Abbott Laboratories

Abbott Laboratories, which promotes itself as a company dedicated to delivering on its “promise for life,” was established in 1888 by Dr. Wallace C. Abbott, the owner of the People’s Drug Store in Chicago. Abbott believed there was a market for effective drugs that had been developed according to scientific principles. The company’s initial product was alkaloidal medical granules.

Abbott was incorporated as the Abbott Alkaloidal Company in 1894. By 1907, the company had begun its global journey, establishing its first office in London. During World War I, Abbott introduced Chlorazene, an antiseptic used at the battlefront to treat the wounded. Ironically, Abbott went public in 1929, the same year the stock market crashed and plunged the United States into the Great Depression. Despite some setbacks, ...