“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.”