Pfizer, the world's largest pharmaceutical company, will make public its compensation of U.S. healthcare professionals for consulting, speaking engagements and clinical trials.
The disclosure will include payments made to practicing U.S. physicians and other healthcare providers as well as principal investigators, major academic institutions and research sites for clinical research.
Pfizer is the first pharmaceutical company to commit to reporting payments for conducting Phase I-IV clinical trials in addition to disclosing payments for speaking and consulting.
"These collaborations are an essential part of medical progress," said Jeffrey B. Kindler, Pfizer's chairman and CEO. "Without these collaborations, Pfizer would not be able to continue delivering the medical innovations that the global health community has come to expect."
Pharmaceutical companies like Pfizer have come under increasing scrutiny - and criticism - for their financial contributions to physicians. Pfizer's plans are in response to recently proposed legislation regarding payments to practicing physicians and other healthcare providers as well as to principal investigators and institutions for Phase I-IV clinical trials.
Pfizer makes payments to investigators and research institutions to compensate them for work done on the company's behalf. The company says it will ensure that payments are posted in an "accurate, clear and consistent manner" that clearly demonstrates the recipient name or institution, the payment made and the service provided.
Kindler revealed that, in 2008, Pfizer collaborated with approximately 8,000 clinical investigators to conduct more than 280 studies. The company plans to publish its first annual online update in early 2010. The report will include payments made from July 1, 2009, going forward.
Pfizer says it may report payments to recipients whose aggregate amount exceeds $500 in a calendar year, including the value of non-monetary items, such as meals, that exceed $25 in value. The payments include those for clinical development and commercial consulting, promotional speaking, phase I-IV clinical trials, investigator-initiated research and meals and other non-monetary items.
Disclosures would include payments to all practicing healthcare providers who can prescribe medicines, major institutions for ongoing clinical trials and all principal investigators and other entities for Phase I-IV clinical trials sponsored by Pfizer beginning after July 1, 2009.
"Pfizer has made an important step forward with this extensive disclosure policy," said Andrew F. Leuchter, MD, professor of psychiatry and biobehavioral sciences at UCLA's David Geffen School of Medicine. "The release of financial information about consulting, education and clinical research activities sets a standard for transparency in the pharmaceutical and medical device industries."