APEC strengthens its commitment to push for patient health and cross-border trade with the launch of a bold, new vision for the next five years to reinforce business ethics and integrity in health-related sectors. The plan comes to fruition under the world’s largest ethics pacts to strengthen ethical business practices in the medical device and biopharmaceutical sectors.
“Ethical business practices play a crucial role amidst the COVID-19 pandemic as healthcare systems in the APEC region face major challenges,” said Joseph C. Semsar, Deputy Under Secretary for International Trade, at the US Department of Commerce, which oversees the initiative.
“The vision reflects the urgency and commitment from public and private stakeholders in the region to further promote ethical environments to ensure a culture that upholds patient trust in which small and medium enterprises can sustainably operate and innovate across the region,” he added.
The Vision 2025 for the Business Ethics for APEC SMEs Initiative was announced virtually earlier this week at the 2020 APEC Business Ethics for SMEs Virtual Forum, by a diverse set of stakeholders including government agencies, representatives from patients and patient organizations, healthcare providers and professional organizations, medical device and biopharmaceutical organizations and researchers and academia across APEC economies.
“Vision 2025 is about constantly setting and then doing everything we can to meet and exceed the highest ethical standards on behalf of the patients we serve,” said Scott Whitaker, President and CEO of the Advanced Medical Technology Association (AdvaMed). “These efforts are particularly important as APEC economies and the medical technology sector, especially our small and medium-sized businesses, respond to the pandemic in order to save lives and serve patients.”
In addition, the vision breaks new ground in an effort to measure the positive impact of ethical business practices, taking the conversation beyond the costs of corruption and providing new evidence of the advantages realized by organizations that embrace integrity.
“Biopharmaceutical companies, large and small, know all too well the importance of ethics and business integrity. And the work of APEC in this area has been crucial and demonstrating how ethics creates value across the health economy”, said Thomas Cueni, Director General of the IFPMA and Industry Co-Chair of the APEC Biopharmaceutical Working Group on Ethics. “As we tackle COVID-19, building trust by conducting business with integrity is vital in ensuring confidence in innovative vaccines and medicines both to treat COVID-19 as well as delivering existing medicines and vaccines.”
The annual forum also proposed to modernize the preceding ethics principles for the medical devices sector and biopharmaceutical sector and further bolster capacity building initiatives for small business owners, directors and distributors.
Speaking during the forum’s plenary session, APEC Secretariat Executive Director, Dr Rebecca Sta Maria highlighted the importance of keeping trade open during this unprecedented time, adding that closer collaboration between policymakers and private sector in business ethics is important “to keep the integrity in the supply and distribution of medical products of the highest standard so that we can ensure progress towards recovery.”