Baxter International: Difference between revisions
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{{Short description|American multinational healthcare company}} |
{{Short description|American multinational healthcare company}} |
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{{Infobox company |
{{Infobox company |
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| industry = [[Medical equipment]] |
| industry = [[Medical equipment]] |
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| founder = Donald Baxter |
| founder = Donald Baxter |
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| key_people = [[José E. Almeida]] |
| key_people = [[José E. Almeida]] ([[chairman]] & [[Chief executive officer|CEO]])<br /> |
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Jay Saccaro |
Jay Saccaro ([[Chief financial officer|CFO]]) |
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| products = Medical supplies to treat [[haemophilia]] and [[kidney disease]] and provide [[intravenous therapy]] |
| products = Medical supplies to treat [[haemophilia]] and [[kidney disease]] and provide [[intravenous therapy]] |
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| revenue = {{increase}} {{US$|14.81 billion|link=yes}} (2023) |
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| revenue = {{increase}}US$11.67B (''FY 2020'')<ref name = "BAX Financials">{{cite web|title=BAX Financials - Nasdaq|url=https://www.nasdaq.com/market-activity/stocks/bax/financials}}</ref> |
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| operating_income = {{increase}} {{US$|380 million}} (2023) |
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| net_income = {{increase}} {{US$|2.663 billion}} (2023) |
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| assets = {{decrease}} {{US$|28.28 billion}} (2023) |
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| equity = {{increase}} {{US$|8.468 billion}} (2023) |
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| num_employees = 60,000<ref>https://www.macrotrends.net/stocks/charts/BAX/baxter/number-of-employees#:~:text=Interactive%20chart%20of%20Baxter%20(BAX,a%200%25%20decline%20from%202019.</ref> |
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| num_employees = {{circa|60,000}} (2023) |
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| num_employees_year = 2017 |
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| location = [[Deerfield, Illinois]], U.S. |
| location = [[Deerfield, Illinois]], U.S. |
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| foundation = {{Start date and age|1931}} |
| foundation = {{Start date and age|1931}} |
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| website = {{URL|baxter.com}} |
| website = {{URL|baxter.com}} |
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| footnotes = <ref>{{cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/10456/000162828024003932/bax-20231231.htm |title=Baxter International Inc. 2023 Annual Report (Form 10-K) |date=February 8, 2024 |publisher=[[U.S. Securities and Exchange Commission]] |access-date=February 12, 2024 |archive-date=February 14, 2024 |archive-url=https://web.archive.org/web/20240214171213/https://www.sec.gov/ix?doc=/Archives/edgar/data/10456/000162828024003932/bax-20231231.htm |url-status=live }}</ref> |
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'''Baxter International Inc.''' is an American [[multinational corporation|multinational]] healthcare company with headquarters in [[Deerfield, Illinois]].<ref>"[http://www.baxter.com/about_baxter/contact_us/index.html Contact Us]." Baxter International. Retrieved on February 2, 2011. "Corporate address: One Baxter Parkway Deerfield, IL 60015-4625."</ref> |
'''Baxter International Inc.''' is an American [[multinational corporation|multinational]] healthcare company with headquarters in [[Deerfield, Illinois]].<ref>"[http://www.baxter.com/about_baxter/contact_us/index.html Contact Us] {{Webarchive|url=https://web.archive.org/web/20101212020228/http://baxter.com/about_baxter/contact_us/index.html |date=December 12, 2010 }}." Baxter International. Retrieved on February 2, 2011. "Corporate address: One Baxter Parkway Deerfield, IL 60015-4625."</ref> |
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The company primarily focuses on products to treat [[kidney disease]], and other [[Chronic condition|chronic]] and [[Acute (medicine)|acute]] medical conditions. The company had 2017 sales of $10.6 billion, across two businesses: BioScience and Medical Products. Baxter's BioScience business produces [[recombinant proteins|recombinant]] and [[blood plasma]] proteins to treat hemophilia and other bleeding disorders; plasma-based therapies to treat immune deficiencies and other chronic and acute blood-related conditions; products for [[regenerative medicine]], and [[vaccine]]s. Baxter's Medical Products business produces [[intravenous]] products and other products used in the delivery of fluids and drugs to patients; [[inhalational anaesthetic]]s; contract manufacturing services; and products to treat [[end-stage kidney disease]], or irreversible [[kidney failure]], including products for [[peritoneal dialysis]] and [[hemodialysis]].<ref name = "2013 Form 10-K">{{cite web|title=2013 Form 10-K|url=http://www.baxter.com/downloads/investors/reports_and_financials/annual_report/2013/2013_baxter_form10-K.pdf#page=51|access-date=July 14, 2014|archive-url=https://web.archive.org/web/20140703204142/http://www.baxter.com/downloads/investors/reports_and_financials/annual_report/2013/2013_baxter_form10-K.pdf#page=51|archive-date=July 3, 2014|url-status=dead}}</ref> |
The company primarily focuses on products to treat [[kidney disease]], and other [[Chronic condition|chronic]] and [[Acute (medicine)|acute]] medical conditions. The company had 2017 sales of $10.6 billion, across two businesses: BioScience and Medical Products. Baxter's BioScience business produces [[recombinant proteins|recombinant]] and [[blood plasma]] proteins to treat hemophilia and other bleeding disorders; plasma-based therapies to treat immune deficiencies and other chronic and acute blood-related conditions; products for [[regenerative medicine]], and [[vaccine]]s. Baxter's Medical Products business produces [[intravenous]] products and other products used in the delivery of fluids and drugs to patients; [[inhalational anaesthetic]]s; contract manufacturing services; and products to treat [[end-stage kidney disease]], or irreversible [[kidney failure]], including products for [[peritoneal dialysis]] and [[hemodialysis]].<ref name = "2013 Form 10-K">{{cite web|title=2013 Form 10-K|url=http://www.baxter.com/downloads/investors/reports_and_financials/annual_report/2013/2013_baxter_form10-K.pdf#page=51|access-date=July 14, 2014|archive-url=https://web.archive.org/web/20140703204142/http://www.baxter.com/downloads/investors/reports_and_financials/annual_report/2013/2013_baxter_form10-K.pdf#page=51|archive-date=July 3, 2014|url-status=dead}}</ref> |
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==History== |
==History== |
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Baxter International was founded in 1931 by Donald Baxter, a |
Baxter International was founded in 1931 by Donald Baxter, a Los Angeles-based medical doctor, as a manufacturer and distributor of [[intravenous therapy]] solutions.<ref name = "history"/> Seeing a need for products closer to the Midwest, the company opened a manufacturing plant in [[Glenview, Illinois]], in 1933.<ref name = "history"/> Baxter's interest was bought out in 1935 by Ralph Falk, who established a [[research and development]] function.<ref name=":0">{{cite web |last=Library |first=HBS Baker |title=Baxter Laboratories, Inc. {{!}} Baker Library {{!}} Bloomberg Center {{!}} Harvard Business School |url=https://www.library.hbs.edu/hc/lehman/data-resources/companies-deals/baxter-laboratories-inc |access-date=2022-09-14 |website=www.library.hbs.edu |language=en}}</ref> In 1939 the company developed a vacuum-type collection container, extending the [[shelf life]] of blood from hours to weeks.<ref name=":0" /> In 1954, the company expanded operations outside of the United States by opening an office in Belgium.<ref>{{cite web |title=Baxter opens r&d facility in Alliance Park, Belgium |url=https://www.manufacturingchemist.com/news/article_page/Baxter_opens_r_and_d_facility_in_Alliance_Park_Belgium/55316 |access-date=2022-09-14 |website=www.manufacturingchemist.com |language=en |archive-date=September 14, 2022 |archive-url=https://web.archive.org/web/20220914185605/https://www.manufacturingchemist.com/news/article_page/Baxter_opens_r_and_d_facility_in_Alliance_Park_Belgium/55316 |url-status=live }}</ref> In 1956 Baxter International introduced the first functioning [[artificial kidney]], and in 1971 became a member of the [[Fortune 500]]. |
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In 1971, Baxter built a major manufacturing plant in [[Ashdod |
In 1971, Baxter built a major manufacturing plant in [[Ashdod]], Israel. As a result, the company was placed on the [[Arab League boycott of Israel|Arab League boycott list]] in the early 1980s.<ref name=boycott>{{cite book|last=Feiler|first=Gil|title=From Boycott to Economic Cooperation: The Political Economy of the Arab Boycott of Israel|publisher=Frank Cass Publishers|year=2005|page=70}}</ref> |
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Throughout the 1980s and 1990s the company expanded to deliver a wider variety of products and services (including vaccines |
Throughout the 1980s and 1990s, the company expanded to deliver a wider variety of products and services (including vaccines and a greater variety of blood products) through acquisitions of various companies. Sales and production facilities also expanded throughout the world.<ref name = history>{{cite web | url=http://www.baxter.com/about_baxter/company_profile/sub/history.html | title=History | publisher=Baxter International | access-date=July 8, 2009 | archive-url=https://web.archive.org/web/20090602055413/http://www.baxter.com/about_baxter/company_profile/sub/history.html | archive-date=June 2, 2009 }}</ref> |
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In 1982, Baxter acquired Medcom, Inc., a [[New York (state)|New York]]-based firm founded by [[Richard Fuisz]] and his brother, that had large markets in the United States and |
