Report Details Full Year’s Worth of Data and Wyeth Activity
NEW YORK--(BUSINESS WIRE)-- Pfizer Inc. today released a report detailing the company’s financial interactions with health care professionals and researchers in 2010. Specifically, the report, posted today on www.pfizer.com/WorkingWithHCP, presents 2010 data on payments -- including compensation for clinical research activities, professional consulting, and speaking at expert-led forums –- and the value of other items, such as meals, educational items and reimbursed travel expenses, provided to U.S. health care professionals who are licensed to prescribe medicines.
“Pfizer depends on the medical and scientific community for a broad range of activities, from conducting clinical trials to providing insight about patient care needs,” said Dr. Steve Romano, senior vice president, Medicines Development Group, Primary Care Business Unit, Pfizer. “Through our interactions, we receive valuable information that can help us better serve doctors and patients, or we share information that health care professionals may use to make better treatment decisions for their patients.”
The report, which includes Pfizer and legacy Wyeth information, represents data collected from January through December 2010 about interactions with nearly 200,000 health care professionals. Of approximately $177 million reported, the majority (61%) went to clinical trials and related research and development expenses.
“Research partnerships with Pfizer and other biopharmaceutical companies help to drive innovation and lead to better, safer medicines and improved lives,” said Mary Woolley, president of Research! America. “Pfizer's financial transparency in their relationships with healthcare providers demonstrates a significant commitment to clinical research and discovery.”
Approximately $108 million of the total payments disclosed reflects work conducted with nearly 1,000 research organizations and academic medical centers to study how medicines work and to develop new medicines. Pfizer’s payments to these institutions supported critical clinical trial activities including patient recruitment, coordinating and conducting the trials, and complying with legal and regulatory requirements. These payments represent a small portion of Pfizer’s total investment in research and development.
Approximately 4,600 experienced health care professionals were selected as speakers to educate their peers about health conditions and the safe and appropriate use of Pfizer medicines. These professionals were compensated an average of approximately $7,400 per person in 2010 for their work. Speakers and attendees were also often provided meals at these events.
Approximately 1,400 experienced health care professionals provided input and advice to Pfizer to ensure the company addresses the needs of clinicians and patients. These professionals were compensated an average of approximately $6,200 per person in 2010 in return for their time and expertise.
“The AMA Foundation supports Pfizer and other pharmaceutical/biotech companies in their commitment to transparency in their financial relationships with doctors,” said Dr. Owen Garrick, president-elect of the American Medical Association Foundation. “Physicians learn about new discoveries, new innovations and improved products from many different sources and in many different ways. These relationships and financial transactions enable vital research and the development of new and innovative medicines, and provide health care professionals with up-to-date and valuable information to help inform better treatment decisions for their patients.”
Pfizer is now reporting data for health care professionals who received payments, meals or educational items worth $10 or more. For health care professionals who received more than $100 in total value during 2010, all payments or items are reported regardless of value. The reporting complies with the company’s Corporate Integrity Agreement with the Office of Inspector General of the U.S. Department of Health and Human Services and also reflects the minimums and thresholds set forth in the transparency reporting provisions of the Affordable Care Act.
Starting in 2013, disclosures of payments and other transfers of value made to U.S. physicians and teaching hospitals will be required of all biopharmaceutical companies operating in the U.S., in accordance with the Affordable Care Act transparency reporting provisions, previously known as the Physician Payment Sunshine Act. The broad scope of Pfizer’s current disclosures puts the company ahead of many others in making the types of disclosures that will soon be required of companies subject to this federal law.
Going forward, Pfizer will release its disclosures on a quarterly basis, adhering to the new dollar minimums and threshold for reporting. The next report will be released in June 2011.
Pfizer Inc.: Working together for a healthier world™
At Pfizer, we apply science and our global resources to improve health and well-being at every stage of life. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of medicines for people and animals. Our diversified global health care portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and many of the world's best-known consumer products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as the world's leading biopharmaceutical company, we also collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, Pfizer has worked to make a difference for all who rely on us. To learn more about our commitments, please visit us at www.pfizer.com.
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Kristen Neese, 212-733-8926
Suzanne Harnett, 212-733-8009
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INDUSTRY KEYWORDS: Health Pharmaceutical Professional Services Finance General Health