Bristol Myers Squibb Announces 10-Year Strategy to Reach More Patients in Low- and Middle-Income Countries

Rhea-AI Summary

Bristol Myers Squibb (BMY) unveiled a 10-year strategy named ASPIRE to expand access to its innovative treatments in low- and middle-income countries (LMICs). The strategy aims to reach over 200,000 patients by 2033. ASPIRE focuses on affordability and availability, ensuring 100% of BMY's marketed products have access plans. BMY is also using local brands and pathways like Direct Import and Direct-to-Institution to enhance access in LMICs. Additionally, BMY is collaborating with the Access to Oncology Medicines (ATOM) Coalition to provide Opdivo™ in select countries. The initiative aligns with BMY's commitment to health equity and its Environmental, Social, and Governance (ESG) strategy.

Positive

• BMY's ASPIRE strategy targets reaching over 200,000 patients in LMICs by 2033.
• Introduction of 11 local brands in 2023, with 5 receiving regulatory approvals, improving affordability.
• 12 medicines made available in more than 80 LMICs through Direct Import pathway.
• Direct-to-Institution pathway aims to scale to over 15 LMICs by 2026.
• Collaboration with ATOM Coalition to provide Opdivo™ in countries like Pakistan, Rwanda, and Zambia.

Negative

• Significant investment required for a 10-year strategy may impact short-term financials.
• Regulatory approvals pending for 6 out of 11 local brands introduced in 2023.
• Potential risks in scaling Direct-to-Institution pathway in additional LMICs.

Financial Analyst

Bristol Myers Squibb's announcement of the ASPIRE strategy and partnership with the ATOM Coalition is significant for investors. This initiative aims to expand access to life-saving medicines in low- and middle-income countries (LMICs), making BMS a key player in addressing global health equity issues.

From a financial perspective, this strategy may lead to increased revenue streams in emerging markets. While these markets typically face affordability challenges, BMS's tailored approach, including local brands and tiered pricing, could capture market share previously untapped. Furthermore, their Direct Import and Direct-to-Institution pathways ensure scalability and sustainability, potentially leading to a steady revenue influx over the next decade.

Investors should note that the company's commitment to reaching 200,000 patients by 2033 represents a substantial long-term growth opportunity. Despite potential short-term costs associated with regulatory approvals and establishing new pathways, the strategic investment could yield significant returns as these markets develop.

In summary, the ASPIRE strategy could positively impact BMS's financials by expanding its market reach, creating sustainable revenue channels and enhancing brand reputation in LMICs.

Oncology Doctor

The ASPIRE strategy's focus on expanding access to immuno-oncology therapy, specifically Opdivo™ (nivolumab), is notable from a medical standpoint. Opdivo™ is a PD-1 inhibitor used to treat various cancers, including melanoma, non-small cell lung cancer and renal cell carcinoma. By making this advanced therapy available in LMICs, BMS is addressing a vital need for cancer treatment in regions with limited healthcare resources.

For oncologists, the introduction of such therapies can drastically improve patient outcomes. The collaboration with the ATOM Coalition to ensure safe, scalable and sustainable access models in countries like Pakistan, Rwanda and Zambia signifies a major step toward reducing cancer mortality rates in these regions.

Moreover, this initiative emphasizes the need for integrated healthcare solutions, which include not only drug availability but also infrastructure and healthcare provider training. These efforts can help bridge the existing gaps in cancer care and ensure that patients receive comprehensive treatment.

Overall, the ASPIRE strategy presents a important advancement in making cutting-edge oncology treatments accessible to underserved populations, potentially transforming the cancer treatment landscape in LMICs.

Market Research Analyst

From a market research perspective, Bristol Myers Squibb's ASPIRE strategy represents a strategic move to diversify and expand its market presence. Historically, the pharmaceutical industry has focused on high-income countries due to better market conditions and higher profitability. However, BMS's approach to entering LMICs through affordability and accessibility initiatives could set a new industry trend.

By introducing local brands and utilizing tiered pricing models, BMS is adapting to the economic realities of these regions. This strategy not only enhances market penetration but also aligns with global health priorities, such as the United Nations’ Sustainable Development Goals (SDGs), particularly SDG 3: Good Health and Well-being.

Furthermore, the strategic partnership with the ATOM Coalition leverages collaboration to scale access to innovative therapies. This collaborative approach could lead to shared resources and expertise, thereby facilitating faster and more efficient market entry.

For retail investors, understanding the potential long-term benefits of this strategy is crucial. While initial returns might be modest due to lower pricing structures, the growth potential in these emerging markets is substantial. BMS’s proactive stance can enhance its competitive advantage and reputation, leading to potential stock appreciation as the strategy unfolds.

