All pharmaceutical and medical device companies are required to comply with physician payment disclosure and gift ban laws mandated by individual States, including Maine, Minnesota, Massachusetts, West Virginia, Vermont and Washington D.C.
Payments and gifts made to health care providers, such as honoraria, consulting fees, food, travel expenses, research compensation, continuing medical education and clinical investigator payments have to be reported and will be made public.
State-Specific Deadlines for Pharmaceutical Companies
- Maine: On or before July 1st for all reportable expenditures in the prior calendar year
- Massachusetts: On or before July 1st for all reportable expenditures in the prior calendar year
- Minnesota: On or before May 1st for all reportable expenditures in the prior calendar year
- On or before April 1st for reporting the distribution of product samples in prior calendar year
- On or before October 1st for reporting additional expenditures between July 1st, 2010 through June 30th, 2011
- Washington D.C.: On or before July 1st for all reportable expenditures in the prior calendar year
- West Virginia: On or before April 1st for all reportable expenditures in the prior calendar year
State-Specific Deadlines for Medical Device Manufacturers
- Massachusetts: July 1st for all reportable expenditures in the 2010 calendar year (includes all healthcare providers that are licensed in MA, regardless of what State they practice or reside in)
- Vermont: October 1st for all reportable expenditures for the 12-month period ending June 30, 2011
Upcoming Federal Reporting Requirements
As part of the proposed Physician Payments Sunshine Act, the House of Representatives and Senate are currently preparing bills that will require pharmaceutical and medical device manufacturers to report the aggregate of compensation given to healthcare providers at the Federal level. The Federal reporting requirements will come in addition to individual State laws; companies will have to report aggregate spend at both the state and federal level.
Federal Deadlines for Pharmaceutical and Medical Device Companies
- January 1st, 2012 to begin tracking all payments or transfers of value to all US-based physicians and teaching hospitals
- On or before March 31st, 2013 to report aggregate spend in the 2012 calendar year
Learn How MediSpend® Can Help
MediSpend® is a leading software solution designed specifically for pharmaceutical and medical device companies to track Aggregate Spend and generate all Federal and State-level compliance reports. Learn how MediSpend® can help or request a free demo today.