On January 1, 2021, the Medicines New Zealand and New Zealand Medical Association (NZMA) Joint Transparency Initiative went into effect. “This initiative aims to promote public confidence in the biopharmaceutical industry through increasing transparency around the interactions between Healthcare Professionals (HCPs) and companies from the innovative medicines sector,” said NZMA.
“The cornerstone of the Transparency Initiative are the voluntary Guidelines for Disclosure of Transfers of Value from Pharmaceutical Companies To Healthcare Professionals which were developed by a joint Working Group composed of representatives from Medicines New Zealand’s Member Companies and the NZMA.”
We refer to Medicines New Zealand’s website for details: https://www.medicinesnz.co.nz/transparency-guidelines/.
Compared to many disclosure obligations, Medicines New Zealand created a voluntary disclosure framework where member companies can document and annually disclose transfers of value made, directly or indirectly, to or for the benefit of a recipient.
The first reporting period covers the 2021 calendar year, and the first reports will be due at the end of June 2022. Disclosures can be made on the relevant member company’s website. The disclosure guidelines include a transparency template.
MediSpend’s legal experts have a wealth of industry experience and touchpoints around the world. Our Legislative Watch offers free summaries of reporting requirements from the United States, Europe, the Middle East and Asia for your convenience. A page for New Zealand has been updated to include reporting due date, the covered recipients, what needs to report and how to report.
MediSpend recently hosted a Legislative Watch Update webinar where our legal experts discussed the recent and upcoming changes and expansions in data privacy, transparency reporting and HCP interaction rules. To watch the webinar, download here.