RxInsider Shannon Staton PharmD Candidate 2016 The Sunshine Act RxInsider Shannon Staton PharmD Candidate 2016
Quick Overview https://search.yahoo.com/yhs/search?p=youtu be+sunshine+act&ei=UTF- 8&hspart=mozilla&hsimp=yhs-002
About The Sunshine Act requires manufacturers of covered drugs, devices, biological products and medical supplies to annually report to CMS information regarding: Payments Ownership Investment interests Other transfers of value to: Physicians and Teaching Hospitals
Goal The intent of the law is to bring potential conflicts of interest to light with the goal of driving down healthcare costs
About Administered by CMS – Centers for Medicare and Medicaid To create transparency around financial relationships of manufacturers, physicians and teaching hospitals Report all payments to physicians and teaching hospitals Data collection began August 2013
Annual reports including payments for: Funding for research Travel Honoraria Speaking fees Meals Educational items
Exempt from Reporting Payments for speakers and faculty at certain accredited CME events Food and beverage provided to all attendees of a large scale conference or meeting Product samples for use by patients Educational materials for use by patients Payments/transfers less than $10 in value, unless they exceed $100 during one year
To not be reported in CMS: To opt out: REFUSE! The only way to not be included in reporting activities is to refuse payments or any transfers of value
Implications for Pharma Marketing They have had to significantly reduce sales force Rethink marketing by: Align data and analytics with marketing (No room for poor ROIs) Make every interaction matter (face to face time with physicians is dwindling so each interaction must be impactful) Identify and segment potential customers & thoroughly research their needs Take advantage of Multi-Channel marketing
Questions?