Pfizer Inc announced its plans to make publicly available 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. This makes Pfizer the first biopharmaceutical company to commit to reporting payments for conducting Phase I-IV clinical trials in addition to disclosing payments for speaking and consulting. This disclosure demonstrates Pfizer's commitment to increased transparency and public candor.
Pfizer is committing to share this information in order to provide greater clarity and understanding of the valuable scientific innovations and improved patient care that result from these collaborations with healthcare professionals.
"These collaborations are an essential part of medical progress," said Jeffrey B. Kindler, Chairman and Chief Executive Officer of Pfizer. "Simply put, without these collaborations, Pfizer would not be able to continue delivering the medical innovations that the global health community has come to expect."
In 2008, Pfizer collaborated with almost 8,000 clinical investigators to conduct more than 280 studies to better understand how our medicines can be safely and effectively used to the benefit of patients. Pfizer makes payments to investigators and research institutions to compensate them for the work done on the company's behalf. As part of this initiative, Pfizer 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.
Pfizer's plans reflect the spirit of recent proposed legislation regarding payments to physicians in that it includes payments to practicing physicians and other healthcare providers as well as to principal investigators and institutions for Phase I-IV clinical trials sponsored by Pfizer.
Pfizer plans to publish its first annual online update on www.pfizer.com in early 2010. The report will include payments made from July 1, 2009, going forward.
Parameters under consideration include reporting 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.
Specifically, this includes disclosing all 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.
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.
"Pfizer has made an important step forward with this extensive disclosure policy. The release of financial information about consulting, education and clinical research activities sets a standard for transparency in the pharmaceutical and medical device industries," said Andrew F. Leuchter, M.D., Professor of Psychiatry and Biobehavioral Sciences, Associate Dean, David Geffen School of Medicine at UCLA. "I believe policies such as these will help restore public confidence in the relationships physicians and academic medical centers have with the industry."
About Pfizer Inc
Pfizer Inc, founded in 1849, is dedicated to better health and greater access to health care for people and their valued animals. Every day, approximately 81,900 colleagues in more than 150 countries work to discover, develop, manufacture and deliver quality, safe and effective prescription medicines to patients.