Bristol Myers Squibb, a global pharmaceutical giant with a large corporate presence in New Jersey, has been named to Fast Company magazine’s 2023 list of the World’s 50 Most Innovative Companies, a ranking that recognizes businesses that are reshaping industries and culture.
BMS, a longtime NJBIA member for more than 60 years, was recognized by Fast Company for its success in developing novel treatments and investing millions of dollars in clinical trial equity efforts.
The company, which has research and development facilities in Lawrenceville and New Brunswick, had three drugs approved by the FDA in 2022: Opdualag, a first-line treatment for advanced melanoma; Camzyos, a first-in-class cardiac drug for symptomatic obstructive hypertrophic cardiomyopathy; and Sotyktu, the first new oral treatment for moderate-to-severe plaque psoriasis in nearly 10 years. These three drugs had combined sales of $284 million. BMS reported total revenues of $46.2 billion in 2022.
“For most other pharma companies, that would be sufficient to appease investors and grow the business, but alongside its work to bring new drugs to market, BMS has been working to ensure that advancements in drug development benefit everyone through a host of industry-leading DE&I initiatives,” Fast Company said on March 2.
The $150 million DE&I commitment over five years began in 2020 with an emphasis on programs that address health disparities, clinical trial diversity, supplier diversity, and workforce representation, Fast Company said. Currently, 59% of BMS’s active clinical trial sites are in “highly diverse” areas, and BMS has had notable success enrolling Black patients in an ongoing trial for a new treatment for prostate cancer, which is significant because Black men are 50% more likely to develop this disease.
In July 2022, BMS and the nonprofit Disability Solutions, BMS announced the first phase of the Disability and Diversity in Clinical Trials initiative, to better understand the barriers to participation for people with disabilities, who have frequently been excluded from trials in the past.
BMS awarded 24 health equity grants in 2022 to train and support community health workers and patient navigators in the U.S. to help ensure equitable access to care. BMS is also on track to hit its goal of $1 billion in diverse supplier spending on everything from lab supplies to food service and recruiting by 2025, the magazine said.