Prescription drugs help to limit the potential economic impact of chronic diseases, by helping to prevent their costly consequences. For example, untreated diabetes can lead to blindness, heart disease and kidney failure. When conditions such as this are under control these painful and costly complications can be avoided. According to PhRMA’s 2012 Profile - Pharmaceutical Industry, every additional dollar spent on medicines for blood pressure, cholesterol and diabetes saves four to seven dollars on spending for other medical care.
Bristol-Myers Squibb and our partners focus on discovering and developing innovative medicines that address serious disease in areas of significant unmet medical need, including the diseases described below. The same PhRMA report indicates that significant savings can be achieved through the effective treatment of:
- Rheumatoid arthritis – among workers with rheumatoid arthritis, proper adherence to treatment reduced lost productivity costs by 26 percent; the savings were more than twice as large as the costs of the medicines themselves.
- Diabetes – employees trained to manage their conditions, resulted in significant health improvements and an average net decrease of 34 percent in health care costs — $2,000 per patient per year — and a 50 percent reduction in absenteeism.
- Alzheimer’s disease – developing new treatments that delay the onset or slow the progression of Alzheimer’s disease by five years could save $100 billion per year by 2020 in Medicare and Medicaid costs.
In addition, some of our philanthropic activities have a notable economic impact on local communities and individuals.