Major orthopedics companies could soon bid adieu to outside monitors who have watched them to ensure above-board financial relationships with surgeons, but the good behavior is expected to continue.
The monitors were appointed in 2007 under agreements the five big orthopedics firms signed with the U.S. government to resolve allegations of improper surgeon payments. While those agreements are set to expire at the end of March, they will end amid a wider push for increased transparency.
Orthopedics firms and other medical companies seem to see the handwriting on the wall. Pharmaceutical giant Pfizer Inc. (PFE) joined on Monday, for example, a list of drug makers that have pledged to disclose various payments to doctors.
Josh: Unfortunately, it shouldn’t be handwritten, it should be laser marked on the heads of all of these companies. What has transpired over the last 8-9 years in the musculoskeletal industry is disgusting. Today , the surgeon plays two roles for the company that he is a consulting for; the first role is as a lobbyist and the second role is as a salesman. The salesman has now become a dealmaker, an order take and a case coverage person.
426 Surgeons that claimed royalties, major and minor investors in companies, consultants, educators and guest speakers at the 2008 NASS Meeting. Looks like Federal oversight is here to stay
Its a good thing! Finally, the playing field will begin to even out a bit. It is long overdue!