US “Sunshine Act” Reporting for Medical Device Companies

For nearly a decade, the US Federal Government under the auspices of the Centers for Medicare and Medicaid (CMS) have collected “open payments” data from manufacturers of medical devices, drugs, biologicals, and medical supplies. The intent of the reporting is to provide transparency relative to manufacturer payments and interactions with Healthcare Professionals (HCP’s) and Healthcare Organizations including Teaching Hospitals. Failure to address the reporting requirements may result in monetary penalties not to mention the risk to the Company’s reputation.