Abbott Laboratories is an American pharmaceuticals and health care products company. It has 90,000 employees and operates in over 130 countries. The company headquarters are in Abbott Park, North Chicago, Illinois. The company was founded by Chicago physicianWallace Calvin Abbott in 1888. In 2010, revenues were over $35 billion.
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 meal replacement shakes; and EAS, the largest producer of performance-based nutritional supplements.
The company’s in-vitro diagnostics business performs immunoassays and blood screening. Its 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 indicators of health.
Abbott Point-of-Care manufactures diagnostic products for blood analysis to provide health care professionals diagnostics information at the point of patient care. Abbott also provides point-of-care cardiac assays to the emergency room.
In 1888 at the age of 30, Dr. Wallace C. Abbott (1857–1921), 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 (morphine, quinine, strychnine and codeine), which he formed into tiny pills which he called “dosimetric granules”. This was successful since it allowed more consistent and effective dosages for patients.
As the company’s overseas sales and reputation was growing, Abbott had to consider new ways to organize its sections. International expansion began in 1931 when Abbott formed its first international office in Montreal, Canada (Fact 21). Expansion continued in 1962 when Abbott entered into a joint venture with Dainippon Pharmaceutical Co., Ltd., of Osaka, Japan, to manufacture radio-pharmaceuticals. During this year, Abbott’s expansion projects in England, Italy and France were also completed.
With all these developments abroad, Abbott adopted an International Division Structure (Ranjan 41). Under this organization of management, Abbott added another division to the three product based divisions to be responsible for all foreign operations. This international division is itself divided regionally, with each country reporting to the international management.
In 1967, the company successfully challenged the FDA on labeling regulations before the Supreme Court in Abbott Laboratories v. Gardner.
In May 2014 the company entered into a binding agreement to acquire Chilean generic pharmaceutical company CFR in a deal worth $2.9 billion which the company said would more than double its branded generic drugs business in Latin America.
In June 2014 the company entered into a definitive agreement to take over Russian pharmaceutical manufacturer Veropharm, in a deal worth $631 million. Abbott, which already employees 1,400 people in Russia, said it planned to set up a manufacturing presence in the country once the deal closed.
Abbott’s core businesses focus on pharmaceuticals, medical devices and nutritional products, which have been supplemented through acquisitions. The firm’s divisions are:
- Animal Health: anesthesia for animals, Clinicare liquid animal diets and other veterinary products
- Diabetes Care: Glucose monitoring devices and medicine
- Diagnostics: Hematology, immunodiagnostic, oncology and clinical chemistry (including the i-Stat)
- Molecular: analysis of DNA, RNA, and proteins at the molecular level
- Nutrition: baby nutrition (Similac, Isomil, and Gain), adult health products (Ensure and ZonePerfect) and special dietary needs (Glucerna)
- Vascular: stents, vessel closure devices, endovascular and coronary technologies.
It has divested itself of less profitable businesses through sales and spinoffs. In 1964, it acquired Ross Laboratories, making Ross a wholly owned subsidiary of Abbott. In 2001, the company acquired Knoll, the pharmaceutical division of BASF. In 2002, it divested the Selsun Blue brand to Chattem. Later in 2002, the company sold Clear Eyes and Murine to Prestige Brands.
In 2004, it 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, the company 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 the parties could not agree on the terms of the deal.
On September 8, 2007, the company 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, the company 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, the company 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 completed its acquisition of Facet Biotech Corporation, strengthening its pharmaceutical pipeline in immunology and oncology. On May 21, 2010, Abbott Laboratories said it will buy Piramal Healthcare Ltd.’s Healthcare Solutions unit for $2.2 billion to become the biggest drug company in India.
On May 16, 2014, it was announced that Abbott would acquire the holding company (Kalo Pharma Internacional S.L.) which owns 73% of Chilean pharmaceutical company, CFR Pharmaceuticals, for $2.9 billion.
The purpose of the Abbott Fund Matching Grant Plan is to encourage employees and retirees of Abbott and its subsidiaries to make contributions to educational institutions, hospitals, public broadcasting stations and supporting funds, foundations and associations meeting certain criteria. Subject to the rules described below, Abbott Fund will match all such contributions on a dollar-for-dollar basis.
To participate, you must be an active full-time or part-time employee or retiree of Abbott or a current or retired director of the Abbott board. Retired employees include only those employees eligible to receive a pension benefit from the Abbott Retirement Plan.