In 1982, Baxter acquired Medcom, Inc., a [[New York (state)|New York]]-based firm founded by [[Richard Fuisz]] and his brother, that had large markets in the United States and Saudi Arabia.<ref name=tribune90>{{cite news|last=Morris|first=Steven|title=Baxter Told To Pay Firm $15 Million|newspaper=[[Chicago Tribune]]|date=March 17, 1990|url=https://www.chicagotribune.com/1990/03/17/baxter-told-to-pay-firm-15-million/|access-date=November 30, 2016|archive-date=March 4, 2016|archive-url=https://web.archive.org/web/20160304073042/http://articles.chicagotribune.com/1990-03-17/business/9001220565_1_dr-richard-fuisz-baxter-spokesman-baxter-international|url-status=live}}</ref><ref name=edgar>{{cite web |url=http://edgar.secdatabase.com/2993/95013397001096/filing-main.htm |title=FUISZ TECHNOLOGIES LTD, Form 10-K, Annual Report, Filing Date Mar 31, 1997 |publisher=secdatabase.com |access-date=May 15, 2018 |archive-date=May 16, 2018 |archive-url=https://web.archive.org/web/20180516174702/http://edgar.secdatabase.com/2993/95013397001096/filing-main.htm |url-status=live }}</ref><ref name=mcall>{{cite news|last=Kupper|first=Thom|title='Whistle-blower' Left L.v. For Career|newspaper=[[The Morning Call]]|date=January 29, 1992|url=https://www.mcall.com/1992/01/29/whistle-blower-left-lv-for-career/|access-date=November 30, 2016|archive-date=January 12, 2016|archive-url=https://web.archive.org/web/20160112114703/http://articles.mcall.com/1992-01-29/news/2844691_1_richard-fuisz-medcom-products-baxter|url-status=live}}</ref> Baxter chief executive Vernon Loucks fired Fuisz who then brought anti-boycott charges against Baxter to the [[United States Department of Commerce|U.S. Commerce Department]] Office of Anti-Boycott Compliance (OAC). Fuisz alleged that Baxter had sold their profitable Ashdod facility to [[Teva Pharmaceutical Industries]] in 1988<ref name="bloomberg_1991" /> while simultaneously negotiating the construction of a similar plant in Syria in partnership with the Syrian military in order to be removed from the Arab League blacklist in 1989.<ref name=boycott/><ref name=washreport>{{cite news|last=Curtiss|first=Richard|title=People Watch|newspaper=[[Washington Report on Middle East Affairs]]|page=45|date=July–August 1994|url=http://www.wrmea.org/wrmea-archives/156-washington-report-archives-1994-1999/july-august-1994/7546-pollard-mentor-rafael-eitan-turns-up-in-castros-cuba.html|access-date=November 30, 2016|archive-date=February 28, 2014|archive-url=https://web.archive.org/web/20140228170717/http://www.wrmea.org/wrmea-archives/156-washington-report-archives-1994-1999/july-august-1994/7546-pollard-mentor-rafael-eitan-turns-up-in-castros-cuba.html|url-status=live}}</ref><ref name=tribune93>{{cite news|last=Morris|first=Steven|title=$6 Million From Baxter|newspaper=[[Chicago Tribune]]|date=March 26, 1993|url=https://www.chicagotribune.com/1993/03/26/6-million-from-baxter/|access-date=November 30, 2016|archive-date=January 12, 2016|archive-url=https://web.archive.org/web/20160112114703/http://articles.chicagotribune.com/1993-03-26/business/9303260280_1_dr-richard-fuisz-anti-boycott-baxter-international|url-status=live}}</ref> In 1993 Baxter pleaded guilty to a [[felony]] in relation to an anti-[[boycott]] law in the United States.<ref name="bloomberg_1991">{{cite web | url=https://www.bloomberg.com/bw/stories/1991-10-06/the-case-against-baxter-international | title=The case against Baxter International | publisher=Bloomberg | date=October 6, 1991 | access-date=October 17, 2015 | archive-date=March 4, 2016 | archive-url=https://web.archive.org/web/20160304193605/http://www.bloomberg.com/bw/stories/1991-10-06/the-case-against-baxter-international | url-status=live }}</ref><ref name = Mintzberg/> |
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On July 15, 1985, American Hospital Supply Corporation CEO Karl D. Bays and Baxter's then-CEO Vernon R. Loucks Jr. signed an agreement that merged two of the United States' "largest producers of medical supplies".<ref name="nytimes_1985">{{cite news | url=https://www.nytimes.com/1985/07/16/business/baxter-s-merger-bid-accepted.html | title=Baxter's Merger Bid Accepted Published: July 16, 1985 | work=New York Times | date=July 16, 1985 | access-date=October 17, 2015 | author=Crudele, John}}</ref> This was a "one-Baxter approach" in which the company provided "70% to 80% of what a hospital needed."<ref name="modernhealthcare_2006" /> |
On July 15, 1985, American Hospital Supply Corporation CEO Karl D. Bays and Baxter's then-CEO Vernon R. Loucks Jr. signed an agreement that merged two of the United States' "largest producers of medical supplies".<ref name="nytimes_1985">{{cite news | url=https://www.nytimes.com/1985/07/16/business/baxter-s-merger-bid-accepted.html | title=Baxter's Merger Bid Accepted Published: July 16, 1985 | work=New York Times | date=July 16, 1985 | access-date=October 17, 2015 | author=Crudele, John | archive-date=October 13, 2022 | archive-url=https://web.archive.org/web/20221013231435/https://www.nytimes.com/1985/07/16/business/baxter-s-merger-bid-accepted.html | url-status=live }}</ref> This was a "one-Baxter approach" in which the company provided "70% to 80% of what a hospital needed."<ref name="modernhealthcare_2006" /> |
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In 1991, Baxter's home infusion subsidiary, [[CVS Health|Caremark]], "was accused by the government of paying doctors to steer patients to its intravenous drug service"<ref name="chicagotribune_1995">{{cite news | url= |
In 1991, Baxter's home infusion subsidiary, [[CVS Health|Caremark]], "was accused by the government of paying doctors to steer patients to its intravenous drug service"<ref name="chicagotribune_1995">{{cite news | url=https://www.chicagotribune.com/1995/06/19/caremark-wounds-not-deep/ | title=Caremark Wounds Not Deep Penalty Could Have Been More Damaging | newspaper=Chicago Tribune | date=June 19, 1995 | access-date=October 17, 2015 | author=Yates, Ronald E. | archive-date=January 12, 2016 | archive-url=https://web.archive.org/web/20160112114703/http://articles.chicagotribune.com/1995-06-19/business/9506190063_1_baxter-international-million-settlement-bear-stearns | url-status=live }}</ref> In 1992 Caremark spun off from Baxter International.<ref name="chicagotribune_1995" /> Caremark was fined $160 million for the "four-year-long federal mail-fraud and kickback" scheme in which the "home-infusion business unit made weekly payments to scores of doctors that averaged about $75 per patient for referring those patients to its services. Some doctors earned as much as $80,000 a year from the kickbacks, according to government documents."<ref name="chicagotribune_1995" /> |
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In 1996, the company entered into a four-way, $640 million settlement with [[haemophilia]]cs 1999 in relation to [[Coagulation|blood clotting]] concentrates that were infected with HIV.<ref name="Feldman_1999">{{cite book | isbn = 0-19-513160-6 | title = Blood feuds: AIDS, blood, and the politics of medical disaster | publisher=[[Oxford University Press]] | year = 1999 | last = Feldman | first = EA |author2=Bayer R | pages = [https://books.google.com/books?id=mcRp6cvcTm4C&pg=PA49 49–50]; [https://books.google.com/books?id=mcRp6cvcTm4C&pg=PA320 320]}}</ref> Under pressure from shareholders due to poor performance and an unsuccessful merger, Loucks was forced to resign.<ref name = Mintzberg>{{cite book |author=Mintzberg, Henry |title=Managers Not MBAs: A Hard Look at the Soft Practice of Managing and Management Development |publisher=Berrett-Koehler Publishers |location=San Francisco, Calif |year=2004 |url=https://archive.org/details/managersnotmbash00mint |url-access=registration |page=[https://archive.org/details/managersnotmbash00mint/page/115 115] |isbn=1-57675-275-5 }}</ref>{{rp|115}} |
In 1996, the company entered into a four-way, $640 million settlement with [[haemophilia]]cs 1999 in relation to [[Coagulation|blood clotting]] concentrates that were infected with HIV.<ref name="Feldman_1999">{{cite book | isbn = 0-19-513160-6 | title = Blood feuds: AIDS, blood, and the politics of medical disaster | publisher=[[Oxford University Press]] | year = 1999 | last = Feldman | first = EA |author2=Bayer R | pages = [https://books.google.com/books?id=mcRp6cvcTm4C&pg=PA49 49–50]; [https://books.google.com/books?id=mcRp6cvcTm4C&pg=PA320 320]}}</ref> Under pressure from shareholders due to poor performance and an unsuccessful merger, Loucks was forced to resign.<ref name = Mintzberg>{{cite book |author=Mintzberg, Henry |title=Managers Not MBAs: A Hard Look at the Soft Practice of Managing and Management Development |publisher=Berrett-Koehler Publishers |location=San Francisco, Calif |year=2004 |url=https://archive.org/details/managersnotmbash00mint |url-access=registration |page=[https://archive.org/details/managersnotmbash00mint/page/115 115] |isbn=1-57675-275-5 }}</ref>{{rp|115}} |
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Baxter acquired medical device firm Baxa on November 10, 2011.<ref>{{cite news | url=http://articles.boston.com/2011-11-10/business/30382914_1_baxter-international-baxa-syringes | archive-url=https://archive.today/20120707122636/http://articles.boston.com/2011-11-10/business/30382914_1_baxter-international-baxa-syringes | url-status=dead | archive-date=2012-07-07 | work=The Boston Globe | title=Baxter Int'l finishes $380M Baxa Corp purchase }}</ref> In 2011, [[Hikma Pharmaceuticals]] PLC completed the acquisition of Baxter Healthcare Corporation's US generic injectables business (Multi-Source Injectables or MSI).<ref name = History>{{cite news | url=https://www.reuters.com/finance/stocks/HIK.L/key-developments/article/2304890 | work=Reuters. Retrieved May 3, 2011 | title=Hikma Pharmaceuticals Plc Completes Acquisition of Baxter Healthcare Corporation's Multi-Source Injectables Business | access-date=June 30, 2017 | archive-date=October 18, 2012 | archive-url=https://web.archive.org/web/20121018051926/http://www.reuters.com/finance/stocks/HIK.L/key-developments/article/2304890 | url-status=dead }}</ref><ref>{{cite web | url=http://www.hikma.com/en/about-hikma/our-history.aspx | work=Hikma Pharmaceuticals PLC | title=History | access-date=May 11, 2012 | archive-url=https://web.archive.org/web/20130626185157/http://www.hikma.com/en/about-hikma/our-history.aspx | archive-date=June 26, 2013 | url-status=dead | df=mdy-all }}</ref> |
Baxter acquired medical device firm Baxa on November 10, 2011.<ref>{{cite news | url=http://articles.boston.com/2011-11-10/business/30382914_1_baxter-international-baxa-syringes | archive-url=https://archive.today/20120707122636/http://articles.boston.com/2011-11-10/business/30382914_1_baxter-international-baxa-syringes | url-status=dead | archive-date=2012-07-07 | work=The Boston Globe | title=Baxter Int'l finishes $380M Baxa Corp purchase }}</ref> In 2011, [[Hikma Pharmaceuticals]] PLC completed the acquisition of Baxter Healthcare Corporation's US generic injectables business (Multi-Source Injectables or MSI).<ref name = History>{{cite news | url=https://www.reuters.com/finance/stocks/HIK.L/key-developments/article/2304890 | work=Reuters. Retrieved May 3, 2011 | title=Hikma Pharmaceuticals Plc Completes Acquisition of Baxter Healthcare Corporation's Multi-Source Injectables Business | access-date=June 30, 2017 | archive-date=October 18, 2012 | archive-url=https://web.archive.org/web/20121018051926/http://www.reuters.com/finance/stocks/HIK.L/key-developments/article/2304890 | url-status=dead }}</ref><ref>{{cite web | url=http://www.hikma.com/en/about-hikma/our-history.aspx | work=Hikma Pharmaceuticals PLC | title=History | access-date=May 11, 2012 | archive-url=https://web.archive.org/web/20130626185157/http://www.hikma.com/en/about-hikma/our-history.aspx | archive-date=June 26, 2013 | url-status=dead | df=mdy-all }}</ref> |
