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AdvaMed Welcomes APEC Guidance for Ethical Third-Party Relationships & Progress Toward Vietnam Code Of Ethics
Hanoi, Vietnam – Christopher L. White, chief operating officer, general counsel and secretary of AdvaMed (the Advanced Medical Technology Association), issued the following statement at the conclusion of the Asia-Pacific Economic Cooperation (APEC) Business Ethics for Small- and Medium-Sized Companies Forum, and Vietnam’s first joint business ethics training for local distributors:
“We are delighted that the 2017 APEC Business Ethics for Small- And Medium-Sized Companies Forum on Sept. 7-8 in Hanoi – which convened leaders of over 200 public, private and civil society organizations – concluded with APEC guidance for ethical third-party intermediary relationships in the medtech sector.
“Such guidance will help to ensure that third parties – including distributors, wholesalers, distribution or sales agents, marketing agents or consultants, and others who are critical to the medtech sector and health systems – can strengthen adherence to high-standard ethical business practices in accordance with the APEC Kuala Lumpur Principles for Medical Device Sector Codes of Business Ethics, the development of which AdvaMed co-chaired in 2011.
“Ethical principles that guide medtech industry interactions with health care providers are critical to ensuring patient access to life-saving innovations and integrity in the medical decision-making process. Joint work between medical device companies and third parties to develop ethical business practices will strengthen health systems and instill patient confidence that the best treatments are available when needed and delivered in their interest.
“AdvaMed also applauds Vietnam’s medical device sector for progressing toward its first code of ethics, modeled on the APEC Kuala Lumpur Principles. This will be a landmark achievement for Vietnam’s medical device sector and patients.
“Since 2010, AdvaMed has been honored to help advance the APEC Business Ethics Initiative. Together with our many partners, including the U.S. Department of Commerce, we are developing and facilitating propagation of high-standard codes of ethics, which now extend to 26 device and diagnostic industry associations across 19 economies in this important region. These new codes collectively represent higher standards of ethics being applied to nearly 13,000 enterprises, nearly 11,000 of which are small- and medium-sized companies.
“Improving ethical business practices – through development and implementation of high-standard codes of ethics and public-private partnerships, and further advanced by Vietnam’s first joint association business ethics training for local distributors on Sept. 6 – is vital to U.S. medtech enterprises that seek a fair competitive environment. This is particularly important to small- and medium-sized companies, which make up the majority of our member companies.
“I want to thank all of our member company compliance leaders who have contributed to this important work and continue to serve as mentors in the field.”