Since its implementation in 2021, Medicines New Zealand has remained committed to the objectives and principles of the Transparency Initiative, and continues to advocate for transparency in the financial relationships between the pharmaceutical industry and Healthcare Professionals. 

To ensure that the Initiative remains fit for purpose Medicines New Zealand has undertaken a full review of the Disclosure Guidelines. 

The review of the Transparency Initiative was led by a Steering Committee composed of representatives from Medicines New Zealand member companies. These representatives included senior personnel from a diverse range of roles including medical, legal, compliance and commercial ensuring that there was both a breadth and depth of experience on the Steering Committee. 

The review of the Guidelines was also informed by feedback from the wider membership and external stakeholders. Practical learnings from the administration and oversight of the initiative since initial implementation have also been considered alongside international approaches to transparency.

Following presentation of the Steering Committee’s findings to the Board of Directors of Medicines New Zealand the following options for reform and enhancement of the transparency initiative were agreed upon.

Reform and Enhancements of the Transparency Initiative

Effective from the 2026 calendar year, (i.e. reports due 30 June 2027)

• Transparency reporting will become mandatory. Participation in the Transparency Initiative and adherence to the Disclosure Guidelines set by Medicines New Zealand will no longer be voluntary from 1 January 2026. 
  Transfers of Value made from 1 January 2026 onwards, that meet the criteria to be reported, must be reported by Member Companies in their annual disclosure reports. The first due date for all member companies to publish an annual disclosure report will be 30 June 2027. 
   
• Reporting of recipients’ names. Healthcare Professionals who are recipients of a Transfer of Value that meets the criteria for reporting will be named in the disclosure reports. The allowance for Transfers of Value that are known to be beneficial for a specific and identifiable individual to be reported on the basis of the HCP’s affiliated healthcare organisation (rather than in their actual name) will be removed. 
   
• Expansion of the transparency initiative to include the reporting of financial support (sponsorship) of medical education meetings and symposia organised by third parties. This will constitute a new reporting activity category.
   
• The approach to determining what is reportable is largely aligned with the approach taken by Medicines Australia (Medicines Australia Code Of Conduct, Edition 20, section 14.2) to ensure ease of implementation for companies. 
   
• The following are examples of sponsorships of independent educational events that must be reported:
  • financial sponsorship of a third-party educational event;
  • monetary contribution to support the conduct of grand rounds, clinic meetings or journal club meetings;
  • purchase of space for providing a trade display at an educational event (including if this is the only sponsorship of the event).
     
• Addition of a Declaration
  Member companies will be asked to provide a signed declaration to the Secretariat at the time of publication of their transparency report that affirms that to the best of their knowledge the published report is accurate and complete. Alternatively, companies can complete a declaration to confirm that they have no reportable Transfers of Value (ToVs) to disclose.
   
• The reporting requirements for ToVs have been made clearer through provision of additional resources to support members including reporting decision tools and new reporting templates.