• E-mail
• Print
• RSS

Survey Series: Effect of AdvaMed Code on device company operations

Device Regulation Alert: Safety, Compliance and Reimbursement News, April 2, 2007

According to a new survey of medical device and diagnostics companies, nearly 100% of companies have adopted the AdvaMed Code of Ethics on Interactions with Health Care Professionals in its entirety. The results of the survey, by PricewaterhouseCoopers, King & Spaulding, and Compliance-Alliance, were presented in Cambridge, MA, last week during the Second Annual Medical Device Regulatory, Reimbursement, and Compliance Congress.

In this first of a three-part series, Device Regulation Alert will look at the survey results that show how companies have implemented and responded to the Code.

According to the survey, as of February 2007, more than 500 medical device companies and/or their subsidiaries have designated a compliance officer to handle compliance with the AdvaMed Code and fraud and abuse laws. In addition, companies reported that implementing the Code has had either no impact or a positive impact on the bottom line. The survey found that 82% of respondents said the code had no negative financial impact, whereas 10% said it actually had a positive financial effect.

The majority--72%--of respondents said their companies audit for compliance with the code, the survey reports. Nine out of ten companies have applied the AdvaMed Code to all company employees, regardless of role or seniority.

Stay tuned next week when Device Regulation Alert reports the survey's findings about challenges to implementing the Code.

• E-mail to a Colleague
• Print
• RSS
• Archive