The ethical principles, from ancient times to the present, that have shaped our current ethical perceptions and relevant codes of ethics in Medicine and Psychiatry (Virtue Ethics, Casuistry, Deontological theory, Utilitarianism, Principlism, Ethics of Care) are reviewed and discussed.

The primacy of principles, especially those related to virtue ethics, over rules and codes is emphasized and it is pointed out that moral decisions are always filtered through the set of values of the individual practitioner.

It is emphasized that ethical principles should be taken into account not separately but as a whole because there are many cases in which there is contradiction and the physician must decide which principle takes precedence. A general ethical obligation with universal acceptance but with questionable applicability is that the well-being of the patient takes precedence over all other interests, including those of the physician.

The relevance of Hippocratic Ethics and the pragmatism of the last revision of the Declaration of Helsinki on Medical Research are highlighted. Lastly, it is pointed out that there is perpetual cross-talk between attention to ethical values and respect for human rights.