American drug manufacturer Bristol Myers Squibb has announced a $300 million commitment to accelerate its diversity and inclusion efforts and address racial inequality in healthcare. CEO and chairman Giovanni Caforio said the commitment reflects their belief that investments toward achieving health equity and improving diversity and inclusion can help advance their vision of transforming patients’ lives through science.
The drugmaker set a goal to double the executive representation of Black and Latino workers in the U.S. and achieve global gender parity at the executive level by 2022. It also plans to double the donation of the Bristol Myers Squibb Foundation to organizations that promote social justice and racial equality.
Bristol Myers plans to spend its supplier diversity program and spending $1 billion with minority-owned businesses by 2025. It also plans to increase the representation of Blacks and Latinos in its clinical trials and extend the reach of these trials to regions that support underserved communities. Part of the company’s investment commitment will be used to subsidize or completely cover the cost of its drug products for at-risk communities.