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.