History
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, Abbott Laboratories successfully challenged the FDA on labeling regulations before the Supreme Court in Abbott Laboratories v. Gardner.
Read more about this topic: Abbott Laboratories
Famous quotes containing the word history:
“It takes a great deal of history to produce a little literature.”
—Henry James (1843–1916)
“This above all makes history useful and desirable: it unfolds before our eyes a glorious record of exemplary actions.”
—Titus Livius (Livy)
“We don’t know when our name came into being or how some distant ancestor acquired it. We don’t understand our name at all, we don’t know its history and yet we bear it with exalted fidelity, we merge with it, we like it, we are ridiculously proud of it as if we had thought it up ourselves in a moment of brilliant inspiration.”
—Milan Kundera (b. 1929)