Biopharmaceutical company Bristol Myers Squibb has announced that it has reached its five-year goal of spending $1 billion with diverse suppliers two years ahead of schedule. This achievement highlights the company’s commitment to promoting diversity, equity, and inclusion in its procurement practices.
Bristol Myers Squibb’s Supplier Diversity Program was launched in 2016 with the goal of increasing its spending with diverse suppliers. The program focuses on identifying and developing relationships with suppliers that are owned and operated by minorities, women, veterans, people with disabilities, and LGBTQ+ individuals. By partnering with these businesses, Bristol Myers Squibb aims to support economic growth and job creation in diverse communities.
The company’s dedication to supplier diversity has paid off. In 2020, Bristol Myers Squibb spent $394 million with diverse suppliers, representing 27% of its total U.S. procurement spend. This is a significant increase from the $227 million spent with diverse suppliers in 2016. The company’s efforts have not only increased its diversity spend but also created opportunities for diverse suppliers to showcase their capabilities and build relationships with a major biopharmaceutical company.
Bristol Myers Squibb’s Supplier Diversity Program has also received recognition from various organizations. In 2020, the company was named a “Best Company for Diversity” by Black Enterprise and received the National LGBT Chamber of Commerce’s “Corporate Partner of the Year” award.