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The Business of Life

Abbott Laboratories is an American global and multinational healthcare company headquartered in Chicago, Illinois, and listed on the NYSE. The company is focused on manufacturing various medical devices and medications. Its products include diagnostics equipment, medical devices, nutritionals, and branded generic pharmaceuticals. Some of Abotts more well-known products include Pedialyte and FreeStyle, the latter being a monitoring system for people living with diabetes.

Sprung from a small Pharmacy

The inception of Abbott Laboratories can be traced back to 1888 when Dr. Wallace C. Abbott founded it in Chicago. Initially operating as a small pharmacy, Dr. Abbott's business focused on creating standardized drug dosages, known as "dosimetric granules", of commonly used medications. Over the decades, the company underwent significant expansion in terms of its product range and geographical outreach, transforming from its humble beginnings into a notable player in the global pharmaceutical industry.

What They Do

Abbott Laboratories offers a wide array of products and services within healthcare and nutrition. In diagnostics, it supplies tools and tests to medical facilities used in the identification of different illnesses. The company's medical devices segment manufactures equipment used in areas like cardiology, diabetes care, and neuromodulation. Additionally, they also manufacture and sell branded generic pharmaceuticals that can be purchased over the counter at pharmacies like CVS. Their portfolio of nutritional products includes products aimed both at infants and small kids, as well as adults.

Abbott Laboratories and AbbVie

In 2013, Abbott Laboratories underwent a significant transformation by spinning off its research-based pharmaceuticals division into a separate company: AbbVie. This strategic decision was aimed at allowing both companies to focus more distinctly on their respective sectors. While Abbott Laboratories retained its portfolio including medical devices, diagnostics, and nutrition, AbbVie took over the responsibility for the research-driven pharmaceutical business. This split allowed Abbott to concentrate on its extensive range of products and services, whereas AbbVie could focus on the development and commercialization of advanced therapies.