This month’s APEC CEO Summit in Bali, Indonesia, drew praise from AdvaMed for APEC’s continued commitment to creating ethical business environments that support sustainable economic medtech and health care growth.

“For more than three years the medical device and diagnostics industry has been proud to work with the APEC forum to advance our shared goal of improving business ethics through establishment and promotion of the Kuala Lumpur Principles for ethical interactions between medical technology firms and health care providers,” said AdvaMed CEO Stephen J. Ubl in a prepared statement. “As of this year, more than two-thirds of APEC members have adopted codes that conform to these principles.

“As US Secretary of State John Kerry stated at the summit, ‘we cannot forget that corruption corrodes our markets by raising the cost of doing business, it brews uncertainty, it creates inefficiency, it undermines good governance, and it frightens away capital. Put simply, it slows down growth.’”

Ubl went on to say that AdvaMed also commends “APEC’s work to advance regulatory coherence and cooperation by ensuring internal coordination of rule-making, assessing the impact of regulations, and conducting public consultations on proposed regulations.

“Across the APEC region and in developing economies around the world, growing middle classes are demanding greater access to the advanced treatments and cures our industry provides. At the same time, aging populations and rising rates of chronic disease are posing new burdens for business, society and governments through increased health costs, reduced worker productivity, and diminished economic competitiveness.

“It’s important to remember that access to advanced medical devices and diagnostics are helping solve these challenges.”

Next year’s APEC CEO Summit will be in Beijing.