A heritage of improving lives through innovation

In 1858, Dr. E.R. Squibb began producing ether, which significantly changed surgery outcomes on the battlefield during the American Civil War as it was used for surgical anaesthesia. Squibb continued to play a significant role at critical moments of history, such as the discovery of how to mass produce penicillin during World War II.

Early in the 20th century, Squibb was fundamental in laying the foundations for the modern pharmaceutical industry, including his advocacy of the ‘priceless ingredient’- integrity. As our founder saw it, the most important ingredient could not be manufactured; a company succeeds or fails on the strength of reputation, whose defining feature—the priceless ingredient—is integrity. This truth that Dr. Squibb articulated more than 100 years ago remains timeless.

In 1989 Squibb merged with Bristol-Myers, creating Bristol Myers Squibb (BMS), the world’s second largest pharmaceutical enterprise at the time. The merger began the journey towards the company we know today.

In the 1990s, as an unwavering believer in the power of science and innovation, BMS supported the ground-breaking work of Nobel Prize winners Dr. Jim Allison and Dr. Tasuko Honjo, who conducted extensive research into the functioning of the human immune system, ultimately discovering a completely new way of treating cancer. Building on their luminous insights, BMS scientists Lonberg and Korman relentlessly pursued the research, through uncertainty and lengthy clinical trials, until immunotherapy, the ability to harness the patient’s own immune system to fight cancer, became available to patients worldwide.

More recently, our strength in several of our therapeutic areas has been amplified by continued investment in external innovation by acquisition. Through these investments BMS is now also focusing on new areas of medical science, including precision oncology, artificial intelligence, targeted protein degradation and further development in cell therapy.

Through the past decades, our journey of transformation has led us to focus on innovative, specialty medicines whilst deepening our innovation engine and pioneering new products to transform patients’ lives through science. Our work never stops, and we are continuing to pursue innovative solutions that best serve patients worldwide.

Pharmaceutical research and development of a potential new medicine is highly complex, takes several years and often ends in failure. On average, it takes 12-13 years¹ for a medicine to be developed and made available to patients in Europe.

To enable companies like BMS to continue innovating for patients, the EU’s overhaul of the operating environment for innovation in medicines, through the General Pharmaceutical Legislation, is an opportunity to spur invention, improve regulation and accelerate access.

Drug development is at its very core a collaborative process. Much of our innovation is the result of our collaborations with external partners such as academics or biotechs. The COVID-19 pandemic has demonstrated that when we collaborate and create a favourable environment for enabling innovation, supply and access, then breakthroughs happen, and we can truly make a meaningful difference to people’s health.

At BMS, we are collaborating with the EU institutions, and the healthcare community, in working towards revised legislation that paves the way for a future-proofed European regulatory framework for medicines to benefit of patients, healthcare systems and industry.

Reference:
1. EFPIA. The Pharmaceutical Industry in Figures. 
Available here: https://www.efpia.eu/media/602709/the-pharmaceutical-industry-in-figures-2021.pdf Last Accessed: February 2023