More Oversight is Needed Around Incentive Practices for Medical Products
More Oversight is Needed Around Incentive Practices for Medical Products
Each year, a significant number of individuals undergo surgical procedures in order to maintain their quality of life and ensure a healthy future. These individuals trust their physicians to ensure the procedure is successful and they can heal and lead fulfilling lives. However, it has become apparent that some doctors may prioritize financial gain over patient well-being when making surgical decisions, making more oversight needed. In fact, over the past year, doctors received approximately $11 billion dollars in kickbacks from medical companies in exchange for using their products. This raises the question of whether doctors prioritize their financial gain over the general health of their patients.The corrupt influence of financial gain on medical judgement is not a new issue. Pharmaceutical companies have been known to offer payouts to doctors in order to influence drug sales. Health policy experts have provided oversight and attempted to regulate these practices, but loopholes can still be exploited. The growing issue in the healthcare industry is kickbacks from medical companies to surgeons in exchange for using their products, some of which are not approved by the Food and Drug Administration (FDA).Kickbacks can take various forms such as compensation for promotional speakers’ fees, consulting fees, stock holdings, and participation in sponsored medical panels. As long as there is a functional reason for the compensation, the money awarded to the doctors is considered legal. Surgeons are also legally permitted to implant devices that they helped create or promote.
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Sources:
Shedding Light on the Billions Medical Companies Pay DoctorsMedical Device Makers Paid Billions to Doctors to Use Their ProductsMedical Equipment Company Will Pay $646 Million for Making Illegal Payments to Doctors and Hospitals in United States and Latin America
About Sara E. Teller
Sara is a credited freelance writer, editor, contributor, and essayist, as well as a novelist and poet with nearly twenty years of experience. A seasoned publishing professional, she's worked for newspapers, magazines and book publishers in content digitization, editorial, acquisitions and intellectual property. Sara has been an invited speaker at a Careers in Publishing & Authorship event at Michigan State University and a Reading and Writing Instructor at Sylvan Learning Center. She has an MBA degree with a concentration in Marketing and an MA in Clinical Mental Health Counseling, graduating with a 4.2/4.0 GPA. She is also a member of Chi Sigma Iota and a 2020 recipient of the Donald D. Davis scholarship recognizing social responsibility. Sara is certified in children's book writing, HTML coding and social media marketing. Her fifth book, PTSD: Healing from the Inside Out, was released in September 2019 and is available on Amazon. You can find her others books there, too, including Narcissistic Abuse: A Survival Guide, released in December 2017.