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BRISTOL-MYERS SQUIBB ANNOUNCES VOLUNTARY REDUCTION IN PHARMACEUTICAL PRICES TO FEDERAL GOVERNMENT

 BRISTOL-MYERS SQUIBB ANNOUNCES VOLUNTARY REDUCTION
 IN PHARMACEUTICAL PRICES TO FEDERAL GOVERNMENT
 PRINCETON, N.J., Jan. 7 /PRNewswire/ -- Bristol-Myers Squibb (NYSE: BMY) today announced that it is implementing a reduction in its pharmaceutical prices to the federal government, effective today.
 Through this action, the company's rebates and discounts to federal programs will exceed $80 million in 1992.
 The company's voluntary price reductions will extend its effective Medicaid prices to all federal agencies which purchase pharmaceuticals. These price reductions significantly exceed the 12.5 percent minimum Medicaid rebate. Consequently, these substantial discounts will now be extended to all of the federal agencies that utilize the Federal Supply Schedule, including the U.S. Department of Veterans Affairs and the U.S. Military.
 In addition, these discounts will be voluntarily extended to certain entities funded by the U.S. Public Health Service (PHS). Among PHS entities that will be eligible for the discounts are public health centers, Indian health centers, alcohol and drug treatment clinics and AIDS clinics that are fully funded by the federal government and purchase directly from Bristol-Myers Squibb.
 "We have implemented this new policy to assure that the federal government receives pricing which will allow it to better serve those most in need," said Bruce R. Ross, president, Bristol-Myers Squibb U.S. Pharmaceutical Group. "This will have a beneficial effect on those important programs that serve the thousands of veterans, members of the military, native Americans and the many others in need of pharmaceuticals who receive government aid."
 Bristol-Myers Squibb said it has a strong commitment to introducing innovative cost-effective pharmaceutical products. Recent examples of this commitment include the introductions of VIDEX(R) (didanosine), Monopril(R) (fosinopril sodium) and Pravachol(R) (pravastatin sodium) at prices at or below market levels.
 The company also said it has a longstanding policy of providing access to its pharmaceutical products to those in need. In addition to the new government pricing policy, the company participates in Medicaid and state pharmaceutical assistance programs and maintains a policy of making cancer and AIDS products available free of charge to the medically indigent.
 Bristol-Myers Squibb is a diversified healthcare company whose principal businesses are pharmaceuticals, consumer products, nutritionals and medical devices. It is among the world's leading makers of cardiovascular, anticancer, anti-infective, central nervous system and dermatological drug therapies, diagnostic agents and over- the-counter medicines.
 /delval/
 -0- 1/7/92
 /CONTACT: Robert F. Laverty of Bristol-Myers Squibb, 609-252-5551/
 (BMY) CO: Bristol-Myers Squibb ST: New Jersey IN: MTC SU:


MK-LJ -- PH025 -- 7408 01/07/92 15:18 EST
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Publication:PR Newswire
Date:Jan 7, 1992
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