Below is a short brief description of the so-called Sunshine Act, which we got from a website of a pharmaceutical company. We have had several discussions in our company about this, and the issue of payoffs and gifts in the market place. Being in the Philippines and a Filipino company, we are exempted from the Sunshine Act so far. But yesterday, once again, we reminded our team that we are in a special industry, and as a company, we recognize and are reminded of our responsibilities to the many stakeholders of the medical equipment industry. We gave the Sunshine Act some time in our discussions. Our deep commitment to ethics and professionalism continues, and we commit to build on this as part of who we are.
Beginning August 1, 2013, the Physician Payments Sunshine Act (the “Sunshine Act”), which is part of the Affordable Care Act, requires manufacturers of drugs, medical devices, and biologicals that participate in U.S. federal health care programs to track and then report certain payments and items of value given to U.S. physicians and U.S. teaching hospitals (defined as “Covered Recipients”).
The Sunshine Act requires that manufacturers collect this information on a yearly basis and then report it to Centers for Medicare & Medicaid Services (“CMS”) by the 90th day of each subsequent year. On June 30th of each year, CMS will post the reported payments and other transfers of value on its public website. For the initial year of 2013, the collection time period is August 1, 2013 through December 31, 2013, with a reporting deadline of March 31, 2014 (extended to June 30, 2013). CMS has stated it will post the data reported for 2013 on its public website on September 30, 2014.