A conversation with Bill Cooney, President & CEO, Medpoint, and Vince DeChellis, Head, NHHS Healthcare Consulting, LLC (see bios), about the looming challenge of complying with the Physician Payments "Sunshine Act" and the competitive insight it offers on HCP contracted services and promotional spending.
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Life science companies are struggling to understand the complex reporting requirements and compliance issues presented by existing and new regulations such as the Physician Payments Sunshine Act (PPSA), provisions of which were included in the Patient Protection and Affordable Care Act. While the looming challenge of complying with the Sunshine Act has consumed the attention of the biopharma industry, it has tended to obscure other issues of long-term strategic importance, such as the effect of transparency on public perception, and the need for industry to re-structure its spending practices with transparency in mind.
Essentially, every biopharma company should assess its current spending profile as made transparent by the Sunshine Act, and ask tough questions about how its spending will be perceived, and whether adjustments are in its self-interest. To date, there is almost no evidence that leading companies have conducted such a candid self-appraisal and re-structured spending to be compatible with planned the new era of unprecedented transparency.
Are biopharma companies prepared for the Sunshine Act? What are the deadlines?
What is the status of reporting standards from CMS?
What are some ramifications of the PPSA for the industry and HCPs?
What will be the likely response by the medical community? Can we anticipate likely reactions by the public and media?
What should biopharma companies do to be better prepared?
What are some of the future implications? Are there alternative marketing practices that are more compatible with the Sunshine Act? Why is the PPSA so important?
What will be the effect on the effect on clinical research and other contracted consulting services such as speaker programs?
What are some of the competitive intelligence and strategic planningramifications? Including:
The emergence of competitive insight on HCP contracted services and promotional spending
Knowledge of services that command the highest spends, with who, where and by industry/ company
Contracted service spend ranges
Strategic planning, budgeting and resource allocation
Bill Cooney launched his career in 1982 as a field representative for Wyeth. In 1983 Bill joined the marketing department at Abbott, Pharmaceutical Products Division. Over a period of five years Bill worked in various marketing and sales management positions at Abbott, notably as Business Unit Manager for the Depakote brand. In 1990, Bill founded MedPoint Communications, where he continues to serve as President and CEO. Bill has overseen the growth of MedPoint into a leading medical education and communications group serving global pharmaceutical and biotechnology companies.
Vince DeChellis is an accomplished pharmaceutical marketer and health information technology (HIT) professional focused on strategic planning and services for organizations and providers in the Life Sciences industry. As principal and founder of NHHS Healthcare Consulting in 2005, Mr. DeChellis draws on a rich industry and health care background to help clients achieve their business goals to improve health, profitability and brand equity. His pharmaceutical experience includes leadership positions in sales, marketing, managed care, life cycle management and e-Business. His experience and leadership has led NHHS to focus on the rapidly growing needs in health information technology, medication adherence and life sciences business intelligence. In addition Mr. DeChellis is a member of HIMSS, is active in numerous industry associations and sits on the board of two companies that support the life sciences industry.