Abbott Laboratories is a multinational healthcare and medical device company headquartered in Illinois, USA. Established in 1888 by Dr. Wallace C. Abbott, the company has become a global leader in the development of life-changing technologies and products in diagnostics, medical devices, nutrition, and branded generic pharmaceuticals. Abbott's mission is to help people live healthier and fuller lives, and its innovative solutions span more than 160 countries.
With a focus on groundbreaking medical advancements, Abbott has introduced cutting-edge healthcare solutions such as glucose monitoring systems, cardiovascular devices, and molecular diagnostic tools. The company is committed to addressing some of the world’s most pressing health challenges by offering accessible, affordable, and advanced healthcare products. Abbott continues to expand its portfolio, driving growth in diverse sectors of healthcare technology.
CEO and Founder of Abbott Laboratories
Abbott Laboratories was founded in 1888 by Dr. Wallace C. Abbott, a practicing physician in Chicago, USA. He began with the production of "alkaloidal" medicine granules to ensure accurate and consistent dosing, marking the start of what would become a global healthcare giant. Abbott’s innovative approach to healthcare set the foundation for the company's growth and development.
Currently, Robert B. Ford serves as the CEO of Abbott Laboratories. Appointed in March 2020, Ford has continued Abbott's legacy of innovation, leading the company through the challenges of the global pandemic with solutions like COVID-19 diagnostics and pandemic preparedness strategies. His leadership has cemented Abbott’s position as a leading player in healthcare technologies.
List of Top Companies Under Abbott Laboratories
Over the years, Abbott Laboratories has expanded its reach by acquiring or partnering with several companies to diversify its product offerings. Below is a list of some of the top companies or divisions under Abbott, including their estimated valuations:
| Company Name | Year Acquired/Founded | Valuation | Industry |
|---|---|---|---|
| Abbott Nutrition | 1903 | $12 Billion | Nutrition & Supplements |
| Abbott Diagnostics | 1940s | $10 Billion | Diagnostic Equipment & Tests |
| Abbott Medical Devices | 1960s | $30 Billion | Medical Devices & Technologies |
| Alere | 2017 (Acquired) | $5.3 Billion | Rapid Diagnostic Testing Solutions |
| St. Jude Medical | 2017 (Acquired) | $25 Billion | Cardiovascular & Neuro Devices |
| Mylan Laboratories (Branded Generics) | 2020 (Acquired) | $5 Billion | Generic Pharmaceuticals |
| Advanced Neuromodulation Systems | 2006 (Acquired) | $1.3 Billion | Neuromodulation Therapy for Pain |
| Thoratec Corporation | 2015 (Acquired) | $3.3 Billion | Cardiac Assist Devices |
| Cepheid | Partnership | $2 Billion | Molecular Diagnostics |
| ID NOW (COVID-19 Testing) | 2020 (Developed) | $2.5 Billion | Rapid Molecular COVID-19 Testing |
FAQs About Abbott Laboratories
Q1: When was Abbott Laboratories founded, and by whom?
A: Abbott Laboratories was founded in 1888 by Dr. Wallace C. Abbott. It started as a small operation focused on producing accurate and reliable medication dosages.
Q2: Who is the current CEO of Abbott Laboratories?
A: Robert B. Ford is the current CEO of Abbott Laboratories. He has been leading the company since March 2020.
Q3: What are the key industries that Abbott Laboratories operates in?
A: Abbott operates in several key industries, including medical devices, diagnostics, branded generics, and nutrition.
Q4: What are some notable acquisitions made by Abbott Laboratories?
A: Some notable acquisitions by Abbott include St. Jude Medical for cardiovascular devices, Alere for rapid diagnostics, and Thoratec Corporation for cardiac assist devices.
Q5: How has Abbott contributed to the fight against COVID-19?
A: Abbott Laboratories developed the ID NOW rapid COVID-19 test, which offers quick results, helping in the global fight against the pandemic.
Q6: Does Abbott Laboratories focus on nutrition products?
A: Yes, Abbott is known for its nutrition division, which produces products like Ensure, Pedialyte, and Similac.
