Transparency is here for meetings and events. The Physician Payments Sunshine Act, though collection starts in 2012, and reporting is not required until 2013. is quickly becoming top of mind at pharmaceutical and biotech firms everywhere. While no one argues that transparency in an industry is “bad”, many in the industry are challenged by the implementation of such far reaching legislation. Couple that with the learning curve and technology requirements of reporting and many companies are, quite frankly, scrambling. The requirement, reporting and detailing any payment gifts, food, trips, samples, rebates, speaking fees and other types of compensation crosses departments, sales forces and clinical areas of the organziation.
For team leaders who are in charge of meeting and events, whether on the commercial or clinical side of the organization, it is critical to have a plan in place now with your employees, contractors and vendors to ensure the proper reporting. Meetings and Events can be high dollar and high volume investments in the future of your product. Be sure to capture all of this data and report it through the proper channels.
In relation to your next meeting or event, here are the areas that need to be reported:
- Travel or trip
- Research funding or grant
- Charitable Contribution
- Direct Compensation for Serving as Faculty or Speaker for Medical Education Program;
- Consulting fees
- Ownership or investment interest
- license fee
- speaking fees
- profit distribution
- stock or stock option grant
- Any categories of information the secretary(of Health and Human Services) determines appropriate
Download a summary of the Physicians Payment Sunshine Act: Click Here
Download the actual legislation: Click Here
There is still time to coordinate your efforts as an organization, but start now. The level of detail can be immense depending on your pipeline, and reporting requirements are stringent.
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