ADAP HIV Drug Price Freeze by Bristol Myers Squibb
Press Release from Bristol Myers Squibb
BRISTOL-MYERS SQUIBB ANNOUNCES EXTENSION OF EXISTING PRICE HOLD OF HIV DRUGS
TO STATE AIDS DRUG ASSISTANCE PROGRAMS THROUGH MARCH 2004|
PRINCETON, NJ - October 11, 2002 -Bristol-Myers Squibb Company (NYSE: BMY)
today announced that it is extending until March 31, 2004 the existing price
hold on its three marketed anti-HIV medications to state AIDS Drug Assistance
The original price hold, announced by Bristol-Myers Squibb on April 1, 2002,
was set to expire on March 31, 2003 in order to coincide with the ADAPs
fiscal year (April 1-March 31). Working around the ADAP fiscal year allows
the Company to evaluate the ADAP funding situation as the price hold c
ommitment nears its end and determine next steps for providing
"Bristol-Myers Squibb is committed to extending and enhancing human life,"
said Jeff Hatfield, senior vice president, Bristol-Myers Squibb Virology.
"One of the ways we can accomplish this is to make sure people in need of
medications have access to them. The ADAPs help carry out this task and we
are dedicated to lessening the burden the programs have to bear, which is why
we are extending our price hold for another year."
Currently, people living with HIV/AIDS have three main sources for drug
assistance and reimbursement. Many are eligible for Medicaid or private
insurance while about 20 percent are covered by ADAPs which are funded
primarily at the Federal level under Title II of the Ryan White CARE Act.
ADAPs provide a safety net for those underinsured and uninsured individuals
living with HIV/AIDS who donšt qualify for Medicaid or private insurance.
Bristol-Myers Squibb understands there are people living with HIV/AIDS who do
not qualify for either Medicaid or ADAP reimbursement and do not have access
to private insurance. The Company maintains a strong commitment to these
individuals, helping them to identify appropriate resources to maintain their
drug therapies. The Company continues to provide, free of charge, all of its
HIV marketed products through its existing Patient Assistance Program (PAP)
for people who meet the eligibility criteria. For more information about the
PAP, please call 877-758-7877.
Bristol-Myers Squibb Company is a $19 billion pharmaceutical and related
health care products company whose mission is to extend and enhance human