# Bristol Myers Squibb's CEO says Australia risks being abandoned as a market for new medicines.

*biotech · news · 2026-06-01 · Australian Financial Review*

## Key points

- Bristol Myers Squibb warns Australia could be abandoned as a market for new medicines.
- Australia's pricing and approval system is considered one of the world's most prohibitive.
- The current system provides little commercial incentive for drugmakers to list new medicines.
- Millions of Australian patients may miss out on affordable life-saving therapies due to these barriers.

One of the world’s biggest drug companies says Australia risks being abandoned as a market for new medicines because it has one of the world’s most prohibitive pricing and approvals systems that may cause millions of patients to lose out on affordable live-saving therapies. Owen Smith, the CEO of Bristol Myers Squibb’s Australian operations, said on Monday the Albanese government needed to urgently reform a pricing system which provided little commercial incentive for drugmakers to get new medicines listed on the Pharmaceutical Benefits Scheme. Loading...

**Companies:** Bristol Myers Squibb
**Countries:** Australia

[Read the full story on Australian Financial Review](https://www.afr.com/companies/healthcare-and-fitness/us-big-pharma-vents-over-australia-s-drug-pricing-and-approvals-20260528-p601s1)

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