On Wednesday, March 23rd at 3pm ET, MDMA will host an important Member-Only Webinar, "HCP Payments Transparency Outside of the US: An Evolving Complex Environment with Implications for Medical Device Companies", hosted by Porzio Life Sciences, LLC
The movement toward more transparency in the relationship between the life sciences industry and HCPs began in the United States with the Open Payments program. But the trend toward more transparency has been quickly accelerating in other places around the world, including Europe and the Pacific Rim. While much of the attention about the spread of transparency has focused on EFPIA's adoption of reporting requirements in its Disclosure Code, the European medical device industry groups have taken a different approach. In that regard, although the new MedTech Europe Code of Ethical Business Practice generally requires Member Companies to fully comply with all applicable national laws, regulations, and professionals codes concerning disclosure and transparency, it does not include transparency reporting requirements like the EFPIA Disclosure Code does. This is not surprising given Eucomed's historical resistance to the imposition of self-regulatory reporting requirements. Instead, MedTech Europe has chosen to address this issue in a different way; namely, by eventually phasing out direct HCP sponsorship of third-party educational events.
However, some national medical device industry groups, in places like Belgium and the Netherlands, have decided to impose financial transparency reporting requirements, as has the industry group in Japan. To further complicate matters, medical device companies are also subject to national reporting laws in places like France and Denmark. And although the EFPIA Disclosure Code does not directly impact medical device companies, if that self-regulatory initiative fails, it is likely that more European governments will choose to enact HCP transparency laws, and it is quite possible that such laws will not be confined solely to the pharmaceutical industry but will also extend to the medical device industry. This webinar will examine this growing trend of more transparency and how it affects medical device companies.
MDMA Members can view the archived audio version of this webinar by clicking here.