The Open Payment Rule establishes a federal transparency program to increase public awareness of financial relationships between drug and device manufacturers and physicians. For purposes of the Open Payment Rule, “physicians” encompasses those individuals licensed as MDs, DDS, DOs, Optometrists, and Chiropractors, and excludes medical residents. It requires Industry to collect information on payments and other transfers of value, as well as ownership or investment interests held by physicians and their family members. Industry will register and submit this information to CMS in anticipation that CMS will publish this information on an annual basis beginning in September 2014.
USC supports meaningful interactions with industry. We recognize that these collaborations have led to the discovery of new knowledge with has directly benefited patients/public health. USC seeks to maintain a culture of ethics in its business relations and to minimize conflicts of interest or even the appearance of conflicts of interest.
The following principles should guide our interactions:
- The interactions should serve to enhance the health of the public.
- The interaction should be transparent.
- All of the interactions between academic medical centers and industry must reflect high standards of medical professionalism that reach beyond applicable laws and regulations.
- The interactions should involve knowledgeable parties on both sides of the interactions.
- Interactions should be inappropriate settings…and assure evidence-based exchange, which is free of bias, to the maximum extent possible.
- Interactions must serve the academic mission as well as legitimate missions of industry.
- Compensation and arrangements should be structured to support the above principles.