Williamstown, MA -- (SBWIRE) -- 12/13/2011 -- Founded in 1888 by Dr Wallace Abbott, a Chicago physician, Abbott is a healthcare company that develops and manufactures products and services that span the continuum of care - from prevention and diagnosis to treatment and cure. Abbott's principal businesses are pharmaceutical, nutritional and medical products, including cardiovascular devices and vision care, diabetes care and diagnostic point-of-care (POC) products.
Effective 1st January 2011, Abbott's business segments were re-organised to reflect the shift of international branded generic pharmaceutical products to a newly-formed division, Established Pharmaceuticals, and the combination of the domestic and international proprietary pharmaceuticals businesses into one global division. As a result of this re-organisation, the company reports its businesses through four categories:
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Proprietary Pharmaceutical Products - comprising a wide range of adult and paediatric pharmaceuticals;
Durable Growth Businesses - including Nutritionals, Established Pharmaceuticals (branded generics, i.e. medications that are not patented, but have established brand names), Core Laboratory Diagnostics, Diabetes Care and POC Diagnostics; and
Innovation-Driven Device Businesses - including Vascular, Medical Optics and Molecular Diagnostics.
Other - primarily consisting of Contract Pharmaceutical Manufacturing and Animal Health products.
This report focuses on the medical product segments of Abbott's activities, which represent approximately 17% of the group's total sales. Prior to 2008, Abbott also operated a Spine division, which developed and manufactured devices to treat spine disease. The company sold this business in order to focus on its core businesses and with the intention of entering new sectors, such as ophthalmology.
Indeed, the February 2009 acquisition of Advanced Medical Optics marked Abbott's entry into the vision care industry with a market-leading company that generated in excess of US$1 billion in annual sales. In September 2009, Abbott cemented its expansion into the ophthalmic market with the purchase of Visiogen, which provided the company with a next-generation accommodating intraocular lens (IOL) technology to address presbyopia for cataract patients.
Headquartered in north suburban Chicago, Illinois, the Abbott group serves customers in more than 130 countries through an employee base of approximately 90,000 at more than 100 manufacturing, distribution, research and development, and other locations around the world. In 2010, the company reported net income of US$4.6 billion on sales of US$35.2 billion.
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