Abbott Laboratories
Encyclopedia : A : AB : ABB : Abbott Laboratories
Abbott Laboratories NYSE: [ABT]
Abbott Laboratories was founded by Chicago physician Wallace Calvin Abbott in 1888.
In 1985, the company developed the first HIV blood screening test. The company's drug portfolio includes Humira, a drug for rheumatoid arthritis, Norvir, a treatment for HIV, Depakote, an anticonvulsant drug, Synthroid, a synthetic thyroid hormone, and Ensure for adult nutrition. Abbott also has a broad range of diagnostics and immunoassay products.
Abbott has not always held the greatest esteem in the eyes of AIDS activists. In 2003, the company's choice to sharply increase the price of its drug Norvir sparked protests amongst activists. More recently, in 2006, AIDS activists have again struck protests against Abbott for not registering or creating open licenses for its crucial second-line drug Kaletra.
Products
Some of the key products produced by Abbott Laboratories, circa 2006, include:
- Biaxin/Klacid (clarithromycin)
- Depocon (valproic acid)
- Depakote (valproate semisodium)
- Gengraf (ciclosporin)
- Gopten/Mavik (trandolapril)
- Humira (adalimumab)
- Isoptin (verapamil)
- Hytrin (terazosin)
- Kaletra (lopinavir/ritonavir)
- Meridia (sibutramine)
- Norvir (ritonavir)
- Omnicef (cefdinir)
- Synthroid (levothyroxine)
- Tarka (trandolapril/verapamil)
- Tricor (fenofibrate)
- Ultane (sevoflurane)
Controversies
Protests to Increase Access to Kaletra in Developing Countries
In 2006, protestors from many organizations, including Doctors Without Borders, the Student Global AIDS Campaign, and Act Up have held protests all around the country (including Abbott labs and corporate office in Illinois, Virginia, New Jersey, and Florida) to demand 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, and to create open licenses to allow for generic drugs to be made for those areas the company labels as "unprofitable." To their credit, Abbott executives seem to be responding, as they recently developed plans to register the new version of Kaletra in South Africa. Still, the activists expressed concern about the year and a half deadline for fully registering the drugs, worrying about the millions of people that will hang in the balance until then. In addition, the activists stated that they desired more holistic approaches from Abbott to responding to their demands than to expand programs in one country. Most recently, stockholders have expressed some unease about the protests, pointing to anxiety in activists continuing to protest even after Abbott voiced their plans for registration of Kaletra in South Africa.Controversial 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 $3,500,000 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.
Timeline
- 1888 Dr. Wallace C. Abbott, a practicing physician, begins manufacturing dosimetric granules. Dr. Abbott is one of the founders of modern pharmacy.
- 1894 Dr. Abbott acquires and becomes editor of The Alkaloidal Clinic.
- 1900 The company is officially incorporated as the Abbott Alkaloidal Company.
- 1906 To reach more physicians, Dr. Abbott establishes the company’s sales force.
- 1910 Abbott establishes its first European agency in London and branches in New York, San Francisco, Seattle, Toronto and India.
- 1916 Abbott acquires its first synthetic medicine, an antiseptic agent called Chlorazene, which is used extensively on the battlefields of World War I to lean wounds.
- 1920 Dr. Abbott breaks ground for a new facility in North Chicago, Illinois. The site serves as the company’s world headquarters for more than 40 years.
- 1923 Abbott develops the synthetic drug Butyn, a local anesthetic, based on butyl alcohol. It marks Abbott’s official entrance into the anesthesia market, and butyl alcohol becomes a keystone of Abbott's scientific research in sleep-inducing agents.
- 1929 Abbott stock is listed on the Chicago Stock Exchange with an offering of 20,000 shares at $32 each.
- 1930 Nembutal, a sedative - hypnotic agent and one of Abbott's best-known and longest-lived products, is introduced.
- 1931 Combining an existing sales office and the Canadian operations of the recently acquired Swan Meyer, Co., Abbott establishes its first international affiliate in Montreal, Canada.
- 1936 Abbott introduces Pentothal (thiopental sodium), which will be the most widely used induction anesthetic in the world for more than 50 years. Abbott enters the I.V. business by supplying hospitals with bulk intravenous solutions.
- 1938 Abbott celebrates its 50th anniversary with the dedication of its North Chicago Research Center.
- 1939 Health care benefits are extended to employees' dependents.
- 1941 Discovered in Great Britain in 1928, penicillin had tremendous clinical value, but had yet to be produced on a large scale. In 1941, Britain seeks help in starting large-scale production and Abbott accepts the challenge. Within three months Abbott begins commercial production of penicillin, one of the five pioneers in the United States.
- 1942 Abbott introduces Halazone, a water purification tablet shipped by the millions to every fighting front in World War II.
- 1943 Abbott opens its first facility in Puerto Rico, later to become one of its largest manufacturing operations.
