Navigating a New Era of Transparency: What Pharma Companies Need to Know About the Physician Payment Sunshine Act
The Physician Payment Sunshine Act, signed into law as part of the 2010 Patient Protection and Affordable Health Care Act, requires manufacturers of drugs, medical devices and biologics to report certain payments and items of value given to physicians and teaching hospitals. This includes payments for research, travel, honoraria and speaking fees, meals, educational items like textbooks and journal reprints.
Centers for Medicare and Medicaid Services will make this information public on a database on its website, sometime after September 30, 2014. In a recent survey by Medicaid Management Information Systems and Healthcare Data Solutions, 21% of physicians said they would sever their relationship with a company that reported inaccurate information about payments or transfers of value if disclosed to the public, and 43% admitted this would affect their ongoing relationship with industry.
This program convenes a panel of seasoned experts to share their views on how this law will potentially impact provider relations for the biopharma industry and what companies need to do to prepare for it. The panel will also be joined by a physician who will speak candidly about his concerns about engaging with biopharma companies in activities that are deemed reportable under the Sunshine Act.
Paul Hastings partner Gary Giampetruzzi is a featured panelist.
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