AIDS activists to protest BMS' Reyataz pricing, policies at Goldman Sachs Global Healthcare Conference

AIDS Healthcare Foundation (AHF)Jun 15 2010

AIDS Healthcare Foundation:

“All of AHF's efforts, including this protest, are designed to let people know that BMS is causing great harm to people with HIV/AIDS with its unwarranted pricing of Reyataz”

VISUALS:

• 3ft x 6ft "Shame on BMS" and "How do you spell GREED? BMS" banners & placards with image of CEO Andreotti surrounded by Piles of Cash
• Protestors, marching with signs and chanting slogans, including "Drug company greed kills", christening BMS with new name: "Big Money Scheme"
• Protestors, wearing MASKS of BMS CEO Andreotti's face

Up to one hundred AIDS activists are expected at a protest Tuesday, June 15^th at 10:00 AM, hosted by AIDS Healthcare Foundation (AHF), targeting New York-based Bristol Myers Squibb Co. (BMS) over the pricing and policies for its key HIV/AIDS drug, Reyataz, one of the most expensive first-line AIDS treatments in the US. The protest is scheduled to take place outside the Hyatt Regency Century Plaza Hotel in Century City just prior to an 11:30 AM presentation by Lamberto Andreotti to investors—his first as BMS' CEO—at the Goldman Sachs Global Healthcare Conference 2010. Protestors are expected to take over Avenue of the Stars, carrying oversized $100 bills symbolizing the BMS' greed, as well as posters and banners including several featuring the phrase "Shame on BMS" accompanied by an image of Andreotti stuffing a bill in his pocket while surrounded by piles of cash. Activists will chant slogans including "Drug company greed kills" and "How do you spell Greed? BMS!" and will christen the company with a new name:>Big Money Scheme."

As federally-funded, state-run ADAPs try to provide AIDS drugs to an increasing number of low-income people in need, the steep price of such lifesaving drugs is becoming a more crucial issue. The Average Wholesale Price (AWP) for Reyataz (atazanavir) stands at $13,046 per-year. By contrast, other commonly prescribed first-line AIDS drugs are priced $3,000 to $5,400 less. Moreover, BMS has increased the price of Reyataz year over year; since it was first approved in 2003, the price of Reyataz has increased by over 25%. AHF officials note that Reyataz must be taken with at least two other HIV/AIDS drugs as part of an effective antiretroviral (ARV) treatment regimen.

Bristol-Myers Squibb is currently one of the only major AIDS drug manufacturers that has refused to offer additional discounts to ADAPs, despite the current dire circumstances of the state programs—including twelve states with patient waiting lists. ViiV Healthcare, Gilead Sciences Inc., Merck and Company, Johnson & Johnson's Tibotec Therapeutics and Abbott Labs are among the AIDS drug makers that have recently offered significant price cuts, freezes, price rebate adjustments and other concessions on the pricing of their lifesaving AIDS medications to ADAP.

"By pricing Reyataz up to two and a half times more than other AIDS drugs—and refusing to budge while nearly every other major AIDS drug company has offered additional discounts—, Bristol Myers Squibb is placing greed above people's lives," said Michael Weinstein, AIDS Healthcare Foundation President, in a statement from South Africa. "As incoming CEO, Andreotti should be leading the way toward ensuring that BMS' lifesaving product is being accessed by people who need it most. Instead, it appears his company is trying to squeeze every last dime out of government programs like ADAP, threatening to bankrupt such programs and placing AIDS patients' lives at risk. We call on BMS, and in particular incoming CEO Lamberto Andreotti, to do the right thing and immediately lower the price of Reyataz."

AHF recently sent postcards to thousands of BMS employees and neighbors in the Princeton area, where BMS operates a site consisting of 1.67 million square feet of office space situated on 280 acres. The mailer included an image of Andreotti standing among piles of cash accompanied by the words "Shame on BMS." In addition, banner ads are currently running at the Princeton Junction Station targeting BMS employees and surrounding community with the message: "BMS, Do the Right Thing!" along with AIDS Healthcare Foundation's web address, www.aidshealth.org. An e-letter campaign launched last week has already generated hundreds of e-letters from AIDS advocates from all areas of the country to BMS CEO Andreotti asking him to do the right thing and immediately lower the price of Reyataz.

"All of AHF's efforts, including this protest, are designed to let people know that BMS is causing great harm to people with HIV/AIDS with its unwarranted pricing of Reyataz," said Jessie Gruttaudaria, Public Affairs Director for AIDS Healthcare Foundation. "At $13,000 per patient per year, it is the cost of drugs like Reyataz that threatens to bankrupt state programs like ADAP, harming the patients who rely on such programs for the lifesaving medications they need. ADAP is the lifeblood for thousands of people with AIDS who are uninsured and cannot afford their medications. This cannot continue. BMS should lower the price of Reyataz immediately."

AHF has seen firsthand the impact of high priced AIDS drugs like Reyataz. In California, for example, since 2000 the number of new ADAP clients has only increased by 50%, but AIDS drug spending has increased by 165%. New data from a recent report released by the National Alliance of State and Territorial AIDS Directors (NASTAD) regarding the AIDS Drug Assistance Program (ADAP), supports the need for drug company price cuts. The National ADAP Monitoring Project Annual Report notes: "Drug spending by ADAPs has increased more than seven-fold (617%) since 1996, more than twice the rate of client growth over this same period." This startling statistic demonstrates that a large percentage of ADAP funding increases are being applied toward rising drug costs, instead of to increasing the number of patients accessing lifesaving AIDS medication.