Most of us politely ignore street evangelists urging us to repent of our sins. Bizarrely however, academic medical administrators base policy on such preaching by anti-business activists. Their sermons, echoed by medical journals and the news media, warn that medical practitioners, educators, or researchers accepting gifts from or payments for services to companies producing medical products compromise their scientific objectivity and professionalism. Strangely, financial transactions between patients, insurance companies, hospitals, and doctors, encompassing 85% of the medical marketplace, do not count as conflicts of interest.

To be sure, corporations, like everyone else, sometimes behave badly and are punished. The key question, however, is whether detailed disclosure of conflicts of interest and stringent prophylactic management are in the public interest. I believe the answer is a resounding no.