A professor of legal medicine on Monday said there is no law prohibiting physicians from owning or investing in private ventures like pharmaceutical and medical device companies, hospitals and diagnostic centers.
“As long as doctors comply with all legal requirements including disclosure of potential conflicts of interest – if specifically mandated – I hold the view that medical doctors are not prohibited from engaging in business,” doctor-lawyer Atty. Antonio D. Rebosa said.
The first and only Filipino board-certified Diplomate of the American Board of Legal Medicine, Atty. Rebosa said he issued the statement to help clarify legal and ethical issues related to healthcare professionals’ investments in the healthcare industry in connection with the ongoing Senate inquiry into the marketing practices by Bell-Kenz Pharmaceutical, Inc.
He said that in many lectures before medical societies, forums and healthcare professionals, he has often been asked about the legality and ethical aspect of doctors engaging in business and receiving perks and incentives from drug companies that benefit from their prescribing preferences.
“Medical professionals, like any other individual, have the right to invest in any sector, including healthcare. Such investments do not inherently violate any legal or ethical standards.”
Doctor-lawyer Atty. Antonio D. Rebosa
He explained that the essence of ethical medical practice is not compromised by ownership in related businesses. The primary interest, which is patient welfare, should always be the guiding principle for healthcare professionals. Secondary interests like financial gain are considered normal and ethical, provided they do not override the primary concern of patient care, he said.
“The key is managing potential conflicts of interest effectively,” he said. “This can be achieved through transparency, proper disclosure, adherence to strict guidelines, continuous education, and robust monitoring by medical associations.”
Rebosa said his extensive review of relevant laws including the Revised Corporation Code, Securities Regulation Code, the Medical Act of 1959, Food and Drug Administration Act, Generics Act, Universal Health Care Law, and Consumer Act of the Philippines, confirmed that investments by physicians in pharma firms and healthcare facilities are legally permissible.
Atty. Rebosa urged the healthcare community to focus on transparency and detailed guidelines to prevent any misunderstanding or misinterpretation of ethical standards. The Senate inquiry brought to light the need for more detailed continuing medical education (CME) on ethical practices and conflict of interest management.
He urged medical associations to strengthen their policies and educational initiatives to ensure that healthcare professionals remain well-informed and compliant with ethical standards.
