NEW YORK (AP) -- Pfizer Inc. said Thursday it spent $177 million in 2010 on payments to doctors and other health care professionals for a mix of research, speeches, and other services.
The report is part of a movement by drug developers to disclose payments they make to physicians after years of scrutiny that the practice wasn't transparent. Pharmaceutical companies often pay physicians a fee to "educate" their fellow physicians about a company drug. The goal is to get other physicians to consider prescribing a specific company drug, depending on the diagnosed condition.
Starting in 2013, companies are required to disclose payments and other transfers of value to U.S. physicians and teaching hospitals under the Affordable Care Act.
Pfizer said Thursday it will start making the disclosures on a quarterly basis.
The New York company said about $108 million of the payments went to nearly 1,000 research organizations and academic medical centers as part of research and development on new medicines. The company spent $9.41 billion in total research and development expenses in 2010.
Meanwhile, the remainder of the money was spent on health care professionals for "expert-led forums" and "professional advising," the company said. It said about 4,600 health care professionals were selected as speakers to "educate their peers about health conditions and the safe and appropriate use of Pfizer medicines." They were compensated at about $7,400 per person. Both speakers and attendees were given free meals at the events.
Also, the company said about 1,400 health care professionals provided input and advice to Pfizer to "ensure the company addresses the needs of clinicians and patients." Each person was compensated at about $6,200.
Pfizer makes the world's top-selling drug, cholesterol fighter Lipitor, as well as pain treatment Lyrica and impotence pill Viagra.
"Pfizer depends on the medical and scientific community for a broad range of activities, from conducting clinical trials to providing insight about patient care needs," said Dr. Steve Romano, senior vice president of the company's medicines development group, in a statement. "Through our interactions, we receive valuable information that can help us better serve doctors and patients, or we share information that health care professionals may use to make better treatment decisions for their patients."
Shares of Pfizer rose 9 cents to $20.43 in afternoon trading.
The report is part of a movement by drug developers to disclose payments they make to physicians after years of scrutiny that the practice wasn't transparent. Pharmaceutical companies often pay physicians a fee to "educate" their fellow physicians about a company drug. The goal is to get other physicians to consider prescribing a specific company drug, depending on the diagnosed condition.
Starting in 2013, companies are required to disclose payments and other transfers of value to U.S. physicians and teaching hospitals under the Affordable Care Act.
Pfizer said Thursday it will start making the disclosures on a quarterly basis.
The New York company said about $108 million of the payments went to nearly 1,000 research organizations and academic medical centers as part of research and development on new medicines. The company spent $9.41 billion in total research and development expenses in 2010.
Meanwhile, the remainder of the money was spent on health care professionals for "expert-led forums" and "professional advising," the company said. It said about 4,600 health care professionals were selected as speakers to "educate their peers about health conditions and the safe and appropriate use of Pfizer medicines." They were compensated at about $7,400 per person. Both speakers and attendees were given free meals at the events.
Also, the company said about 1,400 health care professionals provided input and advice to Pfizer to "ensure the company addresses the needs of clinicians and patients." Each person was compensated at about $6,200.
Pfizer makes the world's top-selling drug, cholesterol fighter Lipitor, as well as pain treatment Lyrica and impotence pill Viagra.
"Pfizer depends on the medical and scientific community for a broad range of activities, from conducting clinical trials to providing insight about patient care needs," said Dr. Steve Romano, senior vice president of the company's medicines development group, in a statement. "Through our interactions, we receive valuable information that can help us better serve doctors and patients, or we share information that health care professionals may use to make better treatment decisions for their patients."
Shares of Pfizer rose 9 cents to $20.43 in afternoon trading.