As of Aug. 1, 2013, manufacturers of drugs, devices, biological products and medical supplies are required to collect information regarding payments, ownership, investment interests and other transfers of value to physicians over $10. This information must be submitted to the federal government annually beginning March 31, 2014.
This includes expenses related to the meetings industry, including travel, lodging, and food and beverage. The induction of this Act could bring a positive outlook to the meetings and events industry. Increased expectations for recordkeeping may become too cumbersome for in-house planning departments and many Pharmaceutical and Biotech organizations may be more likely to outsource meeting and event services to 3rd party planners to manage this for them.
On the flip side, this will place added pressure and an increased load on 3rd party Corporate Meeting Planning firms to negotiate lower prices and absorb a greater work load when it comes to copious reporting. Tracking individual expenses for each physician attending a meeting or conference could be a paperwork nightmare: Did Dr. Jones have the steak or chicken? Which physician asked for seconds?
Our corporate meeting planners have spent the better part of the Spring and Summer months training and brainstorming on the new regulations to ensure that our clients remain in compliance. Some of the standards we are implementing for our medical clients include:
AMI CEO Andy McNeill commented, “Our role as corporate meeting professionals is to remove the headache of compliance and tracking for our clients, allowing them to focus on the goals and content of the meeting. Part of our corporate culture is to take time out of our extremely busy planning and travel schedules to come together in group meetings weekly and brainstorm new ideas, remain on the cutting edge and maintain quality control for our clients.”
Let the Sunshine in!