Emphasizes the Value to Patients of Affordable Medicines and Competition
WASHINGTON, DC (April 9, 2018) — The Association for Accessible Medicines (AAM) announced that it has established a code of business ethics to memorialize ethical and business standards for its members who are manufacturers of generic and biosimilar medicines. Unanimously endorsed by the AAM Board of Directors, the code will take effect on September 1.
“The AAM Code of Business Ethics stands out from other pharmaceutical industry codes because of AAM’s clear recognition of the ethical value of access to medicines for patients,” says AAM President and CEO Chip Davis. “Our new code also prioritizes market competition as a driving force. The practices discussed in the AAM code represent behaviors and conduct that AAM companies have been demonstrating for many years.”
AAM also endorses international principles of business ethics including the Asia Pacific Economic Cooperation (APEC) Mexico City Principles on Voluntary Codes of Business Ethics in the Biopharmaceutical Sector. However, AAM companies are often distinct from the global brand-name pharmaceutical industry signatories to those principles. The generic and biosimilar drug industry is characterized by intense competition among companies that race to be the first to obtain regulatory approval for more affordable versions of brand- name drugs. Generic and biosimilar medicines typically bring enormous cost savings to patients and our health care system, and enhance the public health by providing affordable, FDA-approved treatment alternatives.
As stated in the code’s introduction, “Every dollar saved at the pharmacy counter is a dollar that patients can spend on life’s essentials and other pursuits — or put away for future use. We help patients live better lives, and we do so in a way that saves precious resources for patients, taxpayers and our economy.”
The code can be found online at: http://bit.ly/AAMCodeOfEthics.
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