Effective March 31, 2013, and on the 90th day of each CY thereafter, requires drug, device, biological, or medical supply manufactures that provide payment or other transfer of value to a physician and/or teaching hospital to submit (in electronic form) mandated information to HHS, including the name of the covered recipient; the amount of the payment or other transfer of value; a description of the nature (e.g., gift, food, entertainment) and form (e.g., cash, stock, in-kind items) of the payment or other transfer of value and so forth. Requires applicable manufacturers and GPOs to disclose in the same manner as enumerated above certain information pertaining to physician ownership by the March 31, 2013 deadline (and as specified above thereafter).
Delineates specified minimum and maximum civil monetary penalties (CMPs) for non-compliance for failure (including knowing failure) to report and requires HHS to promulgate regulations to this effect. Provides for the public disclosure of such reported data no later than September 30, 2013 and on June 30 of each CY thereafter. Requires HHS to submit an annual report to Congress by April 1, 2013 of each year beginning in 2013, and to furthermore submit annual reports to states beginning September 30, 2013 and on June 30 of each CY thereafter. Preempts state and local laws that are duplicative in scope, with certain exceptions.