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October 27, 2020

AdvaMed Welcomes Vision 2025 Roadmap to Reinforce Business Integrity Across APEC Region Amidst COVID-19

WASHINGTON, D.C. – The Advanced Medical Technology Association (AdvaMed) this week joined medtech industry, government and other health care stakeholders at the Asia-Pacific Economic Cooperation (APEC) Business Ethics for Small- and Medium-Sized Enterprises (SMEs) Virtual Forum in welcoming introduction of the Vision 2025 roadmap for reinforcing business integrity across the APEC region amidst COVID-19.

“AdvaMed and the medtech industry are proud to join the U.S. Commerce Department and hundreds of other leading health care stakeholders to announce the launch of Vision 2025,” said Scott Whitaker, AdvaMed president and CEO. “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. These efforts are particularly imporant as APEC economies and the medtech sector, especially our small- and medium-sized businesses, respond to the pandemic in order to save lives and serve patients.”

“An ethical company is a company that has earned your trust,” said AdvaMed Chairman Kevin Lobo, Chairman and CEO of Stryker. “It is part of our reputation, as individual companies and as an industry. That is why we are proud to launch Vision 2025 with our trusted partners to advance these efforts across the industry and across the world.”

The 2020 APEC Business Ethics for SMEs Virtual Forum convened 600 public, private and civil society leaders from Oct. 13-27 from more than 40 economies as well as 25 AdvaMed member companies. The event opened with the launched of Vision 2025, an ambitious plan to reinforce business ethics and integrity in the medtech and biopharmaceutical sectors, building on fundamental principles APEC has championed for over a decade that have served as the basis for harmonized codes of ethics across the region. Vision 2025 topics include code of ethics implementation, consensus framework formation, and government strategies that can incentivize high-standard ethical business practices.

“Governments can and should work with small companies like mine to improve processes that strengthen business ethics and integrity, driving a level playingfield,” said AdvaMed Accel Chair Martha Shadan, president and CEO of Miach Orthopaedics. “Ethics and integrity enable fundamental trust. As CEOs of medical technology companies, we have an awesome responsibility. Integrity always comes first.”

“Ethical business practices in our sector are critical to driving innovation,” added Ken Reali, CEO of Bioventus. “Innovation is at the heart of improving patient lives in our sector. With an ethical approach and a compliant approach, physicians and patients can rely on medical technologies, where the best data and best products win.”

“Human health directly relies on business integrity,” said Antoinette Gawin, President and CEO, Terumo Blood and Cell Technologies. “Ethical leadership is a critical component to address future challenges and dilemmas in health care. We must build trust with all patient groups and stakeholders across the health care ecosystem, so that when we reach out to patients, they know we have their best interests at heart.”

Watch: APEC Business Ethics – Vision 2025 (external link)

Watch: APEC Business Ethics - Voices of SMEs (external link)

Additional Background

Since 2010, AdvaMed has served as medtech industry lead for the APEC Business Ethics for SMEs Initiative, helping to extend high-standard codes of ethics to 31 medical technology associations across 19 economies in the APEC region. These associations collectively represent over 12,000 enterprises, of which over 10,000 are SMEs.

To learn more about AdvaMed’s Code of Ethics, click here.

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 AdvaMed member companies produce the medical devices, diagnostic products and health information systems that are transforming health care through earlier disease detection, less invasive procedures and more effective treatments. AdvaMed members range from the largest to the smallest medical technology innovators and companies. For more information, visit www.advamed.org.