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Health industry groups are on track to double the number of ethics codes among them in APEC member economies, an ambitious multi-year target advanced by public-private collaboration to clamp down on unethical practices that jeopardize patient safety and the capacity of small businesses to drive growth within the sector.
Thirty-two biopharmaceutical and medical device associations spanning ten APEC economies announced in Manila that they have adopted or achieved formal progress towards their first code of ethics, expanding the number of firms in these sectors covered by a code to 19,000 across the region. Over 13,000 of them are small and medium enterprises or SMEs.
With the increase, it is projected that by the end of 2015 the total number of ethics codes in APEC economies will have doubled over the last three years—a goal set by APEC officials, in coordination with the private sector and civil society. The codes are based on APEC Principles formulated in a multi-stakeholder process and centered on business independence, integrity and transparency.
A new guide to implementing ethical collaboration in the biopharmaceutical and medical device sectors was rounded out at the forum by officials and senior principals from more than 150 industry, professional and patient organizations in APEC economies.
“The entire health ecosystem benefits when high standard codes of ethics are implemented,” concluded Nancy Travis, Vice President for International Governance and Compliance at the Advanced Medical Technology Association.
Small and Medium Enterprise Ministers from APEC economies will review progress and decide the next step when they meet in Iloilo, the Philippines on September 25, 2015.