Bristol Myers to invest $51.6 billion in the US over 5 years
Other drugmakers have also announced plans to ramp up spending in the US in recent months. PHOTO: REUTERS
Bristol Myers to invest $51.6 billion in the US over 5 years
Bengaluru - Bristol Myers Squibb said on May 5 it will invest US$40 billion (S$51.6 billion) in the United States over the next five years, as it seeks to expand its research and manufacturing presence in the country amid President Donald Trump's tariff threats.
The announcement of new investment was first made by chief executive officer Christopher Boerner in an opinion piece published in Stat News on May 5, and was later confirmed to Reuters by a company spokesperson.
In the Op-Ed, Mr Boerner said the money will be spread across research and development, technology and domestic manufacturing, as US drugmakers prepare to deal with Trump's tariffs.
Several other drugmakers have also announced plans to ramp up spending in the US in recent months as they prepare for possible Trump tariffs on the sector.
Mr Trump has repeatedly threatened tariffs on pharmaceutical imports on national security grounds. The sector has for long been spared from levies due to potential harms.
On May 5, Trump signed an executive order that aims to reduce the time it takes to approve pharmaceutical plants in the country, as part of new regulations to encourage domestic manufacturing.
Mr Boerner said bolstering US manufacturing enables greater control over highly complex supply chains while bringing manufacturing closer to where the majority of R&D is taking place.
'Through this investment plan, we will strengthen our presence across the country, ramp up radiopharmaceutical manufacturing, and invest in artificial intelligence and machine learning to help us significantly increase the pace of innovation,' Mr Boerner said.
In 2024, Bristol acquired RayzeBio for US$4.1 billion, bringing multiple radiopharma drug candidates for treating solid tumours in various cancers. REUTERS
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