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Sponsored Medications Increase MDs Bottom Line
Increasing in costs each year, prescription pills are one of the most profitable and dominating industries in the nation, with annual sales in the hundreds of billions. Prescribed medications constitute a significant bulk of work that medical coders must transcribe.
Shockingly, the prescription pill industry has questionable practices to increase their bottom line, and in turn, increase coding workload through unnecessary prescriptions.
Though pharmaceutical companies have long-earned a reputation for wooing doctors with gifts, bribes, and incentives, it was only revealed in recent years that they’ve also been paying doctors huge sums of money to promote certain products – and doctors are taking up these offers. These pre-selected medications are not only violating a conflict of interest, they can be largely responsible for increases in patient and insurance costs: a doctor may feel obligated to prescribe an expensive “sponsored” medication over a cheaper alternative.
This in turn, is reflected on the overall rising cost of healthcare, which unfortunately, is exactly what the doctor ordered.
Source: Medical Billing and Coding
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Filed under: Drugs and Pharma, Ethics | Tagged: Drugs, pharma, pharmaceutical companies, prescription pills, sponsored drugs |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
FDA Issues Off-Label Information Guidelines for Industry
The U.S. Food and Drug Administration (FDA) just issued draft guidelines that would permit drug and device makers to provide information on off-label uses, but only if the request for information is unsolicited. An unsolicited request is one not initiated in any form by the drug or device maker or distributor itself.
As a rule, manufacturers and distributors cannot promote a drug or medical device for uses other than those approved or cleared by the FDA. But once given the FDA seal of approval, products can be used by healthcare professionals for purposes that are not included in a product’s approved labeling or statement of intended uses. Such off-label uses or treatment regimens, says the FDA, “may be important therapeutic options and may even constitute a medically recognized standard of care.”
Source: Wayne J. Guglielmo, Medscape News [12/27/11]
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