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  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
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  "notes": "Uses a combination of qualitative testimonials and quantitative benchmarking (Amgen's 3% improvement) to argue for operational change.",
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      "text": "Best-In-Class Peers Have Improved Efficiency By Reducing Costs",
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      "text": "Not only do Bristol-Myers' extra R&D layers result in increased costs, we believe they also result in missed opportunities.",
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      "text": "We are moving in a speed now in R&D that frankly, we had never contemplated before... chop as much as 3 years off the life cycle... inside of 7, 8 months... 3 percentage point improvement. So what we paid 19% of sales for in 2014, we now pay 16% of sales for.",
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      "text": "Starting a clinical program took too long. By the time it took to write a protocol and committing to do a program, a lot of things had changed, some things had gotten approved, and some programs became obsolete. I remember one program took five years for us to complete.",
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      "text": "It typically took over 12 months to make the decision on licensing, there were a lot of people involved. At other companies it would take half as long. Since it was a very long process, a number of times, especially small companies, would just move on.",
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      "text": "\"It typically took over 12 months to make the decision on licensing, there were a lot of people involved. At other companies it would take half as long. Since it was a very long process, a number of times, especially small companies, would just move on.\" — Former Bristol-Myers Executive; \"Starting a clinical program took too long. By the time it took to write a protocol and committing to do a program, a lot of things had changed, some things had gotten approved, and some programs became obsolete. I remember one program took five years for us to complete.\" — Former Bristol-Myers Executive; \"We are moving in a speed now in R&D that frankly, we had never contemplated before... we've had about a 3 percentage point improvement. So what we paid 19% of sales for in 2014, we now pay 16% of sales for. And that's real progress for us.\" — Robert Bradway (Chairman & CEO of Amgen, January 2019)",
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