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Bard Medical history
Bard Medical company history timeline
C. R. Bard was founded by Charles Russell Bard in 1907 and is headquartered in Murray Hill, NJ.“
In 1907, Bard began importing and distributing Gomenol in the United States, marking his company’s entrance into the medical industry.
In 1915, Bard partnered with Morgan Parker, forming the partnership Bard-Parker to distribute a new type of scalpel.
The two partners could not resolve their differences, and in 1923 Parker bought out Bard's interest in the partnership for $23,000.
Outwin, Willits, and James Vassar, the company's first full-time salesperson, hired by Bard in 1923, visited their sales regions twice a year and were on the road for 12 to 14 weeks at a time.
In 1923, C.R. Bard incorporated to distribute catheters and other urology-related medical devices – largely from French suppliers.
In 1929 the company added another sales representative, Willits's son Harris, to cover the upper Midwest, New York, and Canada.
In 1934 Doctor Hobart Belknap, an Oregon doctor and Bard customer, published an article in the Urological Cutaneous Review presenting his idea for a balloon-type instrument to control secondary bleeding in cases in which no suprapubic opening existed.
1934: Company begins distributing Foley catheters.
Charles Bard died in 1934 after selling the company to two of his employees.
Furthermore, a 150 percent increase in the company's net sales since 1935 led to the addition of two more sales positions.
In 1940 Germany's invasion of France halted all shipments of Eynard instruments from France to C.R. Bard in the United States.
In 1945 Outwin and John Willits switched positions at the company, with Outwin becoming company president and Willits, vice-president.
Alcon history and corporate video "Alcon History Improving Vision through Innovation Since 1945 Alcon was founded in 1945 as a small ophthalmic shop in Fort Worth, Texas.
Bard commissioned a 5,400-square-foot building to be constructed in Summit, New Jersey, and in March 1948, the company moved there from its Madison Avenue offices.
1948 Bard’s sales topped $1 million for the first time.
During the 1950s, net sales grew more than 400 percent, and the number of employees increased to 200.
1957: C.R. Bard begins marketing its products in presterilized packages.
1957 Bard began selling its products in pre-sterilized packaging, saving time and expenses for the hospitals and physicians who were Bard customers.
In 1961 the company moved its headquarters to a 50,000-square-foot building in Murray Hill, New Jersey.
Bard became a public company in 1963 when the Outwin family sold their stock on the over-the-counter market.
Bard's thriving international mail-order business led to the formation of two new corporations in 1963.
1963 The company expanded distribution to the United Kingdom and Canada.
Bard's first in-house manufacturing began in 1964 with the molding and assembling of medical plastic tubing.
1964 Bard established its first in-house manufacturing plant – producing medical plastic tubing.
Outwin remained chairperson until 1966, when he resigned due to ill health.
By 1969, Bard owned 14 plants and was manufacturing 75 percent of the 6,000 products it sold.
Net sales increased by $42 million, reaching $51 million in 1969.
Furthermore, Med-Econ Plastics of California, a maker of disposable plastic respiratory products, was acquired in 1972, as well as Sani-Pac Corp. of New York, manufacturers of bed pads and adult diapers.
In 1979 Bard obtained the sole rights to manufacture and sell the Gruntzig angioplasty catheter.
Harris Willits retired from his honorary chair in 1979.
Bard's growth prompted the company to decentralize in 1980, forming divisions based on product lines, including urological, cardiopulmonary, implants, cardiology and radiology, medsystems, electro/medical, home health divisions, and international divisions.
1980: Davol Inc. is acquired.
In 1990 McCaffrey retired, and Maloney became president and CEO. Shortly after that, William H. Longfield was named company president.
In 1990 the company had to temporarily withdraw its catheters from the market, pending approval from the Federal Drug Administration (FDA), after modifications were made to the devices.
In 1990 the company sold its Shield Healthcare Centers subsidiary to a subsidiary of Kobayashi Pharmaceutical Co. of Japan and also sold its MedSystems infusion pump division to Baxter International Inc.