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In July 2013, EU antitrust regulators approved Baxter's bid for |
In July 2013, EU antitrust regulators approved Baxter's bid for Sweden's [[Gambro]].<ref>{{cite news | url=https://www.reuters.com/article/us-baxterinternational-gambro-eu-idUSBRE9690ML20130710 | title=EU to clear Baxter's $4 billion buy of Sweden's Gambro: sources | author=Foo Yun Chee | work=Reuters | date=10 July 2013 | access-date=June 30, 2017 | archive-date=January 12, 2015 | archive-url=https://web.archive.org/web/20150112230558/http://www.reuters.com/article/2013/07/10/us-baxterinternational-gambro-eu-idUSBRE9690ML20130710 | url-status=live }}</ref> |
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In March 2014, Baxter announced plans to create two |
In March 2014, Baxter announced plans to create two independent global healthcare companies—one focused on developing and marketing bio-pharmaceuticals and the other on medical products. The medical products company retained the name Baxter International Inc. and the bio-pharmaceuticals company is named [[Baxalta]] and [[Corporate spin-off|spun-off]] as a new public company that showed on trading boards as of July 1, 2015.<ref>{{cite web|url=http://sandp500changes.whw1.com/#D20150701-BXLT-QEP|title=Baxalta Added and QEP Resources Deleted|publisher=SandP500changes.whw1.com|date=July 1, 2015|access-date=July 1, 2015|archive-date=October 23, 2018|archive-url=https://web.archive.org/web/20181023053146/http://sandp500changes.whw1.com/#D20150701-BXLT-QEP|url-status=dead}}</ref> |
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In July 2014, Baxter announced that it was exiting the vaccines business—divesting its commercial vaccine portfolio to Pfizer (with the sale expected to close by the end of the year) and exploring options for its vaccines R&D program, including influenza.<ref>{{ |
In July 2014, Baxter announced that it was exiting the vaccines business—divesting its commercial vaccine portfolio to Pfizer (with the sale expected to close by the end of the year) and exploring options for its vaccines R&D program, including influenza.<ref>{{cite web |url=http://www.baxter.com/press_room/press_releases/2014/07_30_14_vaccines.html |title=Baxter U.S. - Baxter Announces Divestiture of Commercial Vaccines Business to Pfizer |access-date=November 18, 2014 |archive-url=https://web.archive.org/web/20141128175339/http://www.baxter.com/press_room/press_releases/2014/07_30_14_vaccines.html |archive-date=November 28, 2014 |url-status=dead }}</ref> In October 2015, José E. Almeida was named chairman and chief executive officer.<ref>{{cite web|last1=Russell|first1=John|title=Baxter names new CEO|url=http://www.chicagotribune.com/business/ct-baxter-names-new-ceo-1029-biz-20151028-story.html|website=The Chicago Tribune|date=October 28, 2015|access-date=October 29, 2015|archive-date=October 13, 2022|archive-url=https://web.archive.org/web/20221013135259/https://www.chicagotribune.com/business/ct-baxter-names-new-ceo-1029-biz-20151028-story.html|url-status=live}}</ref> In January 2016 Shire PLC agreed to acquire Baxalta for $32 billion.<ref>{{cite news|last1=Ward|first1=Andrew|title=Shire agrees $32bn takeover of Baxalta|url=https://www.ft.com/content/bb4b97d4-b2cf-11e5-b147-e5e5bba42e51 |archive-url=https://ghostarchive.org/archive/20221211/https://www.ft.com/content/bb4b97d4-b2cf-11e5-b147-e5e5bba42e51 |archive-date=December 11, 2022 |url-access=subscription |url-status=live|publisher=FT}}</ref> |
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In December 2016, Baxter announced it would acquire Claris Lifesciences injectables subsidiary, Claris Injectables, for $625 million.<ref>{{cite web|url=http://www.genengnews.com/gen-news-highlights/baxter-buys-claris-generic-injectables-subsidiary-for-625m/81253563|title=Baxter Buys Claris' Generic Injectables Subsidiary for $625M - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN|website=GEN|date=December 15, 2016|access-date=July 16, 2017}}</ref> |
In December 2016, Baxter announced it would acquire Claris Lifesciences injectables subsidiary, Claris Injectables, for $625 million.<ref>{{cite web|url=http://www.genengnews.com/gen-news-highlights/baxter-buys-claris-generic-injectables-subsidiary-for-625m/81253563|title=Baxter Buys Claris' Generic Injectables Subsidiary for $625M - GEN Genetic Engineering & Biotechnology News - Biotech from Bench to Business - GEN|website=GEN|date=December 15, 2016|access-date=July 16, 2017|archive-date=December 21, 2016|archive-url=https://web.archive.org/web/20161221011946/http://www.genengnews.com/gen-news-highlights/baxter-buys-claris-generic-injectables-subsidiary-for-625m/81253563|url-status=live}}</ref> |
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In December 2019, the company announced it would acquire [[Seprafilm]] from [[Sanofi]] for $350 million.<ref>{{ |
In December 2019, the company announced it would acquire [[Seprafilm]] from [[Sanofi]] for $350 million.<ref>{{cite web|url=https://www.biospace.com/article/releases/baxter-to-expand-advanced-surgery-portfolio-with-acquisition-of-seprafilm-adhesion-barrier/?s=79|title=Baxter to Expand Advanced Surgery Portfolio with Acquisition of Seprafilm Adhesion Barrier|date=December 2, 2019 |access-date=December 8, 2019|archive-date=October 13, 2022|archive-url=https://web.archive.org/web/20221013231432/https://www.biospace.com/article/releases/baxter-to-expand-advanced-surgery-portfolio-with-acquisition-of-seprafilm-adhesion-barrier/?s=79|url-status=live}}</ref><ref>{{cite press release|url=https://www.businesswire.com/news/home/20191202005209/en/|title=Baxter to Expand Advanced Surgery Portfolio with Acquisition of Seprafilm Adhesion Barrier|date=December 2, 2019|access-date=December 8, 2019|archive-date=October 20, 2022|archive-url=https://web.archive.org/web/20221020085556/https://www.businesswire.com/news/home/20191202005209/en|url-status=live}}</ref> |
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In September 2021, Baxter announced it would acquire [[Hill-Rom|Hill-rom]] for $12.4 billion.<ref>{{ |
In September 2021, Baxter announced it would acquire [[Hill-Rom|Hill-rom]] for $12.4 billion.<ref>{{cite news|last=Linnane|first=Ciara|title=Baxter to acquire Hillrom in all-cash deal with enterprise value of about $12.4 billion|url=https://www.marketwatch.com/story/baxter-to-acquire-hillrom-in-all-cash-deal-with-enterprise-value-of-about-124-billion-2021-09-02|access-date=2021-09-02|website=MarketWatch|language=EN-US|archive-date=October 13, 2022|archive-url=https://web.archive.org/web/20221013083012/https://www.marketwatch.com/story/baxter-to-acquire-hillrom-in-all-cash-deal-with-enterprise-value-of-about-124-billion-2021-09-02|url-status=live}}</ref> The acquisition was completed in December 2021 for $12.5 billion.<ref>{{cite news|title=Baxter officially acquires Hillrom|url=https://news.yahoo.com/baxter-officially-acquires-hillrom-045900620.html|publisher=Greensburg Daily News|via=[[Yahoo! News]]|date=December 13, 2021|access-date=December 20, 2021|archive-date=December 20, 2021|archive-url=https://web.archive.org/web/20211220005658/https://news.yahoo.com/baxter-officially-acquires-hillrom-045900620.html|url-status=live}}</ref> |
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<ref>{{cite web |last=Whooley |first=Sean |date=2021-12-13 |title=Baxter completes $12.5B acquisition of Hillrom |url=https://www.massdevice.com/baxter-completes-12-5b-acquisition-of-hillrom/ |access-date=2022-09-06 |website=MassDevice |language=en-US |archive-date=September 8, 2022 |archive-url=https://web.archive.org/web/20220908172207/https://www.massdevice.com/baxter-completes-12-5b-acquisition-of-hillrom/ |url-status=live }}</ref> |
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In May 2023, Baxter announced it was selling its biopharma solutions business, which offers drugmakers support in the form of products like injectable delivery systems and services that include regulatory resources, help with drug formulation and development, and packaging capabilities, to private equity firms [[Warburg Pincus]] and [[Advent International]] for $4.25 billion in cash.<ref>{{Cite web |title=Private Equity Steps up for Baxter Biopharma {{!}} CHEManager |url=https://www.chemanager-online.com/en/news/private-equity-steps-baxter-biopharma |access-date=2023-05-23 |website=www.chemanager-online.com |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919155725/https://www.chemanager-online.com/en/news/private-equity-steps-baxter-biopharma |url-status=live }}</ref><ref>{{Cite news |last1=Carnevali |first1=David |last2=Sen |first2=Anirban |date=2023-05-07 |title=Exclusive: Warburg and Advent in the lead to acquire Baxter's biopharma unit |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/warburg-advent-lead-acquire-baxters-biopharma-unit-sources-2023-05-07/ |access-date=2023-05-23 |archive-date=May 19, 2023 |archive-url=https://web.archive.org/web/20230519214733/https://www.reuters.com/markets/deals/warburg-advent-lead-acquire-baxters-biopharma-unit-sources-2023-05-07/ |url-status=live }}</ref> |
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In September 2024, [[Hurricane Helene]] caused significant flooding in North Carolina, affecting a Baxter International facility in [[Marion, North Carolina|Marion]]. This facility produces approximately 60% of the intravenous (IV) fluids used in the United States. The disruption led to nationwide IV fluid shortages, prompting hospitals to ration supplies and implement strategies to conserve fluids. This also prompted questions from medical professionals about why such a large portion of the country's IV manufacturing capacity is tied to a single facility. As of November 7, 2024, the facility resumed producing some IV fluids. However, with the onset of flu season, hospitals continued to prioritize conservation efforts.<ref>{{cite web | last=Fortiér | first=Jackie | title=Nationwide IV fluid shortage changing how hospitals manage patient hydration | website=NPR | date=2024-11-19 | url=https://www.npr.org/sections/shots-health-news/2024/11/19/nx-s1-5193027/nationwide-iv-fluid-shortage-intravenous-drugs-hospitals-patient-hydration-helene-hurricane-baxter | access-date=2024-11-20}}</ref> |
