Cloud-based healthcare provider (HCP) data service companies are expected to see a jump in business growth as well as M&A, investor and partnership interest because of new open payment rules under the US Sunshine Act, experts told BioPharm Insight.
The legislation – otherwise known as the Physician Payments Sunshine Act – is set to come into force on 1 August 2013. It requires pharmaceutical and medical device companies to publicly list all payments to or money spent on physicians and other HCPs greater than USD 10. The information will be available on the public database Centers for Medicare & Medicaid Services (CMS). Failure to comply could lead to charges of up to USD 100,000 per incidence.