Healthcare business is about caregiving, prioritizing patient welfare above all else. Conversely, doing business in healthcare often brings to the forefront the commercial aspects of the industry. While patient welfare remains important, the focus shifts towards strategic growth, market share, and competitive advantage. The intersection of these two paradigms creates a dynamic yet challenging environment. Tensions can arise when financial imperatives clash with the ethical tenets of caregiving. Striking a balance between these perspectives is essential for a sustainable and effective healthcare system.
Amit Varma, CEO of Quadria Capital, highlighted three major issues in developing countries: lack of infrastructure, skilled staff, and patient affordability. He emphasized the importance of ethics alongside financial returns.
Emmett Moriarty of HHI discussed the necessity of respect and confidentiality for patients and institutionalizing ethics through policies. Mostafa Hunter of HGI called for a “return on ethics” to support ethical business in healthcare.
Amit Thakker of Africa Health Business stressed an ethics-based approach for long-term profitability over short-term gains. Malaya Santos from Mapua University advocated for experiential ethics training.
Alka Goel of Alkemi Growth Capital noted a lack of prioritization of ethics by boards, while Dr. Zeeshan of Shifa International Hospitals called for an ethical framework with clear objectives. highlighted the need for ethical discussions during staff induction.
Nicole Spieker, of PharmAccess, promoted health insurance to improve provider behaviors and patient access to medical records for transparency and accountability.
Implementing ethical principles is paramount for private healthcare organizations striving to address ethical concerns effectively. EPiHC serves as a foundational framework that guides decisions and actions within the healthcare system, crucial in fostering trust and integrity. EPiHC encourages continuous education and ethical discourse among healthcare professionals, reinforcing a commitment to ethical practice. EPiHC also equips private healthcare entities with the tools and insights needed to address ethical concerns and safeguarding the well-being of patients.
The EPiHC network now includes more than 417 signatories from across the globe. This collective effort underscores the power of collaboration and shared values in shaping a better, more ethical future for healthcare worldwide.