Pfizer hops on transparency bandwagon with disclosures

Kindler: accelerating Pfizer's pipeline
Kindler: accelerating Pfizer's pipeline
Following the lead of peers like Lilly and GlaxoSmithKline, Pfizer announced plans to publicly disclose payments to US physicians, healthcare professionals and clinical investigators in excess of $500 per year, along with non-monetary items worth more than $25.

The policy includes payments to principal investigators, major academic institutions and research sites for clinical research. In a first, the company said, annual disclosures will include payments for conducting Phase I-IV clinical trials as well as for speaking and consulting.

The first report is slated to appear on the company's website in early 2010, and will include payments from July 1, 2009 on.  

“We are committed to taking the steps necessary to achieve greater transparency in our interactions with US healthcare professionals,” said chairman and CEO Jeff Kindler in a statement. “By disclosing payments to physicians, we are breaking down a major barrier and increasing the trust healthcare providers must have when prescribing our medicines. To be viewed as an open, candid and transparent company, we must address the concerns of our customers and take action. This new initiative does just that.”