- 1945 Abbott introduces Tridione for treatment of epilepsy, Surbex, a high-potency vitamin, and Venopac, the first fully disposable intravenous administration set.
- 1946 Abbott is the first pharmaceutical company to have a special laboratory for radioactive pharmaceuticals, or "radiopharmaceuticals," a move that leads to the creation of what will become the world’s leading immunodiagnostics business.
- 1947 Abbott introduces Aminosol, a new protein solution for intravenous feeding of surgical patients. Abbott develops the Abbott Sanitary Counting Tray.
- 1949 Abbott introduces 74 new products in a single year, including pharmaceuticals, medical devices, and improved variations of existing products.
- 1950 Raymond E. Horn steps down as president because of illness. His successor is Dr. Ernest Volwiler, the first president since Dr. Burdick with a scientific background. Abbott introduces Sucaryl, its first truly consumer product, opens a registered entity in France, and enters into business in Spain.
- 1951 Abbott introduces Selsun Suspension shampoo for dandruff control. The company establishes an employee contributory stock purchase plan.
- 1952 Abbott introduces Erythrocin, a new antibiotic with good activity against gram-positive bacteria.
- 1953 Abbott's radiopharmaceutical business introduces Radiocaps, capsules containing an accurately controlled, invisible and un-weighable film of radioiodine that simplifies the diagnosis and treatment of thyroid disorders.
- 1959 Abbott introduces a new logo, which features a stylized “a” symbol that is still in use today.
- 1962 Abbott enters a joint venture with Dainippon Pharmaceuticals Co., Ltd., of Japan to manufacture radiopharmaceuticals. This venture will become Dainabot, and eventually evolve into Abbott Japan, the company’s largest operation outside the United States.
- 1963 The Triosorb diagnostic test kit, even simpler than the Radiocaps introduced ten years earlier, no longer requires a patient to swallow a radioactive substance; rather, a blood sample is inoculated with a radioactive form of thyroid hormone.
- 1964 Abbott acquires M&R Dietetic Laboratories of Columbus, Ohio, best known as makers of Similac infant formula, one of the first milk-based infant formulas. M&R eventually becomes Abbott’s Ross Products Division.
- 1965 Abbott’s growth warrants expansion at its headquarters location, and the company begins to move some operations to Abbott Park, a 420-acre site southwest of its North Chicago operations.
- 1972 Abbott introduces Tranxene, a tranquilizer, Ausria, a radioimmunoassay test to detect serum hepatitis, and the ABA-100 blood chemistry analyzer.
- 1973 Abbott forms a diagnostics division to bring together all diagnostic products and services. The company also introduces Ensure, the first adult medical nutritional.
- 1977 TAP Pharmaceuticals, now known as TAP Pharmaceutical Products Inc., is formed as a joint venture between Abbott and Takeda Chemical Industries, Ltd. of Japan.
- 1981 Abbott introduces the TDx therapeutic drug monitoring system.
- 1983 Depakote (divalproex sodium) is approved in the United States.
- 1985 Abbott wins U.S. approval to market the world’s first diagnostic test for AIDS. Abbott also launches ADD-Vantage, an intravenous drug delivery system, and TAP receives its first product approval for Lupron (leuprolide acetate).
- 1987 Hytrin (terazosin hydrochloride) receives U.S. FDA approval.
- 1988 Abbott celebrates its centennial. The IMx diagnostic instrument, used in medium-sized laboratories, is introduced and will become the world’s leading immunoassay system and one of the best-selling new products in Abbott’s history.
- 1990 Clarithromycin launched. Clarithromycin is known as Biaxin in the United States and Klacid and Klaricid in countries around the world.
- 1991 Several major products are introduced worldwide, including Survanta (beractant) and a prostate-specific antigen (PSA) test to screen and monitor therapy for prostate cancer. Abbott enters the hematology testing market with the acquisition of Sequoia-Turner Corp.
- 1993 Abbott launches AxSYM, a new labor-saving diagnostic system.
- 1994 Abbott introduces sevoflurane, and completes an agreement to cross-license LCR and PCR, two gene amplification technologies.
- 1995 TAP receives approval for PREVACID (lansoprazole). In diagnostics, ABBOTT PRISM, the first, fully automated high-volume blood analyzer is introduced. Today, the ABBOTT PRISM is used to screen the majority of the world’s donated blood supply.
- 1996 Abbott launches Norvir (ritonovir). The company enters the glucose testing market with the acquisition of MediSense, Inc.
- 1997 After extensive research, Abbott’s Ross Products Division launches an improved version of Similac called Similac Advance.
- 1998 Abbott launches Glucerna shakes and snack bars, specially formulated nutritional products for people with diabetes. The U.S. FDA approves several major products including TriCor (fenofibrate) and Zemplar (paricalcitol).
