Pharmaceutical Industry

Unraveling the Extent of Pharmaceutical Industry Sponsorship in US Events: Insights from a Recent Study

by

The pharmaceutical sector’s influence on US events has long been a topic of interest and debate. A recent study sheds light on the magnitude of this influence, providing valuable insights for stakeholders and the public.

According to the research, pharmaceutical companies spent an estimated $2.6 billion on sponsored events in the United States in 2019. These events ranged from continuing medical education (CME) courses and scientific conferences to charitable functions and sponsorships of professional sports teams.

The study, published in the Journal of the American Medical Association (JAMA), analyzed data from the Centers for Medicare & Medicaid Services (CMS) Open Payments Program. This program requires manufacturers to report payments and transfers of value to healthcare professionals and institutions.

The findings revealed that the top 10 pharmaceutical companies accounted for approximately 40% of the total spending on sponsored events. These companies spent an average of $212 million each on such activities.

Moreover, the study found that the top 1% of Healthcare Additive Manufacturing professionals received nearly 50% of the total payments for sponsored events. These professionals attended an average of 12 events per year, with an average cost of $13,000 per event.

The researchers emphasized the need for increased transparency and regulation of pharmaceutical industry sponsorships to ensure that they do not unduly influence healthcare professionals’ decision-making or compromise patient care.

In conclusion, the study offers a comprehensive analysis of the extent of pharmaceutical industry sponsorship in US events. The findings underscore the importance of transparency and regulation to maintain the integrity of the healthcare system and promote evidence-based decision-making.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
+ posts

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.