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==Former employees== |
==Former employees== |
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During the tenure of Vernon Loucks, who was Baxter's CEO from 1980 to 1998 and chairman from 1987 to 1999, company sales "more than quadrupled to $5.7 billion while its workforce rose from 30,000 to 42,000." During that time, Loucks hired and groomed staff who went on to become CEOs elsewhere. Baxter alumni groomed by Loucks included Terry Mulligan of MedAssets, Lance Piccolo at Caremark, Mike Mussallem of Edwards Lifesciences Corp and CEOs of Boston Scientific Corp. and Cardinal Health. |
During the tenure of Vernon Loucks, who was Baxter's CEO from 1980 to 1998 and chairman from 1987 to 1999, company sales "more than quadrupled to $5.7 billion while its workforce rose from 30,000 to 42,000." During that time, Loucks hired and groomed staff who went on to become CEOs elsewhere. Baxter alumni groomed by Loucks included Terry Mulligan of MedAssets, Lance Piccolo at Caremark, Mike Mussallem of Edwards Lifesciences Corp and CEOs of Boston Scientific Corp. and Cardinal Health.<ref name="modernhealthcare_2006">{{cite web | url=http://www.modernhealthcare.com/article/20060327/NEWS/60823001 | title=Profile of Vernon Loucks Spinning off success: Loucks helped mentor a cadre of future leaders at Baxter | work=Modern Healthcare | date=March 27, 2006 | access-date=October 17, 2015 | author=Finkel, Ed}}</ref> |
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==Environmental activities== |
==Environmental activities== |
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! Name !! Focus !! 2013 sales (in billions) !! Percentage of total sales |
! Name !! Focus !! 2013 sales (in billions) !! Percentage of total sales |
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| BioScience || [[ |
| BioScience || [[Haemophilia]] therapy; [[Monoclonal antibody therapy|antibody therapy]]; critical care therapy; pulmonology therapy; biosurgery products; [[vaccines]] || $6.4 || 43% |
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| Medical Products || IV solutions, premixed drugs, [[infusion pump]]s and administration sets; [[parenteral nutrition]] products; [[anesthesia]]; drug formulation and pharma partnering; [[peritoneal dialysis]] products; [[hemodialysis]] products; [[continuous renal replacement therapy]] || $10.3 || 57% |
| Medical Products || IV solutions, premixed drugs, [[infusion pump]]s and administration sets; [[parenteral nutrition]] products; [[anesthesia]]; drug formulation and pharma partnering; [[peritoneal dialysis]] products; [[hemodialysis]] products; [[continuous renal replacement therapy]] || $10.3 || 57% |
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The company had 2014 sales of $16.7 billion, across two businesses: BioScience (2013 sales - $6.6 billion) and Medical Products ($8.7 billion).<ref name="2013 Form 10-K"/> Sales in 2013 were 42% in the United States, 30% in Europe, 16% in Asia Pacific, 12% in Latin America and Canada. In 2011, Baxter had approximately 61,500 employees. The breakdown of regional employees in 2013 was 36% in the United States; 34% in Europe; 16% in Asia Pacific; 14% in Latin America and Canada. In 2013, Baxter International spent more than $1.2 billion on research and development.<ref>{{cite web|title=Corporate overview|url=http://www.baxter.com/about_baxter/company_profile/corporate_overview.html }}</ref> As of December 31, 2016, the company had approximately 48,000 employees.<ref>{{cite web|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzcwODQxfENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636253845617338842|title=Baxter Form 10-K for year ended 2016}}{{Dead link|date=February 2022 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> |
The company had 2014 sales of $16.7 billion, across two businesses: BioScience (2013 sales - $6.6 billion) and Medical Products ($8.7 billion).<ref name="2013 Form 10-K"/> Sales in 2013 were 42% in the United States, 30% in Europe, 16% in Asia Pacific, 12% in Latin America and Canada. In 2011, Baxter had approximately 61,500 employees. The breakdown of regional employees in 2013 was 36% in the United States; 34% in Europe; 16% in Asia Pacific; 14% in Latin America and Canada. In 2013, Baxter International spent more than $1.2 billion on research and development.<ref>{{cite web|title=Corporate overview|url=http://www.baxter.com/about_baxter/company_profile/corporate_overview.html|access-date=November 5, 2010|archive-date=November 20, 2010|archive-url=https://web.archive.org/web/20101120024936/http://baxter.com/about_baxter/company_profile/corporate_overview.html|url-status=live}}</ref> As of December 31, 2016, the company had approximately 48,000 employees.<ref>{{cite web|url=http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzcwODQxfENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636253845617338842|title=Baxter Form 10-K for year ended 2016}}{{Dead link|date=February 2022 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> |
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===Corporate governance=== |
===Corporate governance=== |
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In 1953 William Graham became the company's [[Chief executive officer|CEO]]. Vernon Loucks became [[President (corporate title)|president]] and CEO in 1980. |
In 1953 William Graham became the company's [[Chief executive officer|CEO]]. Vernon Loucks became [[President (corporate title)|president]] and CEO in 1980. Loucks was forced to resign by [[shareholder]]s.<ref name = Mintzberg/> When shareholders forced Loucks to resign,<ref name="wsj_1999">{{cite news | url=https://www.wsj.com/articles/SB925337647950346340 | title=To a Pile of CEO Perks, Add the 'Special' Bonus | newspaper=The Wall Street Journal | date=April 29, 1999 | access-date=October 18, 2015 | author=Schellhardt, Timothy D. | archive-date=July 26, 2024 | archive-url=https://web.archive.org/web/20240726165532/https://www.wsj.com/articles/SB925337647950346340 | url-status=live }}</ref> |
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{{quote| |
{{quote|In January, as Baxter International Inc.'s Vernon Loucks relinquished his CEO duties after 18 years, directors handed him a special stock-option grant of 950,000 shares "for the specific purposes of motivating" him "to implement a smooth transition of his responsibilities." If Mr.{{nbsp}}Loucks sells all the 400,000 shares he can exercise at year end and Baxter's stock price remains at its current level, he will make more than $4{{nbsp}}million.|''The Wall Street Journal'', April{{nbsp}}29, 1999}} |
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Loucks was succeeded by [[Harry Kraemer]], who was succeeded by Robert Parkinson, who took the CEO position in 2004.<ref name = history/> |
Loucks was succeeded by [[Harry Kraemer]], who was succeeded by Robert Parkinson, who took the CEO position in 2004.<ref name = history/> |
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==H1N1 vaccine== |
==H1N1 vaccine== |
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In July 2009, Baxter International announced completion of the first commercial [[vaccine]] for the [[Influenza A virus subtype H1N1|H1N1 ("swine flu") influenza]].<ref>{{Cite news |date=2009-08-05 |title=Baxter completes first swine flu vaccine batches |language=en |work=Reuters |url=https://www.reuters.com/article/us-baxter-idUSTRE5746VY20090805 |access-date=2022-09-14}}</ref> The company has been one of several working with the [[World Health Organization]] and United States [[Centers for Disease Control and Prevention]] on the vaccine, and uses a [[cell (biology)|cell]]-based rather than [[egg (food)|egg]]-based technology that allows a shorter production time.<ref>{{cite news | url = http://www.upi.com/Health_News/2009/06/13/Baxter-to-release-flu-vaccine-in-July/UPI-41571244908860/ | title = Baxter to release flu vaccine in July | publisher=United Press International | date = June 13, 2009 | access-date = July 2, 2009 | archive-url= https://web.archive.org/web/20090616050354/http://www.upi.com/Health_News/2009/06/13/Baxter-to-release-flu-vaccine-in-July/UPI-41571244908860/| archive-date= June 16, 2009 | url-status= live}}</ref> |
In July 2009, Baxter International announced completion of the first commercial [[vaccine]] for the [[Influenza A virus subtype H1N1|H1N1 ("swine flu") influenza]].<ref>{{Cite news |date=2009-08-05 |title=Baxter completes first swine flu vaccine batches |language=en |work=Reuters |url=https://www.reuters.com/article/us-baxter-idUSTRE5746VY20090805 |access-date=2022-09-14 |archive-date=January 17, 2023 |archive-url=https://web.archive.org/web/20230117042836/https://www.reuters.com/article/us-baxter-idUSTRE5746VY20090805 |url-status=live }}</ref> The company has been one of several working with the [[World Health Organization]] and United States [[Centers for Disease Control and Prevention]] on the vaccine, and uses a [[cell (biology)|cell]]-based rather than [[egg (food)|egg]]-based technology that allows a shorter production time.<ref>{{cite news | url = http://www.upi.com/Health_News/2009/06/13/Baxter-to-release-flu-vaccine-in-July/UPI-41571244908860/ | title = Baxter to release flu vaccine in July | publisher=United Press International | date = June 13, 2009 | access-date = July 2, 2009 | archive-url= https://web.archive.org/web/20090616050354/http://www.upi.com/Health_News/2009/06/13/Baxter-to-release-flu-vaccine-in-July/UPI-41571244908860/| archive-date= June 16, 2009 | url-status= live}}</ref> |
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==Philanthropy== |
==Philanthropy== |
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In 2008, Baxter launched Science@Work: Expanding Minds with Real-World Science, which supports teacher training and student development in healthcare and biotechnology in Chicago Public Schools.<ref name="Baxter_2014_ed">{{citation |series=Baxter sustainability report |title=Education and Critical Community Needs |url=http://www.baxter.com/assets/downloads/baxter-sustainability-report-2014.pdf |date=2015 |work=Baxter |access-date=October 18, 2015}}</ref>{{rp|17}} |
In 2008, Baxter launched Science@Work: Expanding Minds with Real-World Science, which supports teacher training and student development in healthcare and biotechnology in Chicago Public Schools.<ref name="Baxter_2014_ed">{{citation |series=Baxter sustainability report |title=Education and Critical Community Needs |url=http://www.baxter.com/assets/downloads/baxter-sustainability-report-2014.pdf |date=2015 |work=Baxter |access-date=October 18, 2015 |archive-date=September 11, 2015 |archive-url=https://web.archive.org/web/20150911221112/http://www.baxter.com/assets/downloads/baxter-sustainability-report-2014.pdf |url-status=dead }}</ref>{{rp|17}} |
