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A conversation with Bill Cooney, President & CEO, Medpoint and Vince DeChellis, Head, NHHS Healthcare Consulting, LLC, about the looming challenge of complying with the physician payment "Sunshine Act" and the competitive insight it offers on HCP contracted services and promotional spending.
To date, the looming challenge of complying with the Sunshine Act has consumed the attention of the biopharma industry. This has tended to obscure other issues of long-term strategic importance, such as the effect of transparency on public perception, and the need for industry to re-structure its spending practices with transparency in mind. Essentially, every biopharma company should assess its current spending profile as made transparent by the Sunshine Act, and ask tough questions about how its spending will be perceived, and whether adjustments are in its self-interest. To date, there is almost no evidence that leading companies have conducted such a candid self-appraisal and re-structured spending to be compatible with planned the new era of unprecedented transparency.
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It's good to talk.