By embedding compliance at the core of decision-making, medtech and life science companies will be ready to rise to future challenges
When we think about the key trends shaping the healthcare sector, it quickly becomes clear that ethics and compliance have a central role to play in the future of our industry.
Consider the risks arising from geopolitical change and the unique challenges of expanding in emerging markets. Think of how internal corporate environments are becoming more fast-paced. And that’s before we get to growing regulatory complexity, sustainability commitments, and the impact of digital tools, including AI.
This is a diverse slate of challenges, but they have one thing in common: they can only be addressed by empowering our legal and compliance colleagues to play an agile and proactive part in responding to a changing world.
Leading the way
I was struck, while speaking at the Healthcare Ethics & Compliance Conference (HETHICO) in Brussels recently, by the need to embed and embrace compliance as an integral part of our business.
The event saw an inspiring and candid discussion on the importance of doing good business in the right way. It took place in the same week that the European Commission published a study in which it listed healthcare among six high-risk sectors in the fight against corruption.
The Commission highlighted the costs of corruption in economic terms (€990 billion per year), as well as its corrosive power to undermine public trust. Trust is of significant value to our businesses: it is hard-won and easily lost. That is why we must view our investments in robust compliance systems as a means of protecting the future of our vital industry.
However, I am pleased to see our companies and MedTech Europe leading the way in ethics and compliance. Along with the HETHICO conference, we can be proud of a range of concrete measures to raise standards across the industry. These include the MedTech Europe Code of Ethical Business Practice and the Conference Vetting System, along with training, guidance and advocacy efforts.
Trade associations can foster an industry-wide commitment to ethical business practices, serving not just to protect individual companies but to strengthen the reputation of the entire sector.
Changing attitudes to compliance
I am proud of the work the industry is doing on ethics and compliance, and I see opportunities to go further. At the heart of this will be an industry-wide shift in how we think about the role of compliance functions in our own organisations.
I view my compliance colleagues as essential partners in guiding the business. They bring stability and consistency, helping to steer decisions in the right direction and ensuring we uphold our values and protect the reputation of our industry as a whole.
It’s crucial that compliance leaders are proactive and ask for a seat at the table to influence strategy from the outset, rather than focusing on solving issues when they arise. By educating teams on how to ‘do the right thing’ through ongoing, informal engagement, rather than just formal training, compliance can breed a culture of openness and guidance.
This approach, while requiring more upfront energy, would ultimately help us stay ahead of risks, prevent issues before they arise, and empower our teams to make confident, ethical decisions. Prevention is better than cure.
