In the past, the primary concerns for pharma marketers working with a widely distributed sales force were managing costs and reducing fulfillment times for their direct-to-physician (DTP) marketing campaigns. These are still major issues, but new regulations have introduced another wrinkle to the mix. With the passage of the Sunshine Act (i.e. Patient Protection and Affordable Care Act) pharmaceutical, biologic, medical device, and medical supply companies are now required to report any transfer of value to physicians of more than $10.
The boundaries of this regulation are still being determined, but the time to begin preparing is yesterday. The penalty for non-compliance starts at $10,000, and in certain cases, it can exceed $100,000. There is also the very real risk of having a damaged corporate reputation, strained business relationships, and significant legal costs.
Abiding by the mandates of the Sunshine Act will be a challenge, but luckily, new fulfillment strategies for DTP marketing and sales support make it easier than ever to avoid violations while maximizing the effectiveness of printed collateral. Here are three important factors you need to consider to effectively navigate the regulatory headaches created by the Sunshine Act.
The data collection provisions of the Sunshine Act have already gone into place. It would be a costly mistake not to begin preparing for them now. Using marketing collateral management solutions, life sciences marketers can meet their regulatory obligations and enhance the effectiveness of their entire direct-to-physician marketing strategy.
To learn more on how the Sunshine Act will affect your marketing and direct sales efforts, reference our free ebook, “Streamlining Fulfillment, Simplifying Compliance, & Staying Competitive for the 21st Century Life Sciences Marketer.”Google+
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