Owning a business I co-founded & conflict of interest for residency (important question)

[Medic_90x]

Hi everyone,

I co-founded a business during medical school and we sell products all over the world. I understand that you cannot associate your hospital/school/clinic name with your brand's name due to conflict of interest & liability laws. Though students can endorse brands if their schools name (and anything related to student status) is in no way mentioned.

How does it work exactly during residency applications?

One of my resident friends I believe had to sign something (prior to starting residency) which said he cannot endorse any brand/product. However I have seen residents on social media endorse a variety of things. So perhaps this is institution and state dependent.
So what would be the best way to utilize my successful business as an asset to my residency app without scaring a PD with conflict of interest related issues?
Is it draconian to the point where I should get rid of public affiliations with the business and not even mention it? Or just say I'm a silent co-owner? Or do I play it up in the app and make it clear I don't plan to endorse/advertise using my name