Survey: At Least 32 Medical Device Firms Adopt AdvaMed Ethics Code

A survey by Pricewaterhouse Coopers LLP shows that the medical device industry has been quick to adopt the Washington, D.C.-based Advanced Medical Technology Association’s (AdvaMed) Code of Ethics.

According to the study, 90 percent of respondents, representing 32 companies, have implemented policies that address all portions of the AdvaMed code.

AdvaMed developed the code to assure a high standard of ethical conduct by the medical technology industry. A major update to the code was unanimously approved by the AdvaMed board of directors in December 2008 and will go into effect on July 1.

The 2008/09 survey included an electronic survey, follow-up interviews, and webcast polling on topics such as policies and procedures, auditing and monitoring, fair market value and sales compensation, according to AdvaMed. Highlights of the survey include:

• Ninety percent of respondents have policies in place that address all provisions of the current AdvaMed Code of Ethics.

•Thirty-eight percent of respondents apply the code globally, with revisions for legal and cultural differences based upon geography, while 43 percent apply the code to U.S. operations only, with international having its own policies.

• Ninety-four percent plan to implement new policies and procedures to reflect the changes of the new 2009 AdvaMed Code of Ethics.

See the complete AdvaMed Code of Ethics at www.advamed.org/NR/rdonlyres/FA437A5F-4C75-43B2-A900-C9470BA8DFA7/0/coe_with_faqs_41505.pdf.