Unlike many other global pharmaceutical giants choosing to divest and spin-off units, Bristol Myers Squibb (BMS) is aggressively expanding its pipeline through open innovation and strategic acquisitions.

As a leading biopharma company, BMS is enhancing its presence across multiple therapeutic areas, including cardiology, immunology, neuroscience, oncology, and hematology. It has over 30 pipelines in development globally, and more than 50 research and development candidates in Korea alone.

In Korea over the past two years, BMS launched six new products -- Onureg (acute myeloid leukemia maintenance), Inrebic (myelofibrosis treatment), Reblozyl (anemia treatment), Zeposia (ulcerative colitis treatment), Camzyos (symptomatic obstructive hypertrophic cardiomyopathy treatment), Sotyktu (psoriasis treatment), significantly increasing its market share. These efforts are part of a broader strategy to strengthen BMS's global position, which includes markets in Asia, Oceania, Canada, and Latin America, under the leadership of Emma Charles, Senior Vice President (SVP) of Intercontinental Markets.

Korea Biomedical Review sat down with Charles, who recently visited Korea to motivate the local team, to hear her insights into the dynamic landscape of the global and Korean pharmaceutical sectors.

Charles remarked on the substantial growth and sophistication she observed upon her return to Seoul after nearly three decades.

"The landscape here has evolved dramatically since the last time I visited in 1992," she said. "The city and its pharmaceutical capabilities have grown immensely, fostering a vibrant ecosystem for R&D and healthcare innovation."

Charles praised the Korean branch’s achievement of winning health insurance coverage for four new drugs -- Onureg, Inrebic, Zeposia, and Sotyktu -- out of the six introduced in the past two years.

She said her visit to Korea was not merely ceremonial but also strategic, as she met with BMS Korea employees to discuss future innovations and express her gratitude for their efforts.

"I am deeply proud and thankful that these six innovative drugs have met the high unmet needs of patients," Charles commented. "The company also anticipates extending these benefits to more patients soon with the upcoming insurance inclusion of Camzyos."

Looking forward, BMS Korea will continue bringing more innovative drugs across various therapeutic areas like cardiovascular, hematology, oncology, immunology, and neurosciences, she said. 

Her commitment reflects the broader BMS strategy of expanding through proactive mergers and acquisitions, citing the recent integration of companies like Karuna Therapeutics, which have solidified BMS's position in neuroscience globally.

Charles also stressed the crucial role of innovation, a cornerstone of BMS's operations. Last year alone, BMS invested approximately $9.29 billion in R&D, with a significant portion allocated to open innovation involving collaborations that often include small biotechs and startups.

"Innovation is at the heart of everything we do at BMS as we continuously seek to forge partnerships that can deliver meaningful value to patients," Charles said, highlighting recent collaborations with Korean firms such as Orum Therapeutics.

Charles also highly noted collaborative initiatives like the "Seoul-BMS Innovation Square Challenge," which aims to foster long-term partnerships and nurture healthcare innovations in Korea.

'Government, pharma must work together to overcome reimbursement hurdle'

The SVP also offered insightful commentary on the challenges and strategies surrounding health insurance reimbursement across various global markets, with a particular focus on Korea.

Charles addressed the rigorous hurdles for drug reimbursement in Korea, which is known for its stringent requirements compared to other countries.

"Health insurance reimbursement is a global challenge, and no country has an easy pathway for the inclusion of new drugs," Charles said.

She emphasized the necessity for all pharmaceutical companies to demonstrate the value of their new treatments compared to standard therapies, often requiring extensive negotiations and the presentation of data to prove cost-effectiveness and clinical benefits.

Reflecting on her experience as the head of BMS's Italian branch, Charles recalled proactive and extensive negotiations with health authorities, which often included sharing real-world evidence (RWE) to support the therapeutic value of their drugs.

"While every market has its unique reimbursement environment, the fundamental goal remains the same—to introduce innovative drugs that can significantly improve patient outcomes," she stated.

Discussing the use of RWE, which is less commonly accepted as primary evidence compared to randomized controlled trials (RCTs), Charles noted the evolving perspective towards such data.

"Although traditionally, reimbursement authorities focus on RCT data, RWE also plays a crucial role in illustrating the real-world effectiveness of treatments," the SVP said. "For instance, RWE is utilized during renegotiations rather than initial negotiations, allowing the demonstration of long-term benefits and compliance rates post-market entry."

Charles noted the ongoing shifts in the Korean health insurance system, which increasingly considers RWE in post-market assessments.

"Continuously collecting RWE post-approval is essential for all stakeholders, including patients, healthcare providers, and the pharmaceutical industry," she said. "It helps demonstrate the economic and health benefits of new drugs to reimbursement authorities."

Concluding her thoughts, Charles offered words of encouragement to the teams in Korea, urging them to continue their efforts in innovation and resilience.

"The work done here sets a benchmark for our global operations," she said. "I am immensely proud of our team's dedication and the strides we are making together in this innovation and patient care journey."