SOURCE: Cutting Edge Information

Cutting Edge Information

January 12, 2016 09:30 ET

Life Sciences Industry Trends: Increasing Global Fair Market Value Transparency in 2016

Cutting Edge Information's FMVConnect Database

RESEARCH TRIANGLE PARK, NC--(Marketwired - January 12, 2016) - Increasing physician compensation transparency for the life sciences industry is not a trend unique to the United States. According to life sciences intelligence provider Cutting Edge Information, the finalization of the Sunshine Act has influenced policies outside of the United States. Countries in European, South American, Asian and emerging markets have taken steps to hold companies accountable for fair market value (FMV) payments to healthcare providers (HCPs).

Many European countries, for example, have enacted changes that regulate companies' interactions with HCPs and medical institutions. The European Federation of Pharmaceutical Industries and Associations (EFPIA) outlines expectations for the life sciences industry in its Code of Disclosure of Transfers of Value from Pharmaceutical Companies to Healthcare Professionals and Healthcare Organisations. 

Beginning in 2015, full and affiliate EFPIA member companies -- and companies that join EFPIA specialty groups such as European Biopharmaceutical Enterprises (EBE) and Vaccines Europe (VE) -- had to track payments to physicians and other healthcare practitioners. Moreover, member companies must now be prepared to disclose their 2015 payment data in 2016.

Apart from the EFPIA guidance adopted by its member countries, some European countries have created and passed their own iterations of the Sunshine Act. These regulations require companies to disclose all physician payments. However, companies expect varying levels of anonymity.

"France, Slovakia and Denmark are among the countries passing their own transparency regulations," said Sarah Ray, senior research analyst at Cutting Edge Information. "Outside of Europe, transparency requirements are being instituted across the globe in countries such as Australia, Japan and Colombia with varying degrees of reporting requirements."

Cutting Edge Information's newest FMV white paper -- The State of Global Payments in 2016 -- describes key factors implementing fair market value determination worldwide, including the challenges involved in developing rates in emerging markets. This free resource also focuses on emerging regulatory trends around the world that will influence the ability to apply an updated, uniform methodology to FMV calculation processes. To download The State of Global FMV Payments in 2016 go to http://www.cuttingedgeinfo.com/download/?ref=32117.

FMVConnect, a benchmarking and analysis solution by Cutting Edge Information, provides healthcare companies with the data necessary to build key opinion leader relationships and to establish top-notch physician and non-physician fair market value fee schedules. 

Our team of research experts has worked with thought leaders and pharmaceutical executives to develop a time-tested methodology for identifying and segmenting healthcare professionals and for determining fair market value for specific thought leader activities. With Cutting Edge Information's FMV services, you can:

  • Implement a fee schedule based on detailed KOL compensation benchmarks
  • Establish sound consultant and advisor payment practices
  • Receive a customized data set based on your company's specific needs

FMV data for different thought leader activities are presented in tables and grouped by specialty, geographic region and tier. Our comprehensive database includes information from 118 countries, 109 specialties/subspecialties and 64 non-specialist roles. For more information on FMVConnect, download the brochure at http://www.cuttingedgeinfo.com/download/?ref=24426 or sign up for a free demonstration at http://www.cuttingedgeinfo.com/physician-fair-market-value/demo.

Contact Information