Such disclosure could help reduce what the Senate Special Committee on Aging describes as ?rampant? conflicts of interest in the medical device industry, with physicians choosing their medical devices based on possible financial incentives rather than what is in the patient?s best interest. Disclosure may also help prevent violations of federal anti-kickback and self-referral statues.
“Many of these inducements can be characterized as excessive, illegitimate and often times are undocumented,” says Sen. Herb Kohl (D-Wisc.), chairman of Special Committee on Aging, in a published report.
If signed, the bill would create a government Web site listing payment information from companies with $100 million or more in annual gross revenue. Officials from device maker Medtronic said in a statement that they would like to see the threshold reduced to require smaller companies to disclose arrangements.
The Advanced Medical Technology Association, a trade group for manufacturers, also supports the legislation if changes are made to the bill.
To view a Webcast on the bill titled ?Surgeons for Sale: Conflicts and Consultant Payments in the Medical Device Industry,? which includes statements from Kohl and witness testimony, go here.
