Peter R. Dolan

Who Is Peter R. Dolan?

Peter R. Dolan (b. 1956) is best known as the former CEO of Bristol-Myers Squibb who was terminated in 2006 after a blundered endeavor to settle a patent dispute that brought about the company concealing data from the Federal Trade Commission (FTC). Bristol-Myers Squibb paid a $1 million fine, yet Dolan was not charged in the episode.

Peter R. Dolan Biography and Career

Peter R. Dolan was brought into the world in Salem, Massachusetts, in 1956. He earned his BA from Tufts University in 1978 in social psychology and his MBA from the Tuck School of Business at Dartmouth College in 1980.

In 1983 he joined General Foods, which was a major corporation in the prepared food business at that point. Dolan worked in several item related jobs until the company was acquired in 1985 by Philip Morris Companies (presently known as Altria Group Inc.) for $5.6 billion. In a meeting with The New York Times from February 2001, Dolan said the acquisition caused him to choose to take the job at BMS: ''I concluded I wanted to work at a medical organization,'' he expressed, ''as opposed to a tobacco company.''

Bristol Meyers-Squibb Years

Dolan joined Bristol Myers-Squibb in 1988 and held different senior management positions, including leader of the company's Products Division and Mead Johnson Nutrition spin-off and group leader of Medical Devices and Nutritionals. He became president in 2000 and chair of the board and CEO in 2001.

Before Dolan became CEO, BMS was one of the most aggressive medication companies in filing lawsuits and utilizing other legal moves to try to add months or years to the dates that the patents on its medicines are set to terminate. His ancestor, Charles Heimbold Jr., left during an investigation into the company for expanding its sales by more than $2.5 billion through a practice known as channel stuffing, however Heimbold himself was not blamed for bad behavior.

Dolan's demise came as a result of a patent dispute over Plavix, a blood-diminishing medication and a major source of the company's revenue. BSM along with its partner Sanofi-Aventis developed Plavix, which was the subsequent best-selling drug in the world around then, with annual sales of about $5.9 billion. The partners were seeking to forestall Apotex, a small Canadian generic drugmaker, from entering the U.S. market by offering "invert settlements," where big, brand name drug companies pay generic opponents to avoid the market for a medication until a certain date, for the most part after the expiration of a long-term patent.

All dolan accepted the activities of the executive team were legal in chasing after the deal, and he told Financial Times, "The company accepts that its conduct connecting with the proposed Plavix settlement has been completely proper and composed all through with senior outside counsel." But the state attorney general would not approve the deal, and Apotex sent off a generic rendition of Plavix that snatched three-fourths of new remedies in the span of a year and BMS lost an estimated $600 million in sales.

A representative for Bristol Myers-Squibb said the Plavix episode "had turned into a sad interruption that moved the concentrate away from the company's achievements and proceeded with execution of strategy. The board held Peter, as C.E.O., accountable."

After Bristol Meyers-Squibb

In the wake of leaving Bristol-Myers Squibb, Dolan was named chair of the board and CEO of Gemin X Pharmaceuticals Inc.

He is chair of the board of trustees of Tufts University, having been chosen as chair in November 2013, and has filled in as a trustee starting around 2001. He is likewise bad habit chair of the board of directors for the partnership for a Healthier America.

He has served on the boards of several for-profits and nonprofits, including the American Express Company, The National Center on Addiction and Substance Abuse, and the Tuck School Board of Overseers at Dartmouth College. He has likewise filled in as chair of the board of Pharmaceutical Research and Manufacturers of America.

Features

• He is best known as the former CEO of Bristol Meyers-Squibb who was terminated in 2006 after the company misused a patent dispute.
• Peter R. Dolan is an executive with experience in the drug industry.
• In the twenty-teenagers, Dolan has served on the board of trustees of Tufts University (as chair), Tuck School of Business at Dartmouth, and the nonprofit ChildObesity180.