Collaborations between physicians or medical researchers and pharmaceutical, medical device, and biotechnology companies can benefit society—most notably by promoting the discovery and development of new medications and medical devices that improve individual and public health. However, relationships between medicine and industry may create conflicts of interest, potentially resulting in undue influence on professional judgments.
In 2007, the Institute of Medicine (IOM) appointed the Committee on Conflict of Interest in Medical Research, Education, and Practice to examine conflicts of interest in medicine and to recommend steps to identify, limit, and manage conflicts of inter¬est without negatively affecting constructive collaborations.
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