Abbott Laboratories (ABT) Stock Price, News & Quote

History of Abbott Laboratories

Abbott Laboratories boasts a rich history spanning over 135 years, marked by groundbreaking medical advancements and a dedication to improving global health. Here’s a glimpse into their journey:

Humble Beginnings (1888-1920s)

  • 1888: Dr. Wallace C. Abbott, a Chicago physician, establishes Abbott Alkaloidal Company, specializing in formulating accurate, scientifically sound medications.
  • 1907: Abbott expands internationally, opening its first office in London.
  • 1916: During World War I, Abbott develops Chlorazene, a revolutionary antiseptic to treat wounded soldiers.
  • 1922: Invention of Butyn, a pioneering local anesthetic, paving the way for future breakthroughs.

Growth and Diversification (1930s-1980s)

  • 1930s: Introduction of iconic products like Pentothal (anesthetic) and Selsun Blue (dandruff treatment).
  • 1962: Entry into the radiopharmaceutical market through a joint venture in Japan.
  • 1964: Merger with Ross Laboratories bolsters infant nutrition offerings with Similac.
  • 1972: Development of FreeStyle, the first blood glucose meter for home use, empowering diabetes management.

Modern Era and Transformation (1990s-Present)

  • 1994: Launch of AxSYM system, revolutionizing immunoassay technology in diagnostics.
  • 2007: Establishment of global surveillance program to monitor emerging infectious diseases like HIV and hepatitis.
  • 2013: Major restructuring leads to the spin-off of AbbVie, focusing on research-based pharmaceuticals.
  • 2018: Introduction of FreeStyle Libre, a continuous glucose monitoring system, transforming diabetes care.
  • Today: Abbott remains a global leader in medical devices, diagnostics, nutritional products, and branded generics, impacting lives in over 160 countries.

Key Takeaways

  • Abbott’s history is steeped in scientific innovation, from early pharmaceutical formulations to cutting-edge diagnostics and medical devices.
  • The company’s commitment to global health extends beyond product development, with initiatives like disease surveillance and humanitarian efforts.
  • Through strategic acquisitions and spin-offs, Abbott has adapted to changing markets and continues to deliver solutions for diverse needs.
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