Exhibit 14

                                   QMED, INC.

                       Code of Business Conduct and Ethics

         QMed, Inc. (the "Company") has adopted the following Code of Business
Conduct and Ethics (this "Code") for directors and executive officers of the
Company. This Code is intended to focus the Board and each director and
executive officer on areas of ethical risk, provide guidance to directors and
executive officer to help them recognize and deal with ethical issues, provide
mechanisms to report unethical conduct, and help foster a culture of honesty and
accountability. Each director and executive officer must comply with the letter
and spirit of this Code.

         No code or policy can anticipate every situation that may arise.
Accordingly, this Code is intended to serve as a source of guiding principles
for directors and executive officers. Directors and executive officers are
encouraged to bring questions about particular circumstances that may implicate
one or more of the provisions of this Code to the attention of the Chairman of
the Audit Committee, who may consult with inside or outside legal counsel as
appropriate.

1.       Maintain Fiduciary Duties.

         Directors and executive officers must be loyal to the Company and must
act at all times in the best interest of the Company and its shareholders and
subordinate self-interest to the corporate and shareholder good. Directors and
executive officers should never use their position to make a personal profit.
Directors and executive officers must perform their duties in good faith, with
sound business judgment and with the care of a prudent person.

2.       Loans.

         Loans to, or guarantees of the obligations of, a director or executive
officer, or a member of his or her family, are strictly prohibited.

3.       Conflicts of Interest.

         A "conflict of interest" occurs when the private interest of a director
or executive officer interferes in any way, or appears to interfere, with the
interests of the Company as a whole. Conflicts of interest also arise when a
director or executive officer, or a member of his or her immediate family,
receives improper personal benefits as a result of his or her position as a
director or executive officer of the Company.

         Directors and executive officers must avoid conflicts of interest with
the Company. Any situation that involves, or may reasonably be expected to
involve, a conflict of interest with the Company must be disclosed immediately
to the Chairman of the Audit Committee and the Chairman of the Board.

         This Code does not attempt to describe all possible conflicts of
interest which could develop. Some of the more common conflicts from which
directors and executive offices must refrain, however, are set out below.

         o        Relationship of Company with third-parties. Directors and
                  executive officers may not engage in any conduct or activities
                  that are inconsistent with the Company's best interests or
                  that disrupt or impair the Company's relationship with any
                  person or entity with which the Company has or proposes to
                  enter into a business or contractual relationship.

         o        Compensation from non-Company sources. Directors and executive
                  officers may not accept compensation, in any form, for
                  services performed for the Company from any source other than
                  the Company.

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         o        Gifts. Directors and executive officers and members of their
                  families may not offer, give or receive gifts from persons or
                  entities who deal with the Company in those cases where any
                  such gift is being made in order to influence the actions of a
                  director as member of the Board or the actions of an executive
                  officer as an officer of the Company, or where acceptance of
                  the gifts would create the appearance of a conflict of
                  interest.

4.       Corporate Opportunities.

         Directors and executive officers owe a duty to the Company to advance
its legitimate interests when the opportunity to do so arises. Directors and
executive officers are prohibited from: (a) taking for themselves personally
opportunities that are discovered through the use of corporate property,
information or the director's or executive officer's position; (b) using the
Company's property, information, or position for personal gain; or (c) competing
with the Company, directly or indirectly, for business opportunities, provided,
however, if the Company's independent, disinterested directors determine that
the Company will not pursue an opportunity that relates to the Company's
business, a director or executive officer may do so.

5.       Confidentiality.

         Directors and executive officers must maintain the confidentiality of
information entrusted to them by the Company or its customers, and any other
confidential information about the Company that comes to them, from whatever
source, in their capacity as director or executive officer, except when
disclosure is authorized or required by laws or regulations. Confidential
information includes all non-public information that might be of use to
competitors, or harmful to the Company or its customers, if disclosed.

6.       Protection and Proper Use of Company Assets.

         Directors and executive officers must protect the Company's assets and
ensure their efficient use. Theft, loss, misuse, carelessness and waste of
assets have a direct impact on the Company's profitability. Directors and
executive officers must not use Company time, employees, supplies, equipment,
tools, buildings or other assets for personal benefit without prior
authorization from the Chairman of the Governance Committee or as part of a
compensation or expense reimbursement program available to all directors or
executive officers.

7.       Fair Dealing.

         Directors and executive officers shall deal fairly and oversee fair
dealing by employees and officers with the Company's directors, officers,
employees, customers, suppliers and competitors. None should take unfair
advantage of anyone through manipulation,, concealment, abuse of privileged
information, misrepresentation of material facts or any other unfair dealing
practices.

8.       Compliance with Laws, Rules and Regulations.

         Directors and executive officers shall comply, and oversee compliance
by employees, officers and other directors, with all laws, rules and regulations
applicable to the Company, including insider-trading laws. Transactions in
Company securities are governed by Company policies relating to insider trading,
Regulation FD and Section 16 reporting.

9.       Waivers of the Code of Business Conduct and Ethics.

         Any waiver of this Code may be made only by the Audit Committee and
must be promptly disclosed to the Company's shareholders as required by the
rules of the SEC and any exchange on which the Company's securities are traded.

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10.      Encouraging the Reporting of any Illegal or Unethical Behavior.

         Directors and executive officers should promote ethical behavior and
take steps to ensure the Company (a) encourages employees to talk to
supervisors, managers and other appropriate personnel when in doubt about the
best course of action in a particular situation; (b) encourages employees to
report violations of laws, rules or regulations to appropriate personnel; and
(c) informs employees that the Company will not permit retaliation for reports
made in good faith.

11.      Failure to Comply; Compliance Procedures.

         A failure by any director or executive officer to comply with the laws
or regulations governing the Company's business, this Code or any other Company
policy or requirement may result in disciplinary action, and, if warranted,
legal proceedings.

         Directors and executive officers should communicate any suspected
violations of this Code promptly to the Chairman of the Audit Committee.
Violations will be investigated by the Board or by a person or persons
designated by the Board and appropriate action will be taken in the event of any
violations of this Code.

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