Journals, continuing education providers, schools, societies, teaching hospitals and government agencies often require that authors and faculty disclose their financial interests and other relevant commitments or relationships. Many then work to manage any conflicts. Active researchers and faculty members find themselves spending large amounts of time completing duplicative disclosure statements for the various organizations with which they work, taking time away from their research and education activities. In some cases organizations define terms differently, making reporting more complicated.
The Financial Interest specification allows for the exchange of data about financial interests and other required disclosures. The specification enables the development of systems that centralize and streamline the reporting of financial interests and other disclosure requirements, thereby relieving clinicians and researchers of the administrative burden of sending duplicative data to the organizations that require this data. Centralized systems for financial interest data could also improve the accuracy and clarity of information reported by ensuring the consistency of data definitions used among organizations.