American Journal of Artificial Intelligence

Review Article | | Peer-Reviewed |

Corporate Social Responsibility in the MedTech Industry, the Emergence of Artificial Intelligence in the ERA of COVID-19

Received: 12 December 2023    Accepted: 26 December 2023    Published: 8 January 2024
Views:       Downloads:

Share This Article

Abstract

The medical technology industry has faced several unprecedented challenges due to COVID-19, including critical medical devices and supply chain shortages. We had to pivot rapidly to address the immediate need to provide lifesaving and sustaining devices, collaborate with competitors, and work collectively with regulators for emergency use authorization when the typical pathway was not viable. AI has provided an opportunity to use new technology in the MedTech space by offering ways to stay productive where human contact is not advisable. Artificial Intelligence has begun to be incorporated into all areas of our lives. The MedTech industry is responsible for improving the quality of a patient’s life through technological advancements. Whether it be predictive or early diagnosis, streamlined workflows, and the utilization of electronic health records, the MedTech industry has the opportunity to be a leader in the responsible use of AI. This article examines the impact of COVID-19, the emergence of artificial intelligence (AI), what we did, how we do it, and our collective corporate social responsibility and ethics to our stakeholders, employees, customers, and the communities in which we operate. Finally, the article examines future innovations such as AI and how it can be used in a socially responsible way.

DOI 10.11648/j.ajai.20240801.11
Published in American Journal of Artificial Intelligence (Volume 8, Issue 1, June 2024)
Page(s) 1-4
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

COVID-19, Artificial Intelligence, Corporate Social Responsibility, Ethics, Sustainability

References
[1] Ernst and Young; https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/health/ey-pulse-medical-technology-report.pdf
[2] Du, S. and Xie, C. (2021), 'Paradoxes of artificial intelligence in consumer markets: Ethical challenges and opportunities', Journal of Business Research 129, 961-974.
[3] Friedman, M. 1970. The social responsibility of business is to increase its profits. New York Times Magazine, September 13: 32-33, 122-124.
[4] Krkač, K. (2019), 'Corporate social irresponsibility: humans vs artificial intelligence', Social Responsibility Journal 15(6), 786-802.
[5] Proposed Regulatory Framework for Modifications to Artificial Intelligence/Machine Learning (AI/ML)-Based Software as a Medical Device (SaMD)," U. S. Food and Drug Administration, April 2019. Available at https://www.fda.gov/medical-devices/software-medical-device-SaMD/artificial-intelligence-and-machine-learning-software-medical- device (as of 11 May 2020).
[6] Rad, Abtin, Artificial Intelligence in Medical Devices Verifying and validating AI-based medical devices. https://www.tuvsud.com/en-us/resource-centre/white-papers/artificial-intelligence-in-medical-devices
[7] Sunderland, S. and Chen, H. (2018), 'The digital revolution in Medtech: Opportunities in Asia', China Business Review 2018(December).
[8] Vlckova, J. and Thakur-Weigold, B. (2020), 'Global value chains in the MedTech industry: A comparison of Switzerland and the Czech Republic', International Journal of Emerging Markets 15(1), 70-92.
[9] de Fátima Teles, M. and de Sousa, J. (2014), 'Integrating Environmental Policies into Business Strategy: The Problem Structuring Stage in a Framework for Decision Support', Lecture Notes in Business Information Processing 184 LNBIP, 90-103.
[10] Regulation (EU) 2017/745 of the European Parliament and of the Council of April 5 2017 on medical devices, amending Directive 2001/83/EC, Regulation (EC) No 178/2002 and Regulation (EC) No 1223/2009 and repealing Council Directives 90/385/EEC and 93/42/ EEC," as published in the Official Journal of the European Union, May 5 2017. Available at https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017R0745 (as of May 11 2020).
[11] Ferretti, T. (2021), 'An Institutionalist Approach to AI Ethics: Justifying the Priority of Government Regulation over Self-Regulation', Moral Philosophy and Politics.
[12] Hemphill, T. (2020), '"The innovation governance dilemma: Alternatives to the precautionary principle"', Technology in Society 63.
[13] Hu, K.-H., Lin, S.-J., Liu, J.-Y., Chen, F.-H. and Chen, S.-H. (2018), 'The influences of CSR's multi-dimensional characteristics on firm value determination by a fusion approach', Sustainability (Switzerland) 10(11).
[14] "NMPA (CFDA) Final Guidance on AI-Aided Software: Propels China to the Leadership of AI Applications," posted to the website of China Med Device, July 3, 2019. Available at https://chinameddevice.com/china-cfda-ai-software-guideline/ (as of May 11 2020).
[15] Wang, B. (2011), 'Study on corporate social responsibility based on game theory', 2011 2nd International Conference on Artificial Intelligence, Management Science and Electronic Commerce, AIMSEC 2011 - Proceedings, 1531-1534.
Cite This Article
  • APA Style

