Japan drug price reforms risk hurting investment: Bristol-Myers CEO

TOKYO: Japan's"overly restrictive" drug pricing policies risk diverting foreign direct investment to China and other markets, the chief executive of Bristol-Myers Squibb said on Thursday.

"The world is very competitive, and countries such as China have made it a priority to develop a biopharmaceutical innovation-focused industry," Caforio said at an event organized by the Japan office of PhRMA, the main U.S. drugmaker lobby.Japan's government is seeking ways to squeeze savings from its national health care system as the population ages. The number of working-age people in Japan compared to those over the age of 65 is 1.

The rules announced last year evaluate drugs and their makers for innovation to determine how much the government will pay for treatments.

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