Company Overview

Abbott Laboratories was founded in 1888 by Dr. Wallace C. Abbott, who began making pills from medicinal plants out of his Chicago apartment. Today, Abbott manufactures and distributes a diverse array of pharmaceutical and medical products to more than 130 countries.

Among its major drugs are Depakote, used for the treatment of epilepsy, migraines, and bipolar disorder; the anti-infective Biaxin (for which the patent expired in 2005); TriCor, which reduces elevated levels of triglycerides; Synthroid, a thyroid hormone replacement; Mavik and Tarka, for the treatment of hypertension; Meridia, a weight loss drug for obese people; the protease inhibitors (anti-HIV drugs) Kaletra and Norvir; and Humira—sales of which generated $1.4 billion in 2005—for the treatment of rheumatoid arthritis. Abbott received the 2007 Galen Prize for The Galen Prize, one of the highest accolades in the pharmaceutical and biomedical industry, was awarded to Abbott in 2007. Best Biotechnology Product for Humira (adalimumab), the first approved fully human antibody.  

The company has also expanded in recent years , through a series of acquisitions including Vysis, a genomic disease management company, TheraSense, a diabetes test-maker, i-Stat, which makes diagnostic tools, and the health food products manufacturer ZonePerfect. Abbott acquired both Guidant's vascular business and Kos Pharamaceuticals in 2006, making it a lucrative year for the company. The former combined with Abbott to create one of the leading global vascular device companies, while the acquisition of the latter greatly expanded Abbott’s presence in cardiovascular medicine including lipid management.  

Job seekers looking for a job in pharmaceuticals as means of making a difference on a global level would likely appreciate that, in the same year of acquisitions, Abbott donated $76 million worth of its products to 98 countries around the world and supported 665 medical missions.

Abbott recently joined forces with the Magic Johnson Foundation to create the I Stand With Magic Program to address the alarming rate of HIV/AIDS in the African-American community. The joint venture creates educational activities and testing events in cities with high HIV infection rates. In 2007, the program has visited almost 200 churches, high schools and colleges in order to provide HIV testing, education, and additional resources for HIV-positive individuals.