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In 2013, the company was included in The Civic 50, a list of the most community-minded companies in America from The National Conference on Citizenship and Points of Light, published by Bloomberg.<ref>{{cite web|url=http://www.civic50.org/2013_results.php|title=The Civic 50 website, 2013 results|website=Civic50.org|access-date=July 16, 2017|archive-url=https://web.archive.org/web/20140706034058/http://www.civic50.org/2013_results.php|archive-date=July 6, 2014|url-status=dead|df=mdy-all}}</ref> |
In 2013, the company was included in The Civic 50, a list of the most community-minded companies in America from The National Conference on Citizenship and Points of Light, published by Bloomberg.<ref>{{cite web|url=http://www.civic50.org/2013_results.php|title=The Civic 50 website, 2013 results|website=Civic50.org|access-date=July 16, 2017|archive-url=https://web.archive.org/web/20140706034058/http://www.civic50.org/2013_results.php|archive-date=July 6, 2014|url-status=dead|df=mdy-all}}</ref> |
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In 2014, roughly 6,300 Baxter employees volunteered in their communities through The Baxter International Foundation's Dollars for Doers program, addressing local concerns such as healthcare, the environment and education.<ref name="Baxter_2014_em">{{citation |series=Baxter sustainability report |title=Employee Involvement |url=http://www.baxter.com/assets/downloads/baxter-sustainability-report-2014.pdf |date=2015 |work=Baxter |access-date=October 18, 2015}}</ref>{{rp|104}} In 2014, Baxter and The Baxter International Foundation gave over $50 million.<ref name="Baxter_2014_cm">{{citation |series=Baxter sustainability report |title=Community Support |url=http://www.baxter.com/assets/downloads/baxter-sustainability-report-2014.pdf |date=2015 |work=Baxter |access-date=October 18, 2015}}</ref> |
In 2014, roughly 6,300 Baxter employees volunteered in their communities through The Baxter International Foundation's Dollars for Doers program, addressing local concerns such as healthcare, the environment and education.<ref name="Baxter_2014_em">{{citation |series=Baxter sustainability report |title=Employee Involvement |url=http://www.baxter.com/assets/downloads/baxter-sustainability-report-2014.pdf |date=2015 |work=Baxter |access-date=October 18, 2015 |archive-date=September 11, 2015 |archive-url=https://web.archive.org/web/20150911221112/http://www.baxter.com/assets/downloads/baxter-sustainability-report-2014.pdf |url-status=dead }}</ref>{{rp|104}} In 2014, Baxter and The Baxter International Foundation gave over $50 million.<ref name="Baxter_2014_cm">{{citation |series=Baxter sustainability report |title=Community Support |url=http://www.baxter.com/assets/downloads/baxter-sustainability-report-2014.pdf |date=2015 |work=Baxter |access-date=October 18, 2015 |archive-date=September 11, 2015 |archive-url=https://web.archive.org/web/20150911221112/http://www.baxter.com/assets/downloads/baxter-sustainability-report-2014.pdf |url-status=dead }}</ref> |
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Baxter was included for the 13th year in ''Corporate Responsibility'' magazine's 100 Best Corporate Citizens list in 2014 for its social responsibility performance.<ref>{{cite web|url=http://www.baxter.com/press_room/press_releases/2014/06_25_14_sustainability.html|title=Press Room: Press Releases – Baxter|date=June 2014|website=www.Baxter.com|access-date=July 16, 2017|archive-url=https://web.archive.org/web/20150603072124/http://www.baxter.com/press_room/press_releases/2014/06_25_14_sustainability.html|archive-date=June 3, 2015|url-status=dead}}</ref> |
Baxter was included for the 13th year in ''Corporate Responsibility'' magazine's 100 Best Corporate Citizens list in 2014 for its social responsibility performance.<ref>{{cite web|url=http://www.baxter.com/press_room/press_releases/2014/06_25_14_sustainability.html|title=Press Room: Press Releases – Baxter|date=June 2014|website=www.Baxter.com|access-date=July 16, 2017|archive-url=https://web.archive.org/web/20150603072124/http://www.baxter.com/press_room/press_releases/2014/06_25_14_sustainability.html|archive-date=June 3, 2015|url-status=dead}}</ref> |
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===1975 Hemofil hepatitis B outbreak=== |
===1975 Hemofil hepatitis B outbreak=== |
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In August 1975, Baxter / Travenol withdrew a clotting factor product Hemofil after the product was associated with an outbreak of hepatitis B.<ref>{{cite web|url=https://health.gov.ie/wp-content/uploads/2014/04/Tribunal-of-Inquiry-into-the-Infection-with-HIV-and-Hep-C-of-persons-with-Haemophilia-and-Related-Matters.pdf |title=Report of the Tribunal of Inquiry into the Infection with HIV and Hepatitis C of Persons with Haemophilia and Related Matters |date=2014 |website=health.gov.ie |access-date=2019-06-02}}</ref> |
In August 1975, Baxter / Travenol withdrew a clotting factor product Hemofil after the product was associated with an outbreak of hepatitis B.<ref>{{cite web |url=https://health.gov.ie/wp-content/uploads/2014/04/Tribunal-of-Inquiry-into-the-Infection-with-HIV-and-Hep-C-of-persons-with-Haemophilia-and-Related-Matters.pdf |title=Report of the Tribunal of Inquiry into the Infection with HIV and Hepatitis C of Persons with Haemophilia and Related Matters |date=2014 |website=health.gov.ie |access-date=2019-06-02 |archive-date=June 2, 2019 |archive-url=https://web.archive.org/web/20190602205025/https://health.gov.ie/wp-content/uploads/2014/04/Tribunal-of-Inquiry-into-the-Infection-with-HIV-and-Hep-C-of-persons-with-Haemophilia-and-Related-Matters.pdf |url-status=live }}</ref> |
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===1983 prison plasma collection=== |
===1983 prison plasma collection=== |
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===1996 Japanese haemophiliac [[HIV]] lawsuit=== |
===1996 Japanese haemophiliac [[HIV]] lawsuit=== |
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It was announced in quarter 1 of 1996 that Baxter had agreed to settle a lawsuit involving 200 Japanese haemophilia patients who had become infected with HIV as a result of using [[Contaminated haemophilia blood products|contaminated haemophilia products]] which were unheated. The Japanese courts ordered for each victim to receive $411,460 by March 29 that year.<ref>{{cite web|last1=Letter|first1=The Pharma|title=Baxter Agrees To Settle Japan HIV Lawsuit|url=http://www.thepharmaletter.com/article/baxter-agrees-to-settle-japan-hiv-lawsuit|website=www.ThePharmaLetter.com}}</ref> |
It was announced in quarter 1 of 1996 that Baxter had agreed to settle a lawsuit involving 200 Japanese haemophilia patients who had become infected with HIV as a result of using [[Contaminated haemophilia blood products|contaminated haemophilia products]] which were unheated. The Japanese courts ordered for each victim to receive $411,460 by March 29 that year.<ref>{{cite web|last1=Letter|first1=The Pharma|title=Baxter Agrees To Settle Japan HIV Lawsuit|url=http://www.thepharmaletter.com/article/baxter-agrees-to-settle-japan-hiv-lawsuit|website=www.ThePharmaLetter.com|access-date=January 15, 2017|archive-date=July 28, 2020|archive-url=https://web.archive.org/web/20200728231717/https://www.thepharmaletter.com/article/baxter-agrees-to-settle-japan-hiv-lawsuit|url-status=live}}</ref> |
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===2001 Althane disaster=== |
===2001 Althane disaster=== |
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{{Main|Baxter Althane disaster}} |
{{Main|Baxter Althane disaster}} |
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The Baxter Althane disaster in autumn 2001 was a series of 56 sudden deaths of [[kidney failure]] patients in Spain, Croatia, Italy, Germany, Taiwan, Colombia and the USA (mainly Nebraska and Texas). All had received hospital treatment with Althane [[hemodialysis]] equipment, a product range manufactured by Baxter International, USA.<ref>{{cite web|title=Baxter Dialyzer Recall|url=http://biomed.brown.edu/Courses/BI108/BI108_2007_Groups/group05/pages/baxter.html|work=Major Recalls of Organ Replacement Devices|access-date=October 12, 2013|archive-url=https://web.archive.org/web/20131012151427/http://biomed.brown.edu/Courses/BI108/BI108_2007_Groups/group05/pages/baxter.html|archive-date=October 12, 2013|url-status=dead|df=mdy-all}}</ref><ref>{{cite news|title=Baxter Faces Suit On Dialysis Deaths|url=https://www.nytimes.com/2001/11/14/business/baxter-faces-suit-on-dialysis-deaths.html|access-date=October 12, 2013|newspaper=New York Times|date=November 14, 2001}}</ref> |
The Baxter Althane disaster in autumn 2001 was a series of 56 sudden deaths of [[kidney failure]] patients in Spain, Croatia, Italy, Germany, Taiwan, Colombia and the USA (mainly Nebraska and Texas). All had received hospital treatment with Althane [[hemodialysis]] equipment, a product range manufactured by Baxter International, USA.<ref>{{cite web|title=Baxter Dialyzer Recall|url=http://biomed.brown.edu/Courses/BI108/BI108_2007_Groups/group05/pages/baxter.html|work=Major Recalls of Organ Replacement Devices|access-date=October 12, 2013|archive-url=https://web.archive.org/web/20131012151427/http://biomed.brown.edu/Courses/BI108/BI108_2007_Groups/group05/pages/baxter.html|archive-date=October 12, 2013|url-status=dead|df=mdy-all}}</ref><ref>{{cite news|title=Baxter Faces Suit On Dialysis Deaths|url=https://www.nytimes.com/2001/11/14/business/baxter-faces-suit-on-dialysis-deaths.html|access-date=October 12, 2013|newspaper=New York Times|date=November 14, 2001|archive-date=October 12, 2013|archive-url=https://web.archive.org/web/20131012162610/http://www.nytimes.com/2001/11/14/business/baxter-faces-suit-on-dialysis-deaths.html|url-status=live}}</ref> |
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===2008 Chinese heparin adulteration=== |
===2008 Chinese heparin adulteration=== |
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The investigation into the contamination has focused on raw heparin produced by one of Baxter's subcontractors Changzhou Scientific Protein Laboratories, a China-based branch of [[Scientific Protein Laboratories]], based in [[Waunakee, Wisconsin]]. Changzhou SPL's facilities were never subjected to inspection by US FDA officials. In addition, Changzhou SPL's products were also never certified as safe for use in pharmaceutical products by Chinese FDA officials, due to Changzhou SPL's registration as a chemical company rather than a pharmaceutical manufacturer.<ref name=wp1>"Contaminant Found in Blood Thinner", ''Washington Post'' (Online edition), March 5, 2008</ref><ref name=reuters1>"Baxter probe focuses on US-owned China plant – WSJ", Reuters, February 15, 2008</ref><ref name=wsj1>"China Washes Hands on Heparin Purity", ''Wall Street Journal'' (Online edition) February 27, 2008</ref> |