While catheter sales for that year were virtually nonexistent, Bard reentered the angioplasty market in April 1991.
Late in 1993 the company acquired Redmond, Washington-based Bainbridge Sciences Inc., developer of diagnostic tests for early detection of prostate, bladder, cervical, and lung cancer.
The United States Food and Drug Administration (FDA) and Department of Justice (DOJ) launched a joint investigation into the company and the DOJ returned criminal indictments against Bard and six of its leaders in 1993.
He and two other defendants were eventually acquitted, but the other three were found guilty in August 1995, and one year later each was sentenced to 18 months in jail.
Longfield became chairman as well in September 1995.
The first TVM to receive FDA approval was Boston Scientific’s ProteGen in 1996.
The company also sold its diagnostic sciences unit and its intra-aortic balloon-catheter and pump business in 1998 and its cardiopulmonary division the following year.
In 1998 Bard restructured globally along disease-state management lines and also made some divestments.
By 2000, Bard had sold off most of the rest of its heart-related device manufacturing.
2002: Drop in Tyco shares leads to a cancellation of the sale to Tyco.
The acquired system perfectly complemented Bard's market-leading line of hernia surgery patch products. For example, in July 2004 the company acquired Onux Medical, Inc., producer of a system used to fixate prosthetic patches in place during hernia surgeries.
In August 2004 C.R. Bard announced an agreement to sell its line of disposable endoscopes used to diagnose lung and digestive-tract conditions to Conmed Corporation for $80 million.
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In 2011, Bard offered to pay $184 million to resolve more than 3,000 lawsuits filed over injuries from the patches.
In 2012, Bard agreed to pay the federal government $48.26 million to resolve charges it violated two federal laws.
In 2014, the company agreed to settle another 500 for $21 million.
In 2015, NBC News ran a series of reports claiming Bard officials were aware of potentially lethal problems with some of the company’s inferior vena cava (IVC) filters.
It spent more than $1.8 billion acquiring 15 more companies by 2015, making Bard more attractive as an acquisition target itself.
Bard still faces active product liability lawsuits for its hernia mesh and IVC filter devices, and it settled the majority of its transvaginal mesh lawsuits in 2015.
The company settled almost all remaining cases in 2015 for $200 million.
Based in Murray Hill, New Jersey, Bard reported $531 million in net income on $3.7 billion in revenue for 2016 before the BD acquisition.
Bard-Parker would later become part of BD – the company that acquired the rest of Bard’s legacy in 2017.
In March 2018, a jury awarded Sherr-Una Booker $3.6 million in the first Bard trial.
In BD’s 2019 annual report, the company said it set aside $2.5 billion for product liability.
In September 2020, Bard agreed to settle lawsuits with 48 states related to marketing of its pelvic mesh products for $60 million.
In October 2020, Bard faced 9,394 federal lawsuits in multidistrict litigation in Ohio for its polypropylene hernia mesh products.
In a presentation to investors, BD projected growth for the combined company at 5 to 6 percent through 2020.
The device maker faces 1,322 federal IVC filter lawsuits in Arizona federal court as of March 2021.
In March 2021, a New Jersey appeals court threw out a $68 million verdict against Bard in Mary McGinnis’s case.
The first bellwether trial is scheduled for April 2021 after it was postponed several times because of the COVID-19 pandemic.
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Bard Medical competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Salient Surgical Technologies | 1999 | $1.6M | 18 | - |
| Bard Peripheral Vascular, Inc. | - | $63.2M | 144 | - |
| Metagenics | 1983 | $297.5M | 150 | 24 |
| Standard Process | 1929 | $4.4M | 200 | 16 |
| Emb | 1972 | $10.3M | 60 | - |
| Scott Specialties | 1962 | $17.4M | 200 | - |
| Barlean's | 1989 | $16.0M | 175 | - |
| Challenges Treatment Center | - | $1.2M | 50 | - |
| Chroma Color Corporation | - | $25.0M | 10 | 1 |
| Screen | 1999 | $2.0M | 350 | - |
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