Edwards Lifesciences is leading the way towards transparency; the company will post information about its fiduciary relationships with physicians beginning in the second half of 2009.
"Medical innovation is dependent on these physician partnerships," said Mike Musssallem, CEO of Edwards and chairperson of AdvaMed, "and we believe that bringing transparency to these relationships will help the public better understand the critical role they play in the advancement of medical technology and patient care."
Specifically, Edwards, a maker of replacement heart valves, will share on its web site ties to physicians that it pays $5,000 per year or more in consulting fees, royalties and honoraria.
While legislation is pending that likely will mandate such disclosures, some drug and device companies are taking steps to be transparency forerunners. Edwards will begin tracking physician financial data on January 1, 2009.
- read the story at CNN Money
- here's what the Orange County Business Journal said
- get the Pharmalot blog post