Why Does Pharma Give Doctors Gifts? It Works!

If you want ideas about how to build business relationships with doctors, study the masters. No one has more evidence-based success influencing physicians’ choices than the pharmaceutical industry. Pharmaceutical companies invest heavily in a practice commonly known as detailing. Drug companies send their representatives to make calls to physicians and provide information, free samples, meals, and gifts. Between 1990 and 2008, the annual pharmaceutical marketing expenditures increased from $3 billion to $20.5 billion. Some say that detailing fueled the shameful OxyContin crisis. In response to growing concerns about potential conflicts of interests generated by detailing, gift-giving rules changed. Some states adopted laws either banning gift giving or requiring public disclosures of gifts and payments to doctors. Academic medical centers have implemented policies to limit interactions between students and faculty and pharmaceutical representatives. Finally, the Physician Payments Sunshine Act, a small piece of the Affordable Care Act legislation, requires all drug manufacturers to publicly disclose financial relationships with physicians including gifts and meals above a prescribed dollar value. And the results?  Policies banning, limiting, and requiring disclosure of gifts to physicians were associated with lower prescribing rates of newly marketed medications. In other words, the pharmaceutical industry gives gifts because it supports business growth. Would you like a deep dive into how to strategically give gifts to support your practice growth?  Join us for a Masterclass “How to Engage Doctors with Gift-Giving” Friday, November 1st 9 to 11 AM Pacific. Click here to register. You’ll take away answers to these questions Why give gifts? How do you choose the right gift? What should you avoid as you plan gift-giving campaigns? When do you give gifts? The investment? A $47 one-time payment. You get your questions answered live, and get access to a replay. Hope to see you there! To your success, Dr. Vicki PS Click here to register for the Masterclass How to Engage Doctors with Gifts: Why It Works and How to Get It Right.