Drug and biomedical firms, medical supply and device manufacturers, and group purchasing organizations would be required to report payments or other transfers of value made to physicians and teaching hospitals under a new rule. The information would be made publicly available by Sept. 30, 2013.
The Centers for Medicare and Medicaid Services will publish the proposed rule in the Federal Register on Dec. 19. The rule is intended to reduce potential conflicts of interest that may result from provider relationships with manufacturers, according to CMS. The rule is authorized under the Affordable Care Act.
Violators would be subject to fines capped at $150,000 annually for failing to report, and $1 million for knowingly failing to report. Affected manufacturers need not begin reporting until a final rule is issued. “Depending on the timing of the final rule, CMS is proposing that manufacturers and GPOs be required to submit a partial year on March 31, 2013,” according to an agency statement. CMS will provide a 45-day period for providers to review and if necessary correct data before making it public.
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