Abbott Laboratories Guide, Meaning , Facts, Information and Description
Abbott Laboratories is a pharmaceuticals and health care company. It has around 70,000 employees and operates in 130 countries. The headquarters are in Chicago, Illinois. The company is listed on the New York Stock Exchange (code ABT).In 1985, the company developed the first HIV blood screening test. The company's drug portfolio includes the rheumatoid arthritis drug Humira and Norvir, a treatment for HIV.
Price Gouging Controversy
Abbott caused controversy in 2003 over a sharp rise in price of Norvir treatment from $1.71 per day to $8.57 per day, spurring claims of price gouging by consumer groups and some members of Congress. Critics point out that Abbot received $3,500,000 in grants from the United States taxpayers to develop Norvir.
Consumer rights group Essential Inventions petitioned the National Institutes of Health to override Abbot's patent on Norvir, but the agency refused to do so on August 4, 2004, citing potential widespread adverse effects on the pharmaceutical market.
This is an Article on Abbott Laboratories. Page Contains Information, Facts Details or Explanation Guide About Abbott Laboratories External links