Healthcare reform law provisions could affect pharmaceutical innovation, Bristol-Myers Squibb exec says

WASHINGTON — Drug maker Bristol-Myers Squibb foresees significant effects on its business from the Patient Protection and Affordable Care Act, company executives told attendees of the its recent shareholder meeting.

In response to a question from a representative of conservative think tank the National Center for Public Policy Research, which is a shareholder in the company, about how the healthcare reform law's Independent Payments Advisory Board and proposed mandatory drug rebate to the government for "dual eligibles" — patients eligible for Medicare and Medicaid — could affect drug innovation, Bristol U.S. pharmaceuticals division president Giovanni Caforio expressed concern about transparency and public access to medications.

Caforio said Bristol's management would be "following very closely" developments regarding the board and the law in general, working with industry trade group the Pharmaceutical Research and Manufacturers of America to ensure transparent innovation, continued patient access and support for research and innovation.