The investigation into the contamination has focused on raw heparin produced by one of Baxter's subcontractors Changzhou Scientific Protein Laboratories, a China-based branch of [[Scientific Protein Laboratories]], based in [[Waunakee, Wisconsin]]. Changzhou SPL's facilities were never subjected to inspection by US FDA officials. In addition, Changzhou SPL's products were also never certified as safe for use in pharmaceutical products by Chinese FDA officials, due to Changzhou SPL's registration as a chemical company rather than a pharmaceutical manufacturer.<ref name=wp1>"Contaminant Found in Blood Thinner", ''Washington Post'' (Online edition), March 5, 2008</ref><ref name=reuters1>"Baxter probe focuses on US-owned China plant – WSJ", Reuters, February 15, 2008</ref><ref name=wsj1>"China Washes Hands on Heparin Purity", ''Wall Street Journal'' (Online edition) February 27, 2008</ref> |
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Upon investigation of these adverse events by the FDA, academic institutions, and the involved pharmaceutical companies, the contaminant was identified as an "over-sulfated" derivative of [[chondroitin sulfate]], a closely related substance obtained from mammal or fish cartilage and often used as a treatment for [[arthritis]].<ref name=time1>{{cite news |title=Heparin's Deadly Side Effects |url=http://www.time.com/time/magazine/article/0,9171,1858870,00.html |work=Time magazine |access-date=November 16, 2008 |date=November 13, 2008 |archive-url=https://web.archive.org/web/20081121194220/http://www.time.com/time/magazine/article/0%2C9171%2C1858870%2C00.html |archive-date=November 21, 2008 |url-status=dead |df=mdy-all }}</ref><ref>{{cite web|url=https://www.fda.gov/downloads/NewsEvents/Newsroom/MediaTranscripts/UCM169335.pdf|title=FDA Media Briefing on Heparin|publisher=[[U.S. Food and Drug Administration]]|first=Julie|last=Zawisza|date=2008-03-29|access-date=2008-04-23}}</ref> Since over-sulfated chondroitin is not a naturally occurring molecule, it costs a fraction of true heparin precursor chemical, and mimics the in-vitro properties of heparin, the counterfeit was almost certainly intentional as opposed to an accidental lapse in manufacturing.<ref>{{cite news | first=Walt | last=Bogdanich | author-link=Walt Bogdanich |
Upon investigation of these adverse events by the FDA, academic institutions, and the involved pharmaceutical companies, the contaminant was identified as an "over-sulfated" derivative of [[chondroitin sulfate]], a closely related substance obtained from mammal or fish cartilage and often used as a treatment for [[arthritis]].<ref name=time1>{{cite news |title=Heparin's Deadly Side Effects |url=http://www.time.com/time/magazine/article/0,9171,1858870,00.html |work=Time magazine |access-date=November 16, 2008 |date=November 13, 2008 |archive-url=https://web.archive.org/web/20081121194220/http://www.time.com/time/magazine/article/0%2C9171%2C1858870%2C00.html |archive-date=November 21, 2008 |url-status=dead |df=mdy-all }}</ref><ref>{{cite web|url=https://www.fda.gov/downloads/NewsEvents/Newsroom/MediaTranscripts/UCM169335.pdf|title=FDA Media Briefing on Heparin|publisher=[[U.S. Food and Drug Administration]]|first=Julie|last=Zawisza|date=2008-03-29|access-date=2008-04-23|archive-date=May 8, 2017|archive-url=https://web.archive.org/web/20170508091011/https://www.fda.gov/downloads/NewsEvents/Newsroom/MediaTranscripts/UCM169335.pdf|url-status=live}}</ref> Since over-sulfated chondroitin is not a naturally occurring molecule, it costs a fraction of true heparin precursor chemical, and mimics the in-vitro properties of heparin, the counterfeit was almost certainly intentional as opposed to an accidental lapse in manufacturing.<ref>{{cite news | first=Walt | last=Bogdanich | author-link=Walt Bogdanich | title=Heparin Find May Point to Chinese Counterfeiting | url=https://www.nytimes.com/2008/03/20/health/20heparin.html?hp=&adxnnl=1&adxnnlx=1206032448-8vAmKaxtXzpFTH3rUaNgBg | work=The New York Times | date=March 20, 2008 | access-date=2008-03-20 | archive-date=November 26, 2020 | archive-url=https://web.archive.org/web/20201126050437/https://www.nytimes.com/2008/03/20/health/20heparin.html?hp=&adxnnl=1&adxnnlx=1206032448-8vAmKaxtXzpFTH3rUaNgBg | url-status=live }}</ref> The raw heparin batches were found to have been cut from 2–60% with the counterfeit substance, and motivation for the adulteration was attributed to a combination of cost effectiveness and a shortage of suitable pigs in Mainland China. In mid-January 2008 Baxter voluntarily recalled some lots of multi-dose vials of Heparin in February in consultation with the FDA Baxter recalled the rest of their Heparin products.<ref name="John Wiley & Sons"/> |
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===2009 Avian flu contamination=== |
===2009 Avian flu contamination=== |
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In early 2009, samples of viral material supplied by Baxter International to a series of European laboratories were found to be contaminated with live Avian flu virus ([[Influenza A virus subtype H5N1]]).<ref>{{cite news | work=[[Bloomberg L.P.]] | url = https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTo3LbhcA75I | title = Baxter Sent Bird Flu Virus to European Labs by Error | date = February 24, 2009 | access-date = August 8, 2009 }}</ref> Samples of the less harmful seasonal flu virus (subtype H3N2) were found to be mixed with the deadly H5N1 strain after a vaccine made from the material killed test animals in a lab in the [[Czech Republic]]. Though the serious consequences were avoided by the lab in the Czech Republic,<ref name="CTV_2009">{{cite news | agency = [[The Canadian Press]] | url = https://www.ctvnews.ca/baxter-admits-flu-product-contained-live-bird-flu-virus-1.374503 | archive-url = https://web.archive.org/web/20090302043044/http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20090227/Bird_Flu_090227/20090227?hub=Health | url-status = live | archive-date = March 2, 2009 | title = Baxter admits flu product contained live bird flu virus | work = CTV | date = February 27, 2009 | access-date = July 4, 2009 | df = mdy-all }}</ref> Baxter then claimed the failed controls over the distribution of the virus were 'stringent' and there was 'little chance' of the lethal virus harming humans.<ref>{{cite news |work=Financial Times | url = http://www.ft.com/cms/s/0/d7a3e3d6-1237-11de-b816-0000779fd2ac.html?nclick_check=1 | title = WHO mulls stricter transport of bio products | last = Jack | first = A | date = March 16, 2009 | access-date = June 16, 2009 }}</ref> |
In early 2009, samples of viral material supplied by Baxter International to a series of European laboratories were found to be contaminated with live Avian flu virus ([[Influenza A virus subtype H5N1]]).<ref>{{cite news | work = [[Bloomberg L.P.]] | url = https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTo3LbhcA75I | title = Baxter Sent Bird Flu Virus to European Labs by Error | date = February 24, 2009 | access-date = August 8, 2009 | archive-date = July 15, 2011 | archive-url = https://web.archive.org/web/20110715234330/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTo3LbhcA75I | url-status = live }}</ref> Samples of the less harmful seasonal flu virus (subtype H3N2) were found to be mixed with the deadly H5N1 strain after a vaccine made from the material killed test animals in a lab in the [[Czech Republic]]. Though the serious consequences were avoided by the lab in the Czech Republic,<ref name="CTV_2009">{{cite news | agency = [[The Canadian Press]] | url = https://www.ctvnews.ca/baxter-admits-flu-product-contained-live-bird-flu-virus-1.374503 | archive-url = https://web.archive.org/web/20090302043044/http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20090227/Bird_Flu_090227/20090227?hub=Health | url-status = live | archive-date = March 2, 2009 | title = Baxter admits flu product contained live bird flu virus | work = CTV | date = February 27, 2009 | access-date = July 4, 2009 | df = mdy-all }}</ref> Baxter then claimed the failed controls over the distribution of the virus were 'stringent' and there was 'little chance' of the lethal virus harming humans.<ref>{{cite news | work = Financial Times | url = http://www.ft.com/cms/s/0/d7a3e3d6-1237-11de-b816-0000779fd2ac.html?nclick_check=1 | title = WHO mulls stricter transport of bio products | last = Jack | first = A | date = March 16, 2009 | access-date = June 16, 2009 | archive-date = May 17, 2011 | archive-url = https://web.archive.org/web/20110517124809/http://www.ft.com/cms/s/0/d7a3e3d6-1237-11de-b816-0000779fd2ac.html?nclick_check=1 | url-status = live }}</ref> |
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===2009 drug cost inflation=== |
===2009 drug cost inflation=== |
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===2010 hepatitis C infections=== |
===2010 hepatitis C infections=== |
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In 2010, a jury in [[Las Vegas, Nevada]], ordered Baxter and Teva Pharmaceuticals to pay $144 million to patients who had been infected with [[hepatitis C]] after doctors wrongly reused dirty medical supplies to administer [[propofol]] to patients, although the label for propofol clearly states that it is for single-patient use only and that aseptic procedures should be used at all times.<ref>[http://www.businessweek.com/news/2010-05-08/teva-baxter-will-fight-500-million-in-damages-over-propofol.html "Teva, Baxter Will Fight $500 Million in Damages Over Propofol", ''Business Week'', May 8, 2010]</ref> Per a 2009 indemnity agreement between Teva (the manufacturer) and Baxter (acting as a distributor on behalf of Teva), the litigation and related settlements were defended and paid by Teva.<ref>{{cite web|url=http://investor.baxter.com/phoenix.zhtml?c=86121&p=irol-reportsannual;|title=2011 annual report, page 87|website=Baxter.com|access-date=July 16, 2017}}</ref> |
In 2010, a jury in [[Las Vegas, Nevada]], ordered Baxter and Teva Pharmaceuticals to pay $144 million to patients who had been infected with [[hepatitis C]] after doctors wrongly reused dirty medical supplies to administer [[propofol]] to patients, although the label for propofol clearly states that it is for single-patient use only and that aseptic procedures should be used at all times.<ref>[https://web.archive.org/web/20100513152559/http://www.businessweek.com/news/2010-05-08/teva-baxter-will-fight-500-million-in-damages-over-propofol.html "Teva, Baxter Will Fight $500 Million in Damages Over Propofol", ''Business Week'', May 8, 2010]</ref> Per a 2009 indemnity agreement between Teva (the manufacturer) and Baxter (acting as a distributor on behalf of Teva), the litigation and related settlements were defended and paid by Teva.<ref>{{cite web|url=http://investor.baxter.com/phoenix.zhtml?c=86121&p=irol-reportsannual;|title=2011 annual report, page 87|website=Baxter.com|access-date=July 16, 2017}}</ref> |
