Module 1 Assignment 2 - Abbott

Module 1 Assignment 2 - Abbott - Abbott Labs Running head:...

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Abbott Labs 1 Running head: Abbott Laboratories. Module 1: Assignment 2 – Abbott Laboratories Research Analysis Dale Laszig, Daniel Wierzbinski, and Michael Turskey Strategic and Operational Planning Argosy University Professor: Vicky Black January 15, 2010
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Abbott Labs 2 History The tradition of innovation at Abbott Laboratories can be traced back to 1888, when its founder, Dr. Wallace C. Abbott, pioneered the use of tiny granules to accurately dispense medicine. Over the next ten years, the evangelical efforts of a small but dedicated sales team paved the way to the formation of a diversified global healthcare organization, with a 700 product catalog and offices in Canada, England, India and major cities in the United States. In 1915, the Abbott Alkaloidal Company changed its name to Abbott Laboratories in a nod to its increasing focus on the research and development of synthetic compounds. One of these products, Chlorazene, was a widely used antiseptic on the battlefields of World War I. By the time that Dr. Alfred Stephen Burdick took the helm as CEO in 1921, Abbott Laboratories was operating a major manufacturing facility in Chicago, Illinois and mass producing multiple lines of pharmaceutical products. The company went public in 1929 with an initial public offering of 20,000 at $32 per share. Throughout the subsequent ups and downs of global financial markets, Abbott has consistently paid dividends to its shareholders. The 1930’s ushered in an era of diversification for Abbott, beginning with the company’s first nutritional offerings and the announcement of the first international affiliate organization in Montreal, Canada. A new, modernized research facility was opened in Chicago in 1938, leading the way for a US government contract to produce penicillin in 1941. A continuous roll out of innovative new treatments contributed to the company’s favorable reputation and rising share prices. By 1965, Abbott’s exponential growth made it necessary to create an all-encompassing campus to house corporate headquarters, primary manufacturing and research facilities. Major operations were relocated to a 420 acre site named Abbott Park, southwest of the company’s original Chicago headquarters. The company’s managed growth enabled continuous diversification, such as their foray into immunodiagnostics in 1972 and the formation of the Abbott Diagnostic Division, a move that was calculated to increase the company’s leadership position as a cost-effective healthcare provider. “Abbott had experimented with hospital nutritional products, designed to help patients quickly regain their strength after surgery, and diagnostic devices . . . Abbott eventually became the number one company in both of these arenas, which moved it far down the path of becoming
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Abbott Labs 3 the best company in the world of creating products that make health care more cost-effective.” (Collins, J., 2001). Abbott’s accelerated time-to-market was evident throughout the 1980’s when many new
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This note was uploaded on 03/25/2010 for the course BUS 210 taught by Professor Scottrought during the Spring '08 term at University of Phoenix.

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Module 1 Assignment 2 - Abbott - Abbott Labs Running head:...

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