The origins of Baxter International date back to 1931 during the Great Depression in Glenview, Illinois, when medical entrepreneur Dr. Ralph Falk partnered with physician Dr. Donald Baxter to incorporate the Don Baxter Intravenous Products Corporation. At the time, intravenous fluid therapy was perilous; hospitals prepared their own saline solutions in glass jugs, frequently causing fatal pyrogenic infections from bacterial contamination. Baxter engineered the revolutionary Vacoliter container—the first sterile, vacuum-sealed glass bottle for prepared IV solutions. The Vacoliter made intravenous fluid resuscitation safe and practical, becoming a medical lifesaver during World War II when Baxter supplied millions of sterile IV units and blood collection sets to Allied armed forces. In 1954, Baxter opened its first international manufacturing plant in Belgium, listed on the New York Stock Exchange in 1961, and introduced the world's first flexible plastic IV bag (the VIAFLEX container) in 1971, permanently replacing rigid glass bottles worldwide. Throughout the late 20th century, Baxter pioneered automated peritoneal dialysis (APD) for kidney failure patients, spun off its biotechnology and hemophilia business as Baxalta for $32 billion in 2015, and acquired Hillrom for $10.5 billion in 2021 to lead connected hospital infrastructure. In the decades following its initial founding, Baxter International navigated rapid industry evolutions, transitioning from early legacy operating paradigms to modern integrated operations. This sustained focus allowed the company to survive cyclical macroeconomic contractions, outpace regional incumbents, and establish deep institutional trust with demanding stakeholders. Through disciplined capital allocation, continuous internal innovation, and targeted strategic initiatives, Baxter International built an enduring competitive moat anchored by proprietary technology, deep domain expertise, and sticky relationships that resist structural disruption.