, Abbott had over $29 billion in revenue.
In 1985, the company developed the first HIV blood screening test. The company's drug portfolio includes HUMIRA , a drug for rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis, Crohn's 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 well known meal replacement shakes, and EAS , the largest producer of performance based nutritional supplements.
Abbott's in vitro diagnostics business is a world leader in immunoassays and blood screening. Abbott's 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.
Abbott's core businesses focus on pharmaceuticals, medical devices and nutritional products, which have been supplemented through several notable acquisitions. The firm currently divides itself into several divisions:
It has also divested itself of less profitable businesses through sales and spinoffs. In the 1970s, it acquired Ross Laboratories, making Ross a wholly-owned subsidiary of Abbott. In 2001, Abbott acquired Knoll, the pharmaceutical division of BASF. In 2002, Abbott divested the Selsun Blue brand to Chattem. Later in 2002, Abbott sold Clear Eyes and Murine to Prestige Brands. In 2004, Abbott spun off its hospital products division into a new 14,000 employee company named Hospira, and acquired TheraSense, a diabetes care company, which it merged with its MediSense division to become Abbott Diabetes Care. In 2006, Abbott assisted Boston Scientific in its purchase of Guidant Corporation. As part of the agreement, Abbott purchased the vascular device division of Guidant. In 2007, Ross was renamed Abbott Nutrition.
In January 2007, Abbott Laboratories agreed to sell its in vitro diagnostics and Point-of-Care diagnostics divisions to General Electric for more than $8 billion. These units were slated to be integrated into the GE Healthcare business unit. The transaction was approved by the Boards of Directors of Abbott and GE and was targeted to close in the first half of 2007. However, on July 11, 2007, Abbott announced that it had terminated its agreement with GE because both parties could not agree on terms of the deal.
On September 8, 2007, Abbott completed the sale of the UK manufacturing plant at Queenborough to Aesica Pharmaceuticals, a Private equity-owned UK manufacturer. No announcements have been made restricting the movement of staff to Abbott unlike other sell outs. On February 26, 2009, Abbott completed its acquisition of Advanced Medical Optics based in Santa Ana, California. The acquisition gives Abbott a Vision Eye Care division. In February 2010 Abbott completed its $6.2 billion (EUR 4.5 billion) acquisition of Solvay Pharmaceuticals. This provided Abbott with a large and complementary portfolio of pharmaceutical products and also expanding its presence in key emerging markets.
On March 22, 2010, Abbott completed its acquisition of a Hollywood, Florida-based LIMS company STARLIMS. Under the terms of the deal, Abbott Laboratories acquired the company for $14 per share in an all-cash transaction valued at $123 million. On April 21, 2010, Abbott has completed its acquisition of Facet Biotech Corporation, strengthening its pharmaceutical pipeline in immunology and oncology. On May 20, 2010, Abbott Laboratories said it will buy Piramal Healthcare Ltd.'s Healthcare Solutions unit for $3.72 billion to become the biggest drug company in India.
In 1888 at the age of 30, Dr. Wallace C. Abbott, 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, which he formed into tiny pills which he called ???dosimetric granules.??? This was successful since it allowed more consistent and effective dosages for patients.
Like most large drug manufacturers, Abbott has experienced its share of product liability disasters. The most notorious by far involved its production of diethylstilbestrol (DES), which was later discovered to cause birth defects (i.e., be a teratogen). This gave the Supreme Court of California the opportunity to develop market-share liability in the landmark case of Sindell v. Abbott Laboratories (1980).
Abbott manufactures fully automated random access automated analyzers utilized by medical technologists in medical laboratories .
A plaintiffs group in Washington, D.C., filed a $5.2 billion lawsuit against Purdue Pharma LP and Abbott Laboratories Inc., charging the drug companies with allegedly failing to warn patients that the painkiller OxyContin is dangerously addictive. Abbott still markets OxyContin.
Prevacid also generated a lawsuit filed by New Orleans physician John LaCorte claiming that TAP violated its agreement to offer Medicaid its "best price" for Prevacid by charging the agency up to 20 times more for the drug than it charged some of its other customers. LaCorte sued TAP on behalf of the federal government and is seeking triple damages, plus a $10,000 fine for each violation (see ).
Bristol-Myers Squibb Co. & subsidiary Mead-Johnson sued Abbott Laboratories claiming that Similac SimplePac packages use a "container and scoop arrangement", which is an infringement of the 2006 patent issued to Bristol-Myers. Abbott says that the SimplePac design was independently researched and produced. The lawsuit has since been dropped.
HUMIRA, Abbott's blockbuster human monoclonal antibody to TNF alpha, has been the subject of the following disputes:
Pricing of Norvir
Abbott caused controversy in 2003 over a sharp rise in price of Norvir treatment from $1.71 per day to $8.57 per day, spurring claims of price gouging by consumer groups and some members of Congress. Critics point out that Abbott received $3.5 million in grants from the United States taxpayers to develop Norvir, although the company has responded by pointing out the nearly $200 million development cost for the drug.
Consumer rights group Essential Inventions petitioned the National Institutes of Health to override Abbott's patent on Norvir, but the agency refused to do so on August 4, 2004, citing potential widespread adverse effects on the pharmaceutical market.
Florida fraud action
In 2006, Abbott Laboratories was charged with fraud over the pricing of its products for certain patient groups in Florida.
Access to Kaletra
In 2006, Abbott began working with many countries to register the new version of Kaletra in response to protesters from many organizations, including Doctors Without Borders, the Student Global AIDS Campaign, and Act Up . The protests were held at Abbott's offices and laboratories across the US (including in Illinois, Virginia, New Jersey, and Florida), demanding that Abbott actively take part in registering Kaletra in developing countries, to create "affordable" prices in middle-income countries, to establish a pediatric version of the drug (in addition to the liquid that is currently available), and to create open licenses to allow for generic drugs to be made before expiration of the patents.
In March 2007, Abbott announced it will not be introducing any new medicines into Thailand, claiming Thailand had decided to disregard international intellectual property rights and manufacture its own generic version of Kaletra. Thailand, a country with a per capita income of about $2,742, had recently issued WTO-compliant compulsory licenses to allow government use of Kaletra and efavirenz for treatment of the estimated 600,000 people living with HIV/AIDS within its borders.
Some of the products produced by Abbott Laboratories, as of 2006, include:
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