Eligible nonprofit organizations must be located in the U.S. or one of its territories and be recognized by the IRS as a tax-exempt section 501(c)(3) organization. Institutions eligible to receive matching grants are limited to educational institutions, hospitals, public broadcasting stations, and funds, foundations and associations supporting educational institutions, hospitals and public broadcasting stations that meet the following criteria:
EDUCATIONAL INSTITUTIONS:
Abbott Laboratories donates to 503c3. Educational institutions must be accredited by an appropriate U.S., regional, state or professional accrediting body. Eligible institutions include primary and secondary schools and two- or four-year colleges, universities, graduate or professional schools.
Ineligible items include (but are not limited to): Tuition, Membership fees to alumni associations, Dues and gifts to clubs (e.g., science clubs and fraternities/sororities), Donor choosing the recipient of a scholarship, All athletic-related programs, including gifts to athletic scholarships, athletic associations and funds, and intercollegiate athletics
HOSPITALS:
Hospitals must be accredited by the Joint Commission on Accreditation of Health Care Organizations. Eligible hospitals may be privately endowed or government supported, but their primary function must be to provide diagnostic and therapeutic patient services for medical conditions. Ineligible items include (but are not limited to): Personal medical bills (e.g., laboratory, hospital and physician fees), Hospices, burn centers, extended care, clinics and nursing homes,
SUPPORTING FUNDS, FOUNDATIONS AND ASSOCIATIONS:
501(c)(3) public charity organizations that support educational institutions, hospitals and/or public broadcasting. A section 509(a)(3) supporting organization will be required to provide a copy of its current IRS determination letter indicating type of supporting organization.
OVERALL INELIGIBLE CONTRIBUTIONS:
Overall ineligible items include (but are not limited to): In-kind contributions, such as time, or real or personal property (excludes securities), Gifts made by or through community trusts or similar organizations, including charitable remainder trusts, or donor-advised funds, Cumulative gifts from several individuals reported as one contribution, Private foundations, including family foundations, Gifts made to institutions from which the donee or donee’s family will, derive any direct or indirect financial or material benefit, Disaster relief, Non-functionally integrated section 509(a)(3) supporting organizations.
Matchable Contributions:
To be matchable, the contribution must be a personal gift, from the donor’s personal funds, that has been paid and not simply pledged and must be made directly to the institution via cash, check, credit card or securities having a quoted market value. The institution must confirm receipt of such contribution on Part B of this form. The contribution must be made and intended to be used solely for the primary purposes of the institution.
Contributions by credit card can be debited using the Web-based program at www.easymatch.com/abbottfund, or you can contact your recipient organization directly to charge your credit card. Gifts of securities are valued based on the average of the high and low value on the date of the gift. No other form of real or personal property will be matched. The minimum contribution is $25.For gifts of installments, each installment must be submitted on a separate form and meet the $25 minimum gift requirement. Abbott Fund will match contributions up to $5,000 per participant per calendar year. If the donor makes several contributions, gifts will be matched in the order received, up to the maximum annual donor limit for the calendar year unless otherwise advised.
How the Program Works:
Matching grant requests can be submitted electronically or by U.S. mail.
Matching grant requests can be submitted electronically via a paperless process at www.easymatch.com/abbottfund. The Web-based process is not only a faster and easier process, you can also find program-related information such as guidelines, FAQs, your personal giving history and the ability to search for charitable organizations.
The eligible participant must:
Complete Part A of the original paper application form. Mail the original application form, with the donation and any other necessary documentation, to the organization of your choice that meets the criteria listed in the guidelines. Faxed copies will not be accepted. The matching grant to be provided by Abbott Fund will be designated for unrestricted support, unless the donor specifies a designation.
The recipient organization must: Complete Part B of the original application form. Have an authorized officer of the charity verify the donation, sign the application form and return the original application form to the Abbott Fund Matching Grant Plan, P.O. Box 8378, Princeton, NJ 08543-8378.
Completed match requests must be received by the Abbott Fund Matching Grant Plan office within four (4) months of the date of payment. Match requests received after that time will not be honored. All gifts must be verified by the recipient organization in order to be matched by Abbott Fund. The donor is responsible for ensuring the match request is received within the eligible time frame. For more information, please contact the Abbott Fund Matching Grant Plan via email at abbott@easymatch.comor by phone at 1-866-298-9699.
Abbott Fund reserves the right to interpret, apply, amend or revoke these guidelines at any time without prior notice. The policies and procedures described above are not conditions of employment nor are they intended to create or constitute a contract between Abbott Fund and any one or all of its employees.
