NZ medical device firms may boost trade in APEC region

New Zealand medical device manufacturers have been given the opportunity to boost trade in the Asia-Pacific Economic Cooperation (APEC) region with the removal of a key barrier.

The Medical Technology Association of New Zealand (MTANZ) welcomed last week’s endorsement by the APEC Ministers for Small and Medium Enterprises (SMEs) of the Kuala Lumpur (KL) Principles for the medical technology sector codes of ethics. APEC is a forum for 21 Pacific Rim countries.

“MTANZ has been working with sister organisations internationally to align industry codes and support the development of codes in those economies which do not currently have a code to ensure ethical medical technology industry business practices,” said Faye Sumner, chief executive officer, MTANZ.

The KL Principles were endorsed at a meeting of APEC SME Ministers held in Big Sky (Montana, USA). They were developed by an Expert Working Group at a meeting held in Kuala Lumpur in April this year.

MTANZ supports the KL Principles which will underpin the development of medical technology industry codes throughout the APEC region. The Principles propose that codes be based on the principles of integrity, independence, appropriateness, transparency and advancement to facilitate ethical interactions between industry and healthcare professionals.

Ms Sumner said the endorsement by the APEC Ministers will facilitate open and transparent business environments free from the high costs of corruption, enhancing the ability of companies, especially small and medium size, to participate in global markets.

“This is particularly important in the medical technology sector where ethical interactions with healthcare professionals assist companies to identify clinical needs and develop new technology to address that need. The sector is also characterised by a high level of SME participation.”

The SME Ministers and the APEC Trade Ministers jointly issued a statement acknowledging the importance of SMEs to APEC economies and identifying the absence of transparent business environments as one of the key barriers to SME trading in the region. They noted that an open and transparent business environment lowers the cost of doing business and increases predictability which is an essential requirement for SME activity.

Last week MTANZ signed the Global Industry Ethics Statement at a ceremony at the International Medical Device Industry Compliance Conference in London. The Statement reaffirms the global medical technology industry’s commitment to promoting ethical interactions between companies and healthcare professionals, providing guidance and education to industry on its Code and applicable laws; and advancing ethical business practices that are based on common global ethical principles.

 More information on KL Principles is available from the APEC website: www.apec.org
 A current copy of the MTANZ Code of Practice can be accessed from the MTANZ website:
www.mtanz.org.nz