Abbott has commenced a new chapter in its history after separating its proprietary pharmaceutical business as an independent organisation called AbbVie.
The restructuring came into effect today (January 2nd 2013) and sees the organisation's research-based pharmaceutical operations handled by the newly-established independent biopharma firm.
AbbVie employs around 21,000 people worldwide and offers products to patients in more than 170 countries, while its network of research and manufacturing facilities consists of seven sites across the world.
Meanwhile, the company's diversified medical products business will retain the Abbott name, handling its operations in the branded generic pharmaceutical, devices, diagnostics and nutritional sectors.
The chairman and chief executive officer of AbbVie is Richard Gonzalez, former executive vice-president of global pharmaceuticals at Abbott, while Miles White continues in his role in charge of Abbott.
According to the company, the separation will help the new businesses to provide "focused solutions, delivery systems and approaches" to address evolving healthcare sector challenges.See all the latest jobs in Pharmaceutical