Regulatory change for the pharmaceutical industry has been saved
Regulatory change for the pharmaceutical industry
Transparency is opportunity
From the 1st October 2015, the Medicines Australia Code of Conduct comes into effect with new transparency requirements.
From the 1st October 2015, the Medicines Australia Code of Conduct comes into effect. Some pharmaceutical companies will be required to:
- Collect information regarding “transfers of value” of over $10 made to health practitioners including the name of the practitioner and payment value
- Seek consent from health care practitioners to publish their name, payment value and other details regarding the payment on their website
- Publish these details in a spreadsheet on their website to enable access and downloading by patients.
The new version of the Code presents unique challenges for the pharmaceutical industry to comply with the Australian Privacy Principles (APP) including:
- To comply with the code, is personal information being used and disclosed for the primary purpose that it was collected?
- How will consent be collected and tracked in the first 12 months?
- After 12 months, if consent is not received what will happen with existing relationships the industry has with health care practitioners?
The Deloitte Australian Privacy Index 2015 shows that organisations are taking privacy risks seriously and are beginning to assess the state of their privacy practices.
We often help our clients with the challenge of responding to changing regulatory requirements such as the recent introduction of the unified Australian Privacy Principles by assessing the state of their current privacy practices and implement solutions to manage their privacy risks.
We would love to hear how you are approaching these challenges.