In summary, ASPIRE could redefine market dynamics by prioritizing accessibility and affordability in underserved regions, creating a new growth avenue for BMS.

The Company enters strategic collaboration with the Access to Oncology Medicines (ATOM) Coalition to expand access to immuno-oncology therapy Opdivo™ in select countries

PRINCETON, N.J.--(BUSINESS WIRE)-- Bristol Myers Squibb (NYSE: BMY) today announced ASPIRE (Accessibility, Sustainability, Patient-centric, Impact, Responsibility and Equity), a 10-year strategy to advance access to our innovative treatments and help patients in low- and middle-income countries (LMICs) gain access to potentially life-saving medicines. This strategy supports the company’s commitment to reach more than 200,000 patients in LMICs by 2033 with its innovative treatments.

“Access to potentially life-saving innovative medicines is very limited in some parts of the world, leaving patients with few treatment options for serious diseases like cancer,” said Christopher Boerner, Ph.D., board chair and chief executive officer, Bristol Myers Squibb. “Bristol Myers Squibb believes patients who can benefit from our medicines should have access to them. Our ASPIRE strategy is an important step toward accelerating and expanding patient access to these much-needed treatments.”

As part of ASPIRE, Bristol Myers Squibb (BMS) is developing tailored strategies to increase affordability and availability of its medicines in LMICs. Our work to help ensure patients who need our potentially life-saving medicines can access them begins by ensuring that 100 percent of our marketed products are supported by access plans. Today we have defined access pathways for every country in which our medicines may be available to patients.

In low- and middle-income countries, to help improve the affordability of our medicines, we have introduced local brands of many of our innovative medicines to address affordability issues, expand access, and help reduce the time lag between the availability of our medicines in higher-income countries and lower-income countries. In 2023, BMS filed a total of 11 local brands of which five received regulatory approvals. BMS local brands are making an impact in countries like Thailand, which has the highest prevalence of beta thalassemia, by providing treatment options like Rojusna™ to help combat this widespread disease.

BMS is also making its medicines available where we don’t have a commercial presence through the Direct Import and the Direct-to-Institution pathways. Through the Direct Import pathway, BMS is providing access to 12 medicines in more than 80 LMICs, using tiered pricing commensurate with affordability. The Direct-to-Institution (DTI) pathway is a scalable and sustainable channel that provides safe, broad, timelier access to BMS’ innovative medicines to multiple patients through collaboration with local institutions. The company’s initial DTI efforts are in five LMICs in East Africa and Pakistan and West Africa in 2025, with the goal of scaling to more than 15 LMICs by 2026.

BMS is leading the way for access to immuno-oncology therapies in LMICs by collaborating with the Access to Oncology Medicines (ATOM) Coalition. BMS joined the ATOM Coalition as a founding supporter at its launch in 2022. Working with the ATOM Coalition and their partners, BMS will make Opdivo™ (nivolumab) available via a safe, scalable and sustainable access model in select countries including Pakistan, Rwanda and Zambia while working to develop an integrated pathway that can expand access in multiple LMICs by 2026.

By investing in solutions that reduce quality-of-care gaps and strengthen health systems, BMS will help drive equitable access to innovative medicines to patients around the world, regardless of where patients live. Enabling timely access to innovative medicines in LMICs is part of BMS’ commitment to health equity globally and our Environmental, Social and Governance (ESG) strategy.

About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook and Instagram.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the Company’s goals, strategies, and performance in accordance with its 2023 Environmental, Social, and Governance (ESG) Report. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2023, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240522377042/en/

Media: media@bms.com

Source: Bristol Myers Squibb

FAQ

What is Bristol Myers Squibb's 10-year strategy?

Bristol Myers Squibb's 10-year strategy, ASPIRE, aims to expand access to its innovative treatments in low- and middle-income countries (LMICs), targeting over 200,000 patients by 2033.

How does BMY plan to improve access to its medicines in LMICs?

BMY plans to improve access through tailored strategies, including local brands, Direct Import, and Direct-to-Institution pathways.

What are the key components of the ASPIRE strategy by Bristol Myers Squibb?

The ASPIRE strategy focuses on affordability, availability, and ensuring 100% of BMY's marketed products have access plans in LMICs.

Which countries will benefit from BMY's collaboration with the ATOM Coalition?

Countries such as Pakistan, Rwanda, and Zambia will benefit from BMY's collaboration with the ATOM Coalition.

What is the goal of Bristol Myers Squibb's Direct-to-Institution pathway?

The goal is to provide safe, scalable, and timely access to BMY's innovative medicines in multiple LMICs, aiming to reach over 15 LMICs by 2026.