U.S TO REQUIRE MEDICARE/MEDICAID DRUG AND DEVICE COMPANIES TO REPORT MONEY PAID TO DOCTORS

Under a new health care law, if a company has just one product covered by Medicare or Medicaid, it will have to disclose all payments to doctors and the feds will be posting the information on a public web site available to all. More than 1,100 drug, device and medical supply companies will have to file reports. Comsumer advocates including many physician groups say that this will help curb conflicts of interest. Medicare and Medicaid are programs for older Americans, the disabled and the poor and more than $100 billion per year is spent on drugs and devices. The law also requires the drug and device companies to disclose the amount of any ownership or investment interest held by doctors or their immediate family members other than holdings of publicly traded stocks.