SummaryHistory of Bristol-MyersBeauty MedicalManagement/Human ResourcesTraining and DevelopmentCompensation and RewardsSummaryThis document is a comprehensive business review for the Bristol-Myers Squibb Pharmaceutical Company . While it is by no means a comprehensive summary of their 1998 activities or strategies, it provides a nice overview of three of the most component and fundamentally sound aspects of any business, let alone a Fortune 500 company. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay This paper begins by covering the marketing aspect of Bristol-Myers Squibb. The first one is the most important structure of any company; its product. Inside there is information about how they distribute their product and where they distribute it. Finally, let's see how they promote their product and how it is advertised. Management is the next topic of discussion. What management style does Bristol-Myers Squibb employ? The document talks about the compensation paid to its employees and how the average employee is rewarded for achieving the level of excellence. Finally, the document focuses on Finance. It shows Bristol-Myers Squibb's profits, its debts, the amount of money invested in the company and, basically, the direction the Company is headed. Again, this document is not a complete analysis of Bristol-Myers Squibb's 1998 business transactions. All this document aims to do is to give you a sense of the extreme complexity of the business world, to understand (at least a little more) strategy and competitiveness among companies and perhaps enlighten some as to how much time and effort is needed for such activity. a behemoth of a company like this. Have fun. History of Bristol-Myers In 1887 William McLaren Bristol and John Ripley Myers decided to invest $5,000 in a failing drug manufacturing company called Clinton Pharmaceutical Company, located in Clinton, New York. The company was officially incorporated on December 13, 1887, with William Bristol as president and John Myers as vice president. In May 1898, a new name was adopted: Bristol, Myers Company (a hyphen replaced the original comma after Myers' death in 1899, when the company became a corporation). The postwar depression pushed Bristol-Myers to abandon its ethical drugs business and "devote itself entirely to its specialties": its two big winners and a dozen or so assorted toiletries, antiseptics, and cough syrups. The company's headquarters were established in Manhattan, where it has remained ever since. And after moving directly into the consumer products arena, Bristol-Myers began advertising its products directly to the public. In 1924, gross profits exceeded $1 million for the first time in Bristol-Myers history. The company's products were on sale in 26 countries. At this point, shares held by John Myers' heirs became available for sale, triggering a series of moves that transformed Bristol-Myers into a public company, trading on the New York Stock Exchange in 1929. In 1943, Bristol-Myers purchased Cheplin Biological Labs and quickly entered the field of antibiotics. During the war, Bristol-Myers was a major distributor of penicillin and other types of antibiotics. By the end of the war it was clear that penicillin and other antibiotics represented a huge opportunity for the company. Cheplin was renamed Bristol Laboratories and Frederic N. Schwartz was put in charge. In 1957 Schwartz was named president and CEO of Bristol-Myers when Henry Bristol chose tolose some of his previous responsibilities and become chairman of the board of directors. Analyzing the company's situation and prospects, Schwartz and then-treasurer Gavin K. MacBain – later Schwartz's successor as CEO – decided that Bristol-Myers should embark on a program of acquiring smaller, well-managed companies. THE first major move by two executives in that direction was the acquisition of Clairol. Within a dozen or so years of Clairol's entry into the company, numerous other acquisitions followed, including those of Drackett, Mead Johnson, Zimmer, and Westwood. In 1986 the company opened a state-of-the-art research complex in Wallingford, Connecticut, designed to house more than 800 scientists and support personnel. In January 1994, Charles A. Heimbold, Jr., was elected chief executive officer. In 1995 Heimbold also became president. In 1856 Edward Robinson Squibb founded a pharmaceutical company in Brooklyn, New York, dedicated to the production of consistently pure drugs, such as ether and chloroform. In 1905 the company was sold to Lowell M. Palmer and Theodore Weicker and the company was incorporated. That same year, land was purchased in New Brunswick, New Jersey, for the establishment of an ether production facility. In 1938 the Squibb Institute for Medical Research was founded. In 1944 Squibb opened the largest penicillin manufacturing plant in the world: Building 59 in New Brunswick, New Jersey. In 1971 the Squibb Corporation established global headquarters and expanded facilities at the Squibb Institute in Princeton, New Jersey. In 1989, Bristol-Myers merged with Squibb, purchasing it for $12.7 billion. This merger created a global leader in healthcare. The merger created what was then the second largest pharmaceutical company in the world. In 1990, the Princeton-based Bristol-Myers Squibb Pharmaceutical Research Institute was founded. Bristol-Myers Squibb provides services to people in need of healthcare products. Although pharmaceuticals are the highest grossing product, the breakdown can be seen as: Medicines, Cosmetics, Nutritionals, Medical Devices. Bristol-Myers Squibb makes the majority of its drug sales, about 69% of gross revenue, or $12.7 billion. They mainly specialize in six types of prescription drugs, which are: Cardiovascular - Pravachol, Capoten, Monopril Antitumor - Taxol, Paraplatin, Vepesid Anti-infectives - Zerit, Cefzil, Amikin Central nervous system - Buspar, Serzone, Stadol NS Analgesics - Execedrin , BufferinOther- Comtrex (anti cold), Dovonex (psoriasis), Keri (hydrating body lotion) Beauty Care is another facet of Bristol-Myers Squibb. In 1998, the Beauty Care department grossed $2.3 billion, or 12% of total sales. Some products made by Bristol-Myers Squibb are: Clariol - Daily Defense, Herbal Essence Matrix Essentials-Salon Selective Nutritionals are the third largest department of Bristol-Myers Squibb. This subsidiary of Bristol-Myers Squibb comprises 10% of their gross revenue, or $1.86 billion. Mead JohnsonNutritionals-Viactiv, EnfamilMedical Devices is the last category. This division of the company represents 9% of their annual revenue, or $1.6 billion. Zimmer- Orthopedics ConvaTec- Ostomy carePlace/DistributionBristol-Myers Squibb is an international company, with global headquarters located in New York, New York. The company's segment headquarters are listed as follows:World Medicines Headquarters - Princeton, New JerseyBeauty Care - Stamford, ConnecticutNutritionals - Evansville, IndianaMedical Devices - Warsaw, Indiana and Skillman, New JerseyBristol-Myers Squibb manufactures products at forty-three major locations all over the world with one.