Michael Fabiano

Technology Is Transforming the Biopharmaceutical Industry and Improving Health Care for Patients

October 4, 2023

Lecture Summary: Bristol Myers Squibb CEO Visits Stevens With a Message: Tech Is Supercharging Drug Development→

Abstract: The biopharmaceutical industry is leading a period of unprecedented scientific progress with advances in the understanding and potential treatment of advanced cancers, Alzheimer’s and other neurodegenerative diseases.  Coupled with scientific progress, our industry will be transformed by deeper and broader adoption of technology. Artificial intelligence fundamentally accelerates drug discovery and more rapidly identifies new biomarkers which can select sub-groups of patients more likely to respond to targeted therapies, thus advancing the potential of personalized medicine. The adoption of advanced analytics can accelerate the conduct of inclusive clinical trials for diverse patient populations representative of real-world epidemiology. Importantly, technology has the potential to accelerate the adoption of scientific advances in everyday clinical practice and address many of today’s health disparities. The discussion will focus on the areas of greatest potential for the industry and highlight the talent and culture implications of this transformation.  

Biography: Giovanni Caforio, M.D., has been chief executive officer of Bristol Myers Squibb since May 2015 and has served on the company’s Board of Directors since June 2014. In May 2017, he assumed the role of chairman of the board. 

As CEO, Dr. Caforio leads the company’s focus on researching and developing transformational medicines, which includes a leading portfolio of immunotherapies that are fundamentally changing the way cancer is treated. Under his leadership, Bristol Myers Squibb is evolving its operating model in order to increase speed and competitiveness. 

With a background as a physician, Dr. Caforio has helped strengthen the company’s patient-focused culture — one driven by innovation, speed, accountability and passion. As a leader, he is focused on the business value of a company culture that promotes and rewards diversity and inclusion. 

Prior to becoming CEO, Dr. Caforio served as chief operating officer with responsibility for leading a fully integrated worldwide commercial organization and the companywide functions of Enterprise Services and Global Manufacturing & Supply. This was preceded by his work as the company’s chief commercial officer. 

Dr. Caforio joined Bristol Myers Squibb in 2000 as vice president and general manager, Italy, in the Worldwide Medicines Group. He assumed added responsibility for Greece and Israel in 2001, and for South East Europe in 2003. In 2004, he was appointed senior vice president, European Marketing and Brand Commercialization. In 2007, he relocated to the U.S. to assume the role of senior vice president, U.S. Oncology. In 2010, he was named senior vice president, Global Commercialization, Oncology and Immunology, before becoming president of the company’s U.S. organization in 2011. Prior to joining Bristol Myers Squibb, Dr. Caforio spent 12 years with Abbott Laboratories in a number of leadership positions. 

Born and educated in Italy, Dr. Caforio received his M.D. from the University of Rome.