Wallace's Top Matches
About Wallace Calvin Abbott
Abbott Laboratories is an American global 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 physician Wallace Calvin Abbott in 1888. In 2010, Abbott had over $35 billion in revenue.
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 simply 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 2009, it unsuccessfully attempted to bar other pharmaceutical companies from producing a drug it had a patent on in Abbott v. Sandoz. However, it was determined that Abbott had patented the drug by a specific process of creation and the other companies were not infringing on the patent when they used a different process to arrive at the same final product.