|Traded as||NYSE: BAX|
|Headquarters||Deerfield, Illinois, U.S.|
|Robert L Parkinson Jr, Chairman, CEO and President|
|Products||Medical supplies to treat hemophilia, kidney disease and provide intravenous therapy|
|Revenue||US$15.3B (FY 2013)|
|#redirect Template:If affirmed||US$2.012B </small>(FY 2013)</small>|
|Name||Focus||2013 sales (In billions)||Percentage total sales|
|BioScience||Hemophilia therapy; antibody therapy; critical care therapy; pulmonology therapy; biosurgery products; vaccines||$6.6||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||$8.7||57%|
The company had 2013 sales of $15.3 billion, across two businesses: BioScience (2013 sales - $6.6 billion) and Medical Products ($8.7 billion). Sales in 2013 were 42% in the United States, 30% in Europe, 165% 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.
In 1953 William Graham became the company's CEO. Vernon Loucks became president and CEO in 1980. Loucks was forced to resign by shareholders. Loucks was succeeded by Harry Kraemer, who was succeeded by Robert Parkinson, who took the CEO position in 2004.
In June 2009, Baxter International announced it expected to have the first commercial vaccine for the H1N1 ("swine flu") influenza as early as July of the same year. 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.
2001 Althane disaster
The Baxter Althane disaster in autumn 2001 was a series of 56 sudden deaths of renal 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.
On July 22, 2004, The Deerfield-based company restated earnings from 2001 through 2003 mainly because of an error in the way it recognized revenue and inadequate bad-debt provisions in Brazil.
On March 14, 2005, Baxter International Inc. restated its financial statements for the years 2001 through 2003 and for the first three quarters of 2004, because of errors in income tax accounting.
2008 Chinese heparin adulteration
In 2008, the quality of blood thinning products produced by Baxter was brought into question when they were linked to 19 deaths in the United States. 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.
Investigation into the contamination has focused on raw heparin produced by Changzhou Scientific Protein Laboratories, a China-based branch of Scientific Protein Laboratories, based in Waunakee, Wisconsin. Due to procedural errors, Changzhou SPL's facilities were never subjected to inspection by US FDA officials, as required by FDA regulations. 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. Though Baxter was first to recall heparin because of increased adverse reactions, after the contaminant was identified and testing protocols were shared with other manufacturers globally, over a dozen other companies in nearly a dozen countries issued recalls, which linked back to certain supply points in China.
2009 Avian flu contamination
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). 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, 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.
2009 drug cost inflation
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%.
2010 Hepatitis C infections
In 2010, a jury in Las Vegas, Nevada ordered Baxter 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. The jury granted the award, despite the fact that the label for propofol clearly states that it is for single-patient use only and that aseptic procedures should be used at all times.
2010 Infusion pump recall
In 2010, Baxter was ordered by the FDA to recall all of their infusion pumps from the market due to 87 recalls and deaths associated with the pump.
2008–2010 tax dodging
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.
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- "2013 Form 10-K" (PDF).
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- Mintzberg, Henry (2004). Managers Not MBAs: A Hard Look at the Soft Practice of Managing and Management Development. San Francisco, Calif: Berrett-Koehler Publishers. pp. 115–6. ISBN 1-57675-275-5.
- Feldman, EA; Bayer R (1999). Blood feuds: AIDS, blood, and the politics of medical disaster. Oxford University Press. pp. 49–50; 320. ISBN 0-19-513160-6.
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- Foo Yun Chee (10 July 2013). "EU to clear Baxter's $4 billion buy of Sweden's Gambro: sources". Reuters.
- Press release: “Baxter Announces Plans to Create Two Separate Leading Global Healthcare Companies”: http://www.baxter.com/press_room/press_releases/2014/03_27_14_company_organization_changes.html
- Baxter sustainability report, “Education and Critical Community Needs”: http://sustainability.baxter.com/community-support/critical-community-needs.html
- Baxter sustainability report, “Employee Involvement”: http://sustainability.baxter.com/community-support/critical-community-needs.html
- Baxter sustainability report, “Community Support,”: http://sustainability.baxter.com/community-support/index.html
- Baxter press release, “Baxter’s Fifteenth Sustainability Report Highlights Commitment to Innovative Programs and Sustainable Design”: http://www.baxter.com/press_room/press_releases/2014/06_25_14_sustainability.html
- The Civic 50 website, 2013 results: http://www.civic50.org/2013_results.php
- Adelson, G; Engell J; Ranalli B; Van Anglen KP. Environment: An Interdisciplinary Anthology. Yale University Press. pp. 254–5. ISBN 0-300-11077-4.
- "Baxter Cuts GHG Emissions by 21%". Environmentalleader.com. June 19, 2009. Archived from the original on June 21, 2009. Retrieved July 3, 2009.
- "Corporate Overview". Baxter International. Archived from the original on November 20, 2010. Retrieved November 5, 2010.
- Davis, JA (2003). "Purifying an image: Baxter International and the Dialyzer Crisis". In Feigenbaum AV. The power of management capital: utilizing the new drivers of innovation, profitability, and growth in a demanding global economy. McGraw-Hill Professional. pp. 349–364. ISBN 0-07-021733-5.
- "Corporate overview".
- "Baxter to release flu vaccine in July". United Press International. June 13, 2009. Archived from the original on June 16, 2009. Retrieved July 2, 2009.
- "Baxter Dialyzer Recall". Major Recalls of Organ Replacement Devices. Retrieved 12 October 2013.
- "Baxter Faces Suit On Dialysis Deaths". New York Times. November 14, 2001. Retrieved 12 October 2013.
- "Medical-products maker Baxter falls to loss; will restate results".
- "DJ Baxter To Restate 2001-2003 Results On Income Tax Errors".
- "Heparin's Deadly Side Effects". Time magazine. November 13, 2008. Archived from the original on November 21, 2008. Retrieved November 16, 2008.
- "Contaminant Found in Blood Thinner", Washington Post (Online edition), March 5, 2008
- "Baxter probe focuses on US-owned China plant – WSJ", Reuters, February 15, 2008
- "China Washes Hands on Heparin Purity", Wall Street Journal (Online edition) February 27, 2008
- "Baxter Sent Bird Flu Virus to European Labs by Error". Bloomberg L.P. February 24, 2009. Retrieved August 8, 2009.
- "Baxter admits flu product contained live bird flu virus". The Canadian Press. February 27, 2009. Archived from the original on June 20, 2009. Retrieved July 4, 2009.
|last1=in Authors list (help)
- Jack, A (March 16, 2009). "WHO mulls stricter transport of bio products". Financial Times. Retrieved June 16, 2009.
- Tracy, B (July 3, 2009). "Conway Announces Multi-Million Dollar Settlement With Drug Company". Kentucky Post (E. W. Scripps Company). Retrieved July 3, 2009.
- Teva, Baxter Will Fight $500 Million in Damages Over Propofol, Business Week, May 8, 2010
- "FDA Issues Statement on Baxter’s Recall of Colleague Infusion Pumps". FDA. FDA. Retrieved May 3, 2010.
- Portero, Ashley. "30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008–2010". International Business Times. Archived from the original on December 26, 2011. Retrieved December 26, 2011.
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