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===2010 infusion pump recall=== |
===2010 infusion pump recall=== |
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==References== |
==References== |
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==External links== |
==External links== |
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Latest revision as of 03:52, 15 December 2024
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Company type | Public |
---|---|
Industry | Medical equipment |
Founded | 1931 |
Founder | Donald Baxter |
Headquarters | Deerfield, Illinois, U.S. |
Key people | José E. Almeida (chairman & CEO) Jay Saccaro (CFO) |
Products | Medical supplies to treat haemophilia and kidney disease and provide intravenous therapy |
Revenue | US$14.81 billion (2023) |
US$380 million (2023) | |
US$2.663 billion (2023) | |
Total assets | US$28.28 billion (2023) |
Total equity | US$8.468 billion (2023) |
Number of employees | c. 60,000 (2023) |
Website | baxter |
Footnotes / references [1] |
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.[2]
The company primarily focuses on products to treat kidney disease, and other chronic and acute medical conditions. The company had 2017 sales of $10.6 billion, across two businesses: BioScience and Medical Products. Baxter's BioScience business produces recombinant and blood plasma proteins to treat hemophilia and other bleeding disorders; plasma-based therapies to treat immune deficiencies and other chronic and acute blood-related conditions; products for regenerative medicine, and vaccines. Baxter's Medical Products business produces intravenous products and other products used in the delivery of fluids and drugs to patients; inhalational anaesthetics; contract manufacturing services; and products to treat end-stage kidney disease, or irreversible kidney failure, including products for peritoneal dialysis and hemodialysis.[3]
History
[edit]Baxter International was founded in 1931 by Donald Baxter, a Los Angeles-based medical doctor, as a manufacturer and distributor of intravenous therapy solutions.[4] Seeing a need for products closer to the Midwest, the company opened a manufacturing plant in Glenview, Illinois, in 1933.[4] Baxter's interest was bought out in 1935 by Ralph Falk, who established a research and development function.[5] In 1939 the company developed a vacuum-type collection container, extending the shelf life of blood from hours to weeks.[5] In 1954, the company expanded operations outside of the United States by opening an office in Belgium.[6] In 1956 Baxter International introduced the first functioning artificial kidney, and in 1971 became a member of the Fortune 500.
In 1971, Baxter built a major manufacturing plant in Ashdod, Israel. As a result, the company was placed on the Arab League boycott list in the early 1980s.[7]
Throughout the 1980s and 1990s, the company expanded to deliver a wider variety of products and services (including vaccines and a greater variety of blood products) through acquisitions of various companies. Sales and production facilities also expanded throughout the world.[4]
In 1982, Baxter acquired Medcom, Inc., a New York-based firm founded by Richard Fuisz and his brother, that had large markets in the United States and Saudi Arabia.[8][9][10] Baxter chief executive Vernon Loucks fired Fuisz who then brought anti-boycott charges against Baxter to the U.S. Commerce Department Office of Anti-Boycott Compliance (OAC). Fuisz alleged that Baxter had sold their profitable Ashdod facility to Teva Pharmaceutical Industries in 1988[11] while simultaneously negotiating the construction of a similar plant in Syria in partnership with the Syrian military in order to be removed from the Arab League blacklist in 1989.[7][12][13] In 1993 Baxter pleaded guilty to a felony in relation to an anti-boycott law in the United States.[11][14]
On July 15, 1985, American Hospital Supply Corporation CEO Karl D. Bays and Baxter's then-CEO Vernon R. Loucks Jr. signed an agreement that merged two of the United States' "largest producers of medical supplies".[15] This was a "one-Baxter approach" in which the company provided "70% to 80% of what a hospital needed."[16]
In 1991, Baxter's home infusion subsidiary, Caremark, "was accused by the government of paying doctors to steer patients to its intravenous drug service"[17] In 1992 Caremark spun off from Baxter International.[17] Caremark was fined $160 million for the "four-year-long federal mail-fraud and kickback" scheme in which the "home-infusion business unit made weekly payments to scores of doctors that averaged about $75 per patient for referring those patients to its services. Some doctors earned as much as $80,000 a year from the kickbacks, according to government documents."[17]
In 1996, the company entered into a four-way, $640 million settlement with haemophiliacs 1999 in relation to blood clotting concentrates that were infected with HIV.[18] Under pressure from shareholders due to poor performance and an unsuccessful merger, Loucks was forced to resign.[14]: 115
Baxter acquired medical device firm Baxa on November 10, 2011.[19] In 2011, Hikma Pharmaceuticals PLC completed the acquisition of Baxter Healthcare Corporation's US generic injectables business (Multi-Source Injectables or MSI).[20][21]
In July 2013, EU antitrust regulators approved Baxter's bid for Sweden's Gambro.[22]
In March 2014, Baxter announced plans to create two independent global healthcare companies—one focused on developing and marketing bio-pharmaceuticals and the other on medical products. The medical products company retained the name Baxter International Inc. and the bio-pharmaceuticals company is named Baxalta and spun-off as a new public company that showed on trading boards as of July 1, 2015.[23]
In July 2014, Baxter announced that it was exiting the vaccines business—divesting its commercial vaccine portfolio to Pfizer (with the sale expected to close by the end of the year) and exploring options for its vaccines R&D program, including influenza.[24] In October 2015, José E. Almeida was named chairman and chief executive officer.[25] In January 2016 Shire PLC agreed to acquire Baxalta for $32 billion.[26]
In December 2016, Baxter announced it would acquire Claris Lifesciences injectables subsidiary, Claris Injectables, for $625 million.[27]
In December 2019, the company announced it would acquire Seprafilm from Sanofi for $350 million.[28][29]
In September 2021, Baxter announced it would acquire Hill-rom for $12.4 billion.[30] The acquisition was completed in December 2021 for $12.5 billion.[31] [32]
In May 2023, Baxter announced it was selling its biopharma solutions business, which offers drugmakers support in the form of products like injectable delivery systems and services that include regulatory resources, help with drug formulation and development, and packaging capabilities, to private equity firms Warburg Pincus and Advent International for $4.25 billion in cash.[33][34]
In September 2024, Hurricane Helene caused significant flooding in North Carolina, affecting a Baxter International facility in Marion. This facility produces approximately 60% of the intravenous (IV) fluids used in the United States. The disruption led to nationwide IV fluid shortages, prompting hospitals to ration supplies and implement strategies to conserve fluids. This also prompted questions from medical professionals about why such a large portion of the country's IV manufacturing capacity is tied to a single facility. As of November 7, 2024, the facility resumed producing some IV fluids. However, with the onset of flu season, hospitals continued to prioritize conservation efforts.[35]
Former employees
[edit]During the tenure of Vernon Loucks, who was Baxter's CEO from 1980 to 1998 and chairman from 1987 to 1999, company sales "more than quadrupled to $5.7 billion while its workforce rose from 30,000 to 42,000." During that time, Loucks hired and groomed staff who went on to become CEOs elsewhere. Baxter alumni groomed by Loucks included Terry Mulligan of MedAssets, Lance Piccolo at Caremark, Mike Mussallem of Edwards Lifesciences Corp and CEOs of Boston Scientific Corp. and Cardinal Health.[16]
Environmental activities
[edit]In 1997, a report produced by the company indicated that changes made to reduce environmental impacts generated savings that exceeded their cost, producing a net profit. Reporting was company-wide, with a variety of aggregation and reporting, including on the company's internet and intranet sites.[36] The company was an early joiner in the "green and greedy" movement, which aims to lessen the environmental impacts of manufacturing its products while saving the company money.[37] In 2009 the company announced it had reached a variety of its environmentally friendly goals, and that it would continue to try to reduce waste, emissions, energy use and environmental incidents over the coming years.[38]
Structure
[edit]Name | Focus | 2013 sales (in billions) | Percentage of total sales |
---|---|---|---|
BioScience | Haemophilia therapy; antibody therapy; critical care therapy; pulmonology therapy; biosurgery products; vaccines | $6.4 | 43% |
Medical Products | IV solutions, premixed drugs, infusion pumps and administration sets; parenteral nutrition products; anesthesia; drug formulation and pharma partnering; peritoneal dialysis products; hemodialysis products; continuous renal replacement therapy | $10.3 | 57% |
The company had 2014 sales of $16.7 billion, across two businesses: BioScience (2013 sales - $6.6 billion) and Medical Products ($8.7 billion).[3] Sales in 2013 were 42% in the United States, 30% in Europe, 16% in Asia Pacific, 12% in Latin America and Canada. In 2011, Baxter had approximately 61,500 employees. The breakdown of regional employees in 2013 was 36% in the United States; 34% in Europe; 16% in Asia Pacific; 14% in Latin America and Canada. In 2013, Baxter International spent more than $1.2 billion on research and development.[41] As of December 31, 2016, the company had approximately 48,000 employees.[42]
Corporate governance
[edit]In 1953 William Graham became the company's CEO. Vernon Loucks became president and CEO in 1980. Loucks was forced to resign by shareholders.[14] When shareholders forced Loucks to resign,[43]
In January, as Baxter International Inc.'s Vernon Loucks relinquished his CEO duties after 18 years, directors handed him a special stock-option grant of 950,000 shares "for the specific purposes of motivating" him "to implement a smooth transition of his responsibilities." If Mr. Loucks sells all the 400,000 shares he can exercise at year end and Baxter's stock price remains at its current level, he will make more than $4 million.