    Monroe, J. (2024). Corporate Social Responsibility in the MedTech Industry, the Emergence of Artificial Intelligence in the ERA of COVID-19. American Journal of Artificial Intelligence, 8(1), 1-4. https://doi.org/10.11648/j.ajai.20240801.11

    Copy | Download

    ACS Style

    Monroe, J. Corporate Social Responsibility in the MedTech Industry, the Emergence of Artificial Intelligence in the ERA of COVID-19. Am. J. Artif. Intell. 2024, 8(1), 1-4. doi: 10.11648/j.ajai.20240801.11

    Copy | Download

    AMA Style

    Monroe J. Corporate Social Responsibility in the MedTech Industry, the Emergence of Artificial Intelligence in the ERA of COVID-19. Am J Artif Intell. 2024;8(1):1-4. doi: 10.11648/j.ajai.20240801.11

    Copy | Download

  • @article{10.11648/j.ajai.20240801.11,
      author = {James Monroe},
      title = {Corporate Social Responsibility in the MedTech Industry, the Emergence of Artificial Intelligence in the ERA of COVID-19},
      journal = {American Journal of Artificial Intelligence},
      volume = {8},
      number = {1},
      pages = {1-4},
      doi = {10.11648/j.ajai.20240801.11},
      url = {https://doi.org/10.11648/j.ajai.20240801.11},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajai.20240801.11},
      abstract = {The medical technology industry has faced several unprecedented challenges due to COVID-19, including critical medical devices and supply chain shortages. We had to pivot rapidly to address the immediate need to provide lifesaving and sustaining devices, collaborate with competitors, and work collectively with regulators for emergency use authorization when the typical pathway was not viable. AI has provided an opportunity to use new technology in the MedTech space by offering ways to stay productive where human contact is not advisable. Artificial Intelligence has begun to be incorporated into all areas of our lives. The MedTech industry is responsible for improving the quality of a patient’s life through technological advancements. Whether it be predictive or early diagnosis, streamlined workflows, and the utilization of electronic health records, the MedTech industry has the opportunity to be a leader in the responsible use of AI. This article examines the impact of COVID-19, the emergence of artificial intelligence (AI), what we did, how we do it, and our collective corporate social responsibility and ethics to our stakeholders, employees, customers, and the communities in which we operate. Finally, the article examines future innovations such as AI and how it can be used in a socially responsible way.
    },
     year = {2024}
    }
    

    Copy | Download

  • TY  - JOUR
    T1  - Corporate Social Responsibility in the MedTech Industry, the Emergence of Artificial Intelligence in the ERA of COVID-19
    AU  - James Monroe
    Y1  - 2024/01/08
    PY  - 2024
    N1  - https://doi.org/10.11648/j.ajai.20240801.11
    DO  - 10.11648/j.ajai.20240801.11
    T2  - American Journal of Artificial Intelligence
    JF  - American Journal of Artificial Intelligence
    JO  - American Journal of Artificial Intelligence
    SP  - 1
    EP  - 4
    PB  - Science Publishing Group
    SN  - 2639-9733
    UR  - https://doi.org/10.11648/j.ajai.20240801.11
    AB  - The medical technology industry has faced several unprecedented challenges due to COVID-19, including critical medical devices and supply chain shortages. We had to pivot rapidly to address the immediate need to provide lifesaving and sustaining devices, collaborate with competitors, and work collectively with regulators for emergency use authorization when the typical pathway was not viable. AI has provided an opportunity to use new technology in the MedTech space by offering ways to stay productive where human contact is not advisable. Artificial Intelligence has begun to be incorporated into all areas of our lives. The MedTech industry is responsible for improving the quality of a patient’s life through technological advancements. Whether it be predictive or early diagnosis, streamlined workflows, and the utilization of electronic health records, the MedTech industry has the opportunity to be a leader in the responsible use of AI. This article examines the impact of COVID-19, the emergence of artificial intelligence (AI), what we did, how we do it, and our collective corporate social responsibility and ethics to our stakeholders, employees, customers, and the communities in which we operate. Finally, the article examines future innovations such as AI and how it can be used in a socially responsible way.
    
    VL  - 8
    IS  - 1
    ER  - 

    Copy | Download

Author Information
  • Global RCQ Med Device Solutions, LLC., Somerset, United States

  • Sections