Did You Know?

Did you know that there is currently a bill before Congress that would require drug and medical device companies to report the payments, consulting fees, honoraria and other "transfers" worth over $100 they give to doctors every year?

The Physician Payments Sunshine Act, sponsored by Senators Charles Grassley (Republican - Iowa) and Herb Kohl (Democrat - Wisconsin) seeks to establish a national registry of industry payments to physicians, and impose strict rules for disclosing financial relationships between drug and medical device companies and doctors.

The bill would impose strong penalties for non-compliance. They range from $1,000 -- $10,000 per failure to report due to an unintentional error, and civil fines up to $10,000 -- $100,000 per violation, with a ceiling on total fines as high as $1 million, for companies that intentionally fail to report a transfer.

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To learn more information regarding the Physician Payments Sunshine Act, please feel free to visit the following website: http://www.mastercontrol.com/newsletter/blood_biologics/june_2009.html