FMV in The Medical Device Industry
Physicians within the medical device industry have unique experiences and skills that are often unmatched in their respective fields. Across all stages of marketing and development, these physicians’ insight into the market’s requirements often proves invaluable to medical device companies. As such, arrangements between medical device companies and physicians are commonplace.
In arrangements between physicians and medical device companies, there is increased government scrutiny regarding the physicians’ purchasing or prescribing of the company’s products. Specifically, there is increased government scrutiny of physicians’ prescribing practices to ascertain whether or not a pattern of usage pattern exists with the company’s products. In addition, consulting fees paid by the medical device companies to the physicians are closely monitored to ensure that the fees do not exceed FMV for the services performed. Our team of professionals can provide medical device companies with the documentation they need to demonstrate the legitimacy and value of the consulting services.