- 1999 Abbott launches ARCHITECT, a next-generation diagnostic system. Abbott acquires Perclose, Inc., the leading arterial closure device manufacturer, which provides the foundation for building its vascular business. Later that year, the FDA approves The Closer, a next generation vascular closure device.
- 2000 Abbott receives approval for several new drugs and line extensions, including Kaletra (lopinavir/ritonavir), Biaxin XL (clarithromycin extended-release tablets), and Depakote ER (divalproex extended-release tablets). Abbott introduces an innovative award-winning, 32-ounce, reclosable plastic bottle for Similac with Iron.
- 2001 Abbott acquires the pharmaceutical business of BASF AG, including the global operations of Knoll Pharmaceuticals. In addition, Abbott acquires Vysis, Inc., and receives clearance to market the Vysis UroVysion test to monitor for recurrent bladder cancer.
- 2002 Abbott receives FDA approval for Humira (adalimumab). The company launches Similac Advance, Isomil Advance and NeoSure Advance infant formulas in the United States. Abbott acquires the cardiovascular stent business of Biocompatibles International plc., as it works to build its vascular business.
- 2003 Abbott launches HUMIRA in Europe. The company launches three new immunodiagnostics systems for use on the ARCHITECT platform. Abbott also continues to build its medical products business through several strategic acquisitions: JOMED's coronary and peripheral intervention business lines and Integrated Vascular Systems Inc.; Spinal Concepts Inc., an innovator of spinal implant devices; and ZonePerfect Nutritional Co., which signals Abbott's entrance into the fast-growing healthy living category of the nutrition market.
- 2004 Abbott acquires TheraSense Inc., a leading blood glucose monitoring business, to complement its fast-growing diabetes care business. The company also enters the point of care diagnostics market with the acquisition of i-STAT Corp.; adds to its healthy living nutrition offerings with the acquisition of EAS Inc., and firmly establishes its presence in the spinal device market with the acquisition of Spine Next S.A. Abbott also spins off its hospital products business as Hospira, an independent, publicly traded company. Hospira is one of the largest [global specialty pharmaceutical] and medication delivery companies serving the hospital.
- 2005 Abbott introduces several medical devices including the Xact carotid stent with the Emboshield capture device; the FreeStyle Connect blood glucose monitor; and, in the United States, launches the ABBOTT PRISM blood screening system and the CELL-DYN Sapphire hematology system. The company also receives FDA approval for two new uses for HUMIRA. Abbott also makes changes to its Kaletra product.
- 2006 Abbott acquires Guidant's vascular business, which, combined with Abbott's ongoing business, creates one of the leading global vascular device companies.
Awards
Abbott is one of the 100 Best (US) Companies for Working Mothers in 2004 according to Working Mothers magazine.Abbott has been repeatedly honored by FORTUNE magazine as one of the best companies in the country for its diversity practices and initiatives, including six straight years since the publication began its “50 Best Companies For Asians, Blacks and Hispanics” rankings.
Abbott was selected as one of “10 Best Companies for Women” by Health magazine in 2002. Abbott is both the only health care company on the list and the only company headquartered in Illinois. Those on the list are recognized for excelling in helping women balance their work and personal lives.
Abbott ranked #13 in Black Collegian magazine’s Top 50 Diversity Employers Survey in 2002 - and first among all pharmaceutical companies.
Abbott was named to Next Step’s Diversity 100: America’s Most Diverse Corporations by Next Step magazine in 2001.
Abbott was listed as one of the "25 Best Companies to Work for in Chicago" by Chicago Magazine.
Abbott received Five-star ratings in all internship program categories (selectivity, compensation, and quality of life) by Princeton Review’s America’s Top Internships.
Abbott named among "Science magazine's 2005 Top Employers." Science Magazine
Number 11 of the Top 50 Pharma Companies Pharmaceutical Executive (2004) For more information about this award, visit Pharm Exec 50 Special Report
Number 48 among the Top 500 American Companies Forbes magazine (2003)
Named No. 42 on the Business Week 50 as one of America's Best Companies BusinessWeek (2003)
Named one of America's Most Admired Companies every year since 1984 Fortune magazine
Named to the Barron's 500 Barron's, The Dow Jones Business and Financial Weekly (2002)
Number 157 among the Forbes Platinum 400 Forbes magazine (2002)
Number 21 among America's Best Wealth Creators Fortune magazine (2002)
Named to the Salomon Smith Barney 2001-2002 TEN+List Salomon Smith Barney (2002)
Number 93 among the 500 Largest U.S.-Based Corporations Number 285 among the Global 500 Fortune magazine (2005)
External links
- [NIH Won't Intervene in AIDS Drug Pricing Issue], The Washington Post, August 4, 2004
From Wikipedia, the Free Encyclopedia. Original article here. Support Wikipedia by contributing or donating.
All text is available under the terms of the GNU Free Documentation License See Wikipedia Copyrights for details.