When it comes to exchanges of value with health care professionals and organizations, life science companies are faced with a myriad of transparency laws and industry codes. This complicated regulatory environment is predicted to become more extensive in 2014 and beyond, making it important for these companies to understand their reporting requirements and optimize their systems. Many life science companies are taking a global approach to compliance, which is prompting them to improve the efficiency of their data management systems.
CBI Scene Blog
According to the Centers for Medicare and Medicaid Services, there has been a final ruling on the National Physician Payment Transparency Program: Open Payments, better known as the Sunshine Act. Under the Open Payments program, data collection of medical device and drug manufacturers who send gifts and payments to physicians and teaching hospitals is now mandatory. This applies to any manufacturer who receives government reimbursement, and collection data will be posted on a public website as of September 30, 2014.