Dedicated to advancing ethical standards in health-related sectors, senior stakeholders from across the Asia-Pacific convened in Lima last month to drive action to enhance ethical practices, reinforcing the
forum's leadership in promoting sustainable growth and fair competition for small and medium enterprises (SMEs).
The
APEC Kuala Lumpur Principles for medical technology industry and
Mexico City Principles for biopharmaceutical industry guide nearly 20,000 enterprises and set a global benchmark for ethical conduct, supported by industry and governments alike.
"We are also empowering the region's SMEs with the tools they need to operate with integrity and transparency in an increasingly complex global market," Sydor added.
This year's forum advanced government strategies to encourage ethical practices with Chile announced a pilot program to promote enterprise integrity through public procurement, and Mexico introduced a new partnership to align SMEs with the Kuala Lumpur and the Mexico City principles.
The forum also marked the international launch of the US Consensus Framework, expanding ethical standards across the APEC region, as well as the expansion of the Peru Consensus Framework with new public and private signatories, boosting momentum for ethical collaboration in health systems.
Consensus frameworks are critical to advancing ethical business conduct to support small businesses within health systems and represent each economy’s commitment to strengthening collaboration. This includes adherence to rules within respective health systems and alignment of ethical principles across diverse stakeholders.
The 2024 forum promoted mentorship for medical technology and biopharmaceutical industry associations to embed these principles in their codes of ethics, and for the first time, addressed the role of women’s leadership in this effort.
"APEC has a unique opportunity to champion ethical leadership that is inclusive and gender balanced. This means not only supporting women in leadership roles but also ensuring that ethical considerations are integrated into all aspects of economic policymaking," said
Dr. Rebecca Sta Maria, executive director of the APEC Secretariat.
The commitments made at the forum will play a pivotal role in shaping health-related sectors globally. APEC's strong leadership in promoting ethical business practices is crucial to driving sustainable growth and public health, empowering SMEs to thrive in an increasingly complex global market.
"By championing ethical practices, including in the public procurement process, governments not only guide businesses but also reinforce the trust that is vital to the broader health ecosystem," he concluded.
Peru is hosting APEC for the third time after the 2008 and 2016 editions.
21 leading economies
APEC is made up of:
Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Indonesia, Japan, Republic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, the Russian Federation, Singapore, Chinese Taipei, Thailand, the United States, and Vietnam.
Together, they account for 62% of world's GDP, 48% of global trade in goods and services, plus 38% of the planet's population.
Editor's note: Information provided by the APEC Secretariat.