Dr. Wallace Calvin Abbott is a Chicago Physician who founded the healthcare company, Abbott Laboratories. Today, the company is one of the world's largest pharmaceutical conglomerates. He used to prescribe some commonly-used painkillers, like liquid alkaloid extracts which were susceptible to spoilage such as codeine, morphine, quinine, and strychnine. He was one of the first American Physicians to validate a new technique to distill alkaloids, the parts of medicinal plants that have therapeutic effect, into a solid form. This technique was developed by a Belgian surgeon, Adolphe Burggraeve. Wallace was an examining physician to Court Ravenswood of the Independent Order of Foresters, and is a Freemason.
Wallace Calvin Abbott- Biography
| Name | Wallace Calvin Abbott |
|---|---|
| Born | 12 October, 1857 |
| Birthplace | Bridgewater, Vermont, United states |
| Died | 4 July, 1921 |
| Life-span | 64 years |
| Nationality | American |
| Education | University of Michigan |
| Profession | Physician; Businessman |
| Known for | Founder & President, Abbott Laboratories |
| Spouse | Clara Ingraham Abbott |
| Children | Eleanor Abbott |
| Authored Books | A Brief Therapeutics of Some of the Principle Alkaloidal Medicaments: With Suggestions for Clinical Application (1901) Text-Book of Alkaloidal Therapeutics (1905) |
Wallace Calvin Abbott - Personal Life
Wallace Calvin Abbott - Education
Wallace Calvin Abbott - Professional Life
Wallace Calvin Abbott - Business Idea
Wallace Calvin Abbott - Success story
Wallace Calvin Abbott - Abbott Laboratories
Wallace Calvin Abbott - AbbVie
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Wallace Calvin Abbott - Personal Life
Wallace was born in Bridgewater, Vermont, US in 1857. He further lived in Chicago. His father, Luther Abbott was a farmer at England and Wealtha Barrows Abbott was his mother. He had a sister named Lucy Abbott.
His father deemed Wallace's education unnecessary at the age of 14 and asked him to work at the family farm. However, it was her mother who convinced him to let Wallace earn his medical degree as he wanted to become a doctor. He was married to Clara Ingraham Abbott and the couple has a daughter, Eleanor Abbott. He had a life-span of 64 years and died in 1921.
Wallace Calvin Abbott - Education
Wallace went back to school in his 20's, got enrolled in St. Johnsbury College. He later got admitted in the Medical department of Dartmouth College. At age 28, he earned his medical degree of Doctor of Medicine (MD) from University of Michigan (1885).
Wallace Calvin Abbott - Professional Life
While experimenting, Wallace measured his drugs into small pills which he named "domestics granules". These granules provided an accurate dosage and proved to be a more effective and long-lasting than other medicine available at that time.
He started to sell his own innovated medicine, Dr. Abbott's Tooth Ache Drops. He then founded his medicine manufacturing venture Abbot Laboratories in 1888. He also served as the Editor of the medical journal The Alkaloidal Clinic, which was later renamed and is also currently published as American Journal of Clinical Medicine.
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Wallace Calvin Abbott - Business Idea
Wallace saw the growing demand of the remedies invented by him and he thus decided to establish his own business of manufacturing medicine. He started by leasing a small factory in 1888, and by 1900 he incorporated his venture, Abbott Alkaloidal Company.
During World War I, the import and export from Germany was prohibited in America. This was the time when pharmaceuticals were not available in America from Germany. Thereafter, the US companies were sanctioned to manufacture trademarked German drugs, and Abbott's business boomed. He was somewhat inactive in his company's keen growth as he rather preferred to practice medicine, and made house calls on his bicycle.
Wallace Calvin Abbott - Success story
Even after being tangled in the world of drugs, he never procured the habit of using tobacco or liquor. He had a sole aim of manufacturing innovative medicines that can be used for over a long period of time. Also, much of his success in life is due to his abstemiousness.
He paid for his studies on his own while working at all kinds of company finance pay. He was assiduously engaged in manufacturing alkaloids granules and other high-class pharmaceuticals for physicians' use. Moreover, he has held several positions of honor. He was a member of the Rutland County Medical Society, the Chicago Medical Society, the American Medical Association, and the American Medical Temperance Association.
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Wallace Calvin Abbott - Abbott Laboratories
Wallace founded an American multinational medical devices and health care firm, Abbot Laboratories in 1888. It is headquartered in Abbott Park, Illinois, United States. He established the company to formulate known drugs and today it sells medical devices, diagnostics, nutritional products, and branded generic medicines.
He is the Founder and President (1888-1905) at Abbott Laboratories. The company now is best known for the sedative Nembutal, sodium pentathol ("truth serum"), and the artificial sweetener cyclamate (Sucaryl), which was then banned in the US in 1969 as a carcinogen.
Wallace Calvin Abbott - AbbVie
AbbVie is the sister company of Abbott Laboratories and employs upwards of 90,000 people in over 150 countries, with profits raising to $ 20 billion annually. It is an American publicly traded bio-pharmaceutical firm founded in 2013. The company originated as a spin-off of Abbott Laboratories.
Frequently Asked Questions - FAQs
Who is Wallace Calvin Abbott?
Dr. Wallace Calvin Abbott is a Chicago Physician who founded the healthcare company, Abbott Laboratories.
Who is the founder of Abbott laboratories?
Dr. Wallace Calvin Abbott is Abbott Laboratories founder.
What is Abbott Laboratories known for?
Abbott Laboratories is a U.S. health care company which specializes in cardiovascular, diagnostics, diabetes and neuromodulation products. Abbott is also well-known for its pediatric and adult nutrition.
Author: Megha Rani
Source : https://startuptalky.com/wallace-calvin-abbott-laboratories/
Date : 2021-04-13T14:31:00.000Z
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