Feb. 7—A final rule will require drug and device manufacturers to report payments or other transfers of value they make to physicians and teaching hospitals to the Centers for Medicare & Medicaid Services (CMS). The increased transparency is intended to reduce potential conflicts of interest that physicians or teaching hospitals could face as a result of their relationships with manufacturers.
The rule applies to manufacturers of drugs, devices, and biological and medical supplies covered by Medicare, Medicaid, or the Children’s Health Insurance Program (CHIP). Under the rule, manufacturers and group purchasing organizations (GPOs) also are required to disclose physician ownership or investment interests to CMS.
Data collection will begin Aug. 1, 2013, with applicable manufacturers and GPOs reporting the data through December 2013 to CMS by March 31, 2014. CMS will post the data to a public website by Sept. 30, 2014, according to a release. Reporting and named parties will have an opportunity to review and correct reported information prior to publication.
Publication Date: Thursday, February 07, 2013