PhRMA's most recent estimate of the cost to bring a new medicine to market is $1.3 billion. Pfizer conducts research and development at sites throughout the world, employing thousands of scientists and others dedicated to the discovery and development of new medicines. In 2010, Pfizer invested more than $9 billion on research and development, which included the cost of discovery research, development (including all attendant costs related to clinical trials) and regulatory, safety and other associated costs.
Pfizer's disclosures include, among other things, payments to health care professionals in connection with clinical trials and, in that regard, only reflects amounts paid to clinical investigators in the U.S for new clinical trials commenced after July 1, 2009 through the applicable reporting period, and payments to large academic medical centers for ongoing trials. We conduct our trials throughout the world, and most take many months and even years to complete, so this disclosure only covers a small portion of the payments made to health care professionals during the applicable period.
Expense and payment data are gathered from across Pfizer's financial systems. All transactions and payments that occurred between Pfizer and a licensed HCP or associated entity are collected in a single repository. Each transaction and entity paid (i.e., the person or organization who received the payment) is matched to an identifier that is unique to the healthcare provider. Each matched payment is then attributed to the HCP. Transactions are aggregated by transaction type. Prior to publication on Pfizer.com, the Payment Disclosure team performs an in-depth review of the data to ensure that it is complete and accurate. Note that in 2010, there are transactions totaling approximately $52,000 without sufficient information to allow Pfizer to accurately attribute to a unique HCP. These transactions are not reflected on the Payment Report.
For some expenses, Pfizer's Standard Operating Procedure allow for a 90 day reconciliation post-program date to finalize all costs, which could include hotel, food and beverage costs, and other travel. Any transactions that were not fully reconciled at the time the disclosure database was finalized will be included in the next reporting cycle.
Certain events Pfizer sponsors, such as open meals at a congress or large meeting, are conducted as open attendance activities that do not require participant registration. While attendees may receive an invitation, it is currently not possible to consistently monitor or track the value of food or drink consumed by attendees with necessary accuracy. During 2010, there were 47 open attendance events conducted in the U.S., with an average estimated meal cost of approximately $69 based on the estimated total attendance.