As companies prepare for the publication of transparency data, another country will require the disclosure of data for relationships between pharmaceutical companies and healthcare professionals. Pharmaceutical companies’ legal and compliance teams should update their list to include Iceland in the growing number of countries with new transparency reporting requirements. As of January 2015, Iceland’s local national industry association, Frumtok, adopted the EFPIA disclosure code. All companies and affiliates that are members of Frumtok, must ensure they are complaint with the new requirements. Iceland is not currently a member of EFPIA, however it has chosen to adopt the language of the disclosure code from the EU Pharmaceutical Industry code into law.
The disclosure code requires pharmaceutical companies to report any transfer of value to healthcare professionals and healthcare organizations. These transfers of value include consulting fees, speaker fees, sponsorships, travel and accommodation, donations, and fees for research & development. Ahead of the reporting deadline, companies must not only capture the necessary data for reporting, but also ensure that they have scrubbed the data to comply with privacy laws and individual consent for reporting.
An important difference to the EFPIA requirements can be seen in Iceland’s disclosure template. The template released by Frumtok, the local industry association in Iceland, has color and formatting changes to the original EFPIA template. The first reporting deadline will be June 30, 2016, for data collected during the calendar year 2015.
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