Abbott Laboratories worth 42 Billion USD in Assets

Abbott Laboratories worth 42 Billion USD in Assets is a Winner of the 2016 Global Sustainable Development Award and Accredited as a Global 500 Sustainable Development Agencies of the year 2016 in appreciation of its contribution towards social-economic development of the world and its contribution towards attainment of United Nations Sustainable Development Goals. Recognised for its commitment to promote and uphold International best practices and standards such as respect for rights of workers, quality products and services,payment of taxes,Regulatory compliance,environmental protection,Supporting productive corporate social responsibility,eliminating corruption,employment and remuneration of employees,etc

Abbott Laboratories is an American worldwide health care company. It has 74,000 employees and operates in more than 150 countries.The company headquarters are in Lake Bluff, Illinois. The company was founded by Chicago physician Wallace Calvin Abbott in 1888. In 2014, revenues were $20.2 billion.

Abbott has a broad range of branded generic pharmaceuticals, medical devices, diagnostics, nutrition products, including Ensure, a line of meal replacement shakes. 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. In 1985, the company developed the first HIV blood-screening test.

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, Wallace Abbot (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 "dosimetric granules". This approach was successful since it produced more consistent and effective dosages for patients.

Abbott's first international affiliate was in London in 1907, and the company later added an affiliate in Montreal, Canada (Fact 21). Abbott started operations in Pakistan as a marketing affiliate in 1948; the company has steadily expanded to comprise a work force of over 1500 employees. Currently two manufacturing facilities located at Landhi and Korangi in Karachi continue to use innovative technology to produce top quality pharmaceutical products.Expansion continued in 1962 when Abbott entered into a joint venture with Dainippon Pharmaceutical Co., Ltd., of Osaka, Japan, to manufacture radio-pharmaceuticals. In 1965, Abbott's expansion in Europe continued with offices in Italy and France. Abbott Laboratories has been present in India for over 100 years through its subsidiary Abbott India Limited and it is currently India's largest healthcare products company.

In 2009, Abbott opened a satellite research and development facility at Research Park, University of Illinois at Urbana-Champaign.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 drug portfolio.

In June 2014 the company entered into a definitive agreement to take over Russian pharmaceutical manufacturer Veropharm (Voronezh) in a deal worth $631 million.Abbott, which already employs 1,400 people in Russia, said it planned to set up a manufacturing presence in the country when the deal closed.

Abbott's core businesses focus on pharmaceuticals, medical devices and nutritional products, which have been supplemented through acquisitions. As of 2016, the firm's divisions are:

  • Diabetes Care:Glucose monitoring devices
  • Diagnostics:Hematology, immunodiagnostic, oncology and clinical chemistry (including the i-Stat)
  • Endovascular
  • Established Pharmaceuticals (EPD):Branded generic drugs sold exclusively in developing markets.
  • Medical Devices
  • Medical Optics
  • Nutrition: baby nutrition (e.g., Similac, Isomil, and Gain), adult health products (e.g., Ensure and ZonePerfect) and special dietary needs (e.g., Glucerna and Juven)

The company 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 2007, Abbott acquired Kos Pharmaceuticals for $3.7 billion in cash.At the time of acquisition, Kos marketed Niaspan, which raises levels of “good,” or HDL, cholesterol and Advicor, a Niaspan combination drug for patients with multiple lipid disorders.

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.

In February 2010, Abbott completed its $6.2 billion (EUR 4.5 billion) acquisition of the pharmaceuticals unit of Solvay S.A.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 May 21, 2010, Abbott Laboratories said it would buy Piramal Healthcare Ltd.'s Healthcare Solutions unit for $2.2billion 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. for $2.9 billion in order to secure the 73% it held of Chilean pharmaceutical company, CFR Pharmaceuticals.

In February 2016, the company announced it would acquire Alere for $5.8 billion.In late April, of the same year, Abbott announced it would acquire St. Jude Medical for $25 billion (each share receiving $46.75 in cash & 0.8708 shares of Abbott common stock, equating to an approximate value of $85).

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