AdvaMed Applauds Summit of the Americas’ Focus On Importance of Business Ethics and Good Regulatory Practices
Lima, Peru – The Advanced Medical Technology Association (AdvaMed) issued the following press release following the recent conclusion of the VIII Summit of the Americas in Lima, Peru on April 14.
The Summit of the Americas spotlighted private sector recommendations issued by the Americas Business Dialogue (ABD) that the region adopt voluntary codes of ethical business practices and implement good regulatory practices (GRPs).
Attending heads of state and senior government officials issued the “Lima Commitment,” urging the private sector to develop codes of conduct, and public and private enterprises to develop or implement integrity promotion programs and training programs to advance ethical business practices across the region. The attending officials also committed to implementing measures to reduce bureaucracy and simplify administrative processes at all levels of government to help advance ethical business practices.
“AdvaMed applauds this important and broad-based recognition of the need for business ethics and GRPs, which will help level the playing field for medical technology companies across borders in the Western Hemisphere and facilitate patient access to the best available care,” said Scott Whitaker, president and CEO of AdvaMed. “High-standard, harmonized ethical business practices governing interactions between medical technology manufacturers and health care providers are essential to serving the best interests of patients in the Americas.
“We welcome U.S. Commerce Secretary Wilbur Ross’s discussion at the Summit of the value of an ethical business environment and GRPs in supporting growth, and his call for the private sector to establish coalitions to promote business ethics,” Whitaker said. “AdvaMed and its medtech industry partners in Latin America are proud leaders in this field, having established in 2017 the Inter-American Coalition for Business Ethics in the Medical Technology Sector.
“We are grateful for recognition of our Coalition by Secretary Ross and other ministers at the Summit, and look forward to working with all interested governments and stakeholders across the region to align ethical practices in the medtech sector to the highest standards,” said Whitaker.
“AdvaMed also welcomes Summit leaders’ acknowledgement of the importance of adopting GRPs,” Whitaker said. “Ensuring regulations are developed using globally recognized GRPs prevents technical barriers to trade and unnecessary regulatory divergence across borders which act as an invisible tariff or tax,” Whitaker concluded.
Representing AdvaMed members at the Summit was Diane Biagianti, chief responsibility officer at AdvaMed member company Edwards Lifesciences. “The tariff equivalent of non-ethical business practices is 10% to 30%, and AdvaMed applauds commitments made by heads of state and government officials at the Summit to addressing these barriers,” Biagianti said.
“Elimination of all so-called invisible tariffs, including the tariff equivalent for customs inefficiencies of 10%, plus 20% for technical barriers to trade, and 10%-30% for non-ethical business practices, would help secure a more vibrant, innovative, competitive, and healthy future for the Americas and the patients served there,” said Biagianti.
For additional background on the Inter-American Coalition for Business Ethics in the Medical Technology Sector, and the Americas Business Dialogue recommendations, please click here.