— The Wall Street Journal, April 29, 1999
Loucks was succeeded by Harry Kraemer, who was succeeded by Robert Parkinson, who took the CEO position in 2004.[4]
H1N1 vaccine
[edit]In July 2009, Baxter International announced completion of the first commercial vaccine for the H1N1 ("swine flu") influenza.[44] The company has been one of several working with the World Health Organization and United States Centers for Disease Control and Prevention on the vaccine, and uses a cell-based rather than egg-based technology that allows a shorter production time.[45]
Philanthropy
[edit]In 2008, Baxter launched Science@Work: Expanding Minds with Real-World Science, which supports teacher training and student development in healthcare and biotechnology in Chicago Public Schools.[46]: 17
In 2013, the company was included in The Civic 50, a list of the most community-minded companies in America from The National Conference on Citizenship and Points of Light, published by Bloomberg.[47]
In 2014, roughly 6,300 Baxter employees volunteered in their communities through The Baxter International Foundation's Dollars for Doers program, addressing local concerns such as healthcare, the environment and education.[48]: 104 In 2014, Baxter and The Baxter International Foundation gave over $50 million.[49]
Baxter was included for the 13th year in Corporate Responsibility magazine's 100 Best Corporate Citizens list in 2014 for its social responsibility performance.[50]
Criticisms and controversies
[edit]1975 Hemofil hepatitis B outbreak
[edit]In August 1975, Baxter / Travenol withdrew a clotting factor product Hemofil after the product was associated with an outbreak of hepatitis B.[51]
1983 prison plasma collection
[edit]Baxter, unknown to the FDA, continued to use prison plasma in factor concentrate production until October 1983, despite having entered into an agreement with the FDA (11 months earlier) that they would no longer use US prison plasma, which posed a high risk of virus transmission.[52]
It was announced in quarter 1 of 1996 that Baxter had agreed to settle a lawsuit involving 200 Japanese haemophilia patients who had become infected with HIV as a result of using contaminated haemophilia products which were unheated. The Japanese courts ordered for each victim to receive $411,460 by March 29 that year.[53]
2001 Althane disaster
[edit]The Baxter Althane disaster in autumn 2001 was a series of 56 sudden deaths of kidney failure patients in Spain, Croatia, Italy, Germany, Taiwan, Colombia and the USA (mainly Nebraska and Texas). All had received hospital treatment with Althane hemodialysis equipment, a product range manufactured by Baxter International, USA.[54][55]
2008 Chinese heparin adulteration
[edit]In 2008, the quality of blood thinning products produced by Baxter was brought into question when they were linked to 81 deaths and 785 severe allergic reactions in the United States according to the FDA.[56] Upon inspection, one of the raw ingredients used by Baxter was found to be contaminated – between 5 and 20 percent – with a substance that was similar, but not identical, to the ingredient itself. The company initiated a voluntary recall, temporarily suspended the manufacture of heparin, and launched an investigation.
The investigation into the contamination has focused on raw heparin produced by one of Baxter's subcontractors Changzhou Scientific Protein Laboratories, a China-based branch of Scientific Protein Laboratories, based in Waunakee, Wisconsin. Changzhou SPL's facilities were never subjected to inspection by US FDA officials. In addition, Changzhou SPL's products were also never certified as safe for use in pharmaceutical products by Chinese FDA officials, due to Changzhou SPL's registration as a chemical company rather than a pharmaceutical manufacturer.[57][58][59]
Upon investigation of these adverse events by the FDA, academic institutions, and the involved pharmaceutical companies, the contaminant was identified as an "over-sulfated" derivative of chondroitin sulfate, a closely related substance obtained from mammal or fish cartilage and often used as a treatment for arthritis.[60][61] Since over-sulfated chondroitin is not a naturally occurring molecule, it costs a fraction of true heparin precursor chemical, and mimics the in-vitro properties of heparin, the counterfeit was almost certainly intentional as opposed to an accidental lapse in manufacturing.[62] The raw heparin batches were found to have been cut from 2–60% with the counterfeit substance, and motivation for the adulteration was attributed to a combination of cost effectiveness and a shortage of suitable pigs in Mainland China. In mid-January 2008 Baxter voluntarily recalled some lots of multi-dose vials of Heparin in February in consultation with the FDA Baxter recalled the rest of their Heparin products.[56]
2009 Avian flu contamination
[edit]In early 2009, samples of viral material supplied by Baxter International to a series of European laboratories were found to be contaminated with live Avian flu virus (Influenza A virus subtype H5N1).[63] Samples of the less harmful seasonal flu virus (subtype H3N2) were found to be mixed with the deadly H5N1 strain after a vaccine made from the material killed test animals in a lab in the Czech Republic. Though the serious consequences were avoided by the lab in the Czech Republic,[64] Baxter then claimed the failed controls over the distribution of the virus were 'stringent' and there was 'little chance' of the lethal virus harming humans.[65]
2009 drug cost inflation
[edit]On July 2, 2009, Kentucky Attorney General Jack Conway announced a settlement between the state and Baxter Healthcare Corporation, a subsidiary of Baxter International, worth $2 million. The company had been inflating the cost of the intravenous drugs sold to Kentucky Medicaid, at times as much as 1300%.[66]
2010 hepatitis C infections
[edit]In 2010, a jury in Las Vegas, Nevada, ordered Baxter and Teva Pharmaceuticals to pay $144 million to patients who had been infected with hepatitis C after doctors wrongly reused dirty medical supplies to administer propofol to patients, although the label for propofol clearly states that it is for single-patient use only and that aseptic procedures should be used at all times.[67] Per a 2009 indemnity agreement between Teva (the manufacturer) and Baxter (acting as a distributor on behalf of Teva), the litigation and related settlements were defended and paid by Teva.[68]
2010 infusion pump recall
[edit]In 2010, Baxter was ordered by the FDA to recall all of their Colleague infusion pumps from the market due to 87 recalls and deaths associated with the pump.[69]
2008–2010 tax avoidance
[edit]In December 2011, the non-partisan organization Public Campaign criticized Baxter for spending $10.45 million on lobbying and not paying any taxes during 2008–2010, instead getting $66 million in tax rebates, despite making a profit of $926 million.[70]
References
[edit]- ^ "Baxter International Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 8, 2024. Archived from the original on February 14, 2024. Retrieved February 12, 2024.
- ^ "Contact Us Archived December 12, 2010, at the Wayback Machine." Baxter International. Retrieved on February 2, 2011. "Corporate address: One Baxter Parkway Deerfield, IL 60015-4625."
- ^ a b "2013 Form 10-K" (PDF). Archived from the original (PDF) on July 3, 2014. Retrieved July 14, 2014.
- ^ a b c d "History". Baxter International. Archived from the original on June 2, 2009. Retrieved July 8, 2009.
- ^ a b Library, HBS Baker. "Baxter Laboratories, Inc. | Baker Library | Bloomberg Center | Harvard Business School". www.library.hbs.edu. Retrieved September 14, 2022.
- ^ "Baxter opens r&d facility in Alliance Park, Belgium". www.manufacturingchemist.com. Archived from the original on September 14, 2022. Retrieved September 14, 2022.
- ^ a b Feiler, Gil (2005). From Boycott to Economic Cooperation: The Political Economy of the Arab Boycott of Israel. Frank Cass Publishers. p. 70.
- ^ Morris, Steven (March 17, 1990). "Baxter Told To Pay Firm $15 Million". Chicago Tribune. Archived from the original on March 4, 2016. Retrieved November 30, 2016.
- ^ "FUISZ TECHNOLOGIES LTD, Form 10-K, Annual Report, Filing Date Mar 31, 1997". secdatabase.com. Archived from the original on May 16, 2018. Retrieved May 15, 2018.
- ^ Kupper, Thom (January 29, 1992). "'Whistle-blower' Left L.v. For Career". The Morning Call. Archived from the original on January 12, 2016. Retrieved November 30, 2016.
- ^ a b "The case against Baxter International". Bloomberg. October 6, 1991. Archived from the original on March 4, 2016. Retrieved October 17, 2015.
- ^ Curtiss, Richard (July–August 1994). "People Watch". Washington Report on Middle East Affairs. p. 45. Archived from the original on February 28, 2014. Retrieved November 30, 2016.
- ^ Morris, Steven (March 26, 1993). "$6 Million From Baxter". Chicago Tribune. Archived from the original on January 12, 2016. Retrieved November 30, 2016.
- ^ a b c Mintzberg, Henry (2004). Managers Not MBAs: A Hard Look at the Soft Practice of Managing and Management Development. San Francisco, Calif: Berrett-Koehler Publishers. p. 115. ISBN 1-57675-275-5.
- ^ Crudele, John (July 16, 1985). "Baxter's Merger Bid Accepted Published: July 16, 1985". New York Times. Archived from the original on October 13, 2022. Retrieved October 17, 2015.
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External links
[edit]- Official website
- Business data for Baxter International Inc.:
- Baxter International
- American companies established in 1931
- Companies based in Deerfield, Illinois
- Health care companies established in 1931
- Companies listed on the New York Stock Exchange
- Life sciences industry
- Multinational companies headquartered in the United States
- Manufacturing companies based in Illinois
- Pharmaceutical companies of the United States
- 1931 establishments in California