APEC adopts code of ethics for health firms

MANILA, Philippines - Health industry groups in Southeast Asia have each adopted a code of ethics to reduce negligent practices that can harm patients’ safety and to boost the growth of small and medium enterprises in the sector.

In a statement, the Asia-Pacific Economic Cooperation (APEC) Small and Medium Enterprise Working Group said 32 biopharmaceutical and medical device associations within the 10 member economies have reported progress in espousing their first code of ethics.

This move increased the number of healthcare firms covered by a code to 19,000, of which 13,000 are SMEs.

“We expect the adoption of business codes of ethics in the healthcare sector will rise as multi-stakeholder collaboration in the region intensifies,” John Andersen, chair of the APEC Small and Medium Enterprise Working Group, said in a statement.

“The gains achieved thus far are substantial but there is still a long road ahead,” he stressed.

The group said that by the end of the year, the number of ethics codes in APEC member economies is expected to have already doubled over the last three years.

These codes being adopted by the healthcare industry are based on APEC principles which have been created through a multi-stakeholder process and are focused on business independence, integrity, and transparency.

“The lack of an ethical business environment hurts companies seeking to legitimately grow their local operations or engage in cross-border trade,” Trade Undersecretary Zenaida Maglaya said.

“Corruption is especially problematic for small firms which drive production and supply chains in sectors like healthcare. Above all, it diverts their limited resources away from investment in innovation,” she added.