/ POV ON OPEN PAYMENTS
How many of you are familiar with the Sunshine Act?
For those of you who are unfamiliar, the Sunshine Act: The Physician Payments Sunshine Act requires manufacturers of drugs, medical devices and biologics that participate in U.S. federal health care programs to report certain payments and items of value given to physicians and teaching hospitals. The Centers for Medicare & Medicaid Services (CMS) has been charged with implementing the Sunshine Act and has called it the Open Payments Program.
In layman’s terms, manufacturers now are required to submit reports on payment, transfer and ownership information. The goal of the program is to increase public awareness of financial relationships between drug and device manufacturers and certain health care providers
/ DOES IT WORK?
As far as I can yell, yes, their system works. See for yourself:
/ CONTEXT MATTERS
For example, the CMS website listed one doctor having $7.4 million in payments from a medical device maker. However, the CMS does not provide a context for this…which is problematic. In actuality, the sum was royalties associated with 25 patents for a shoulder surgery the physician invented and spent 25 years developing. Without this context this information seemed concerning.
/ WHY SHOULD WE CARE ABOUT THIS?
One of Discovery’s core capabilities is Speaker Bureau and Event Management. We are responsible for creating solutions to manage these events for our clients. This requirement directly affects us.
Pharmaceutical and Biotech companies will always need the help of physicians and their expertise. It’s our job to provide creative and effective solutions for our clients. We would be wise to factor in the Sunshine Act and the CMS reporting requirements when we propose new opportunities to our clients. How can we make their lives easier when it comes to synching with the CMS database?
Again, Discovery prides itself on its ability to engage with its clients…and our clients look to us to tell compelling stories and to build trust. Complying with these requirements and providing creative and effective solutions will go a long way to do both.
/ FOR FURTHER READING