LabCorp announced that it will mark its 50th anniversary at a celebration Oct. 15 in Burlington, NC, where the company has been headquartered since its founding and tested the company’s first specimens on Oct. 6, 1969.
In 1969, Dr. James B. Powell and his brothers, Dr. Thomas Edward Powell III and John Powell, formed Biomedical Laboratories, later known as Biomedical Reference Laboratories, in Burlington, NC. In 1982, Hoffman-La Roche acquired Biomedical Reference Laboratories, and in 1983, it merged all of its laboratory companies into Roche Biomedical Laboratories (RBL). In 1995, RBL merged with National Health Laboratories to become LabCorp.
Today the company does business in more than 100 countries, with revenue of more than $11 billion in 2018. It provides diagnostic, drug development, and technology-enabled solutions for more than 120 million patient encounters per year and typically processes tests on more than 2.5 million patient specimens per week. LabCorp offers one of the largest test menus in the world. It has also been involved in the development of all current top 50 drugs on the market as measured by 2018 U.S. sales revenue. There have been only three CEOs in the first 50 years of LabCorp, with the fourth, Adam H. Schechter, taking over Nov. 1.
LabCorp has been named to Fortune’s List of World’s Most Admired Companies, earned the designation as a Best Place to Work for LGBTQ Equality by the Human Rights Campaign Foundation, and has been named to Forbes’ ranking of The World’s Most Innovative Companies.
LabCorp has continuously pursued innovation for 50 years, resulting in many new discoveries and firsts such as DNA testing technologies, robotic automation, and advances in precision medicine. This focus has kept the company at the forefront of the industry by delivering world-class diagnostic solutions while bringing innovative medicines to patients faster and using technology to improve the delivery of care.
LabCorp continues to grow, bringing together even more diverse resources, capabilities, and people to serve its global mission to improve health and improve lives. The 2015 acquisition of Covance, the world’s most comprehensive drug development company, was transformational and created a strong trajectory for global growth.
With significant operating facilities around the globe, LabCorp is proud of the positive impact it has on the economy and workforce in the communities where its employees live and work. Even with a global focus, LabCorp remains committed to its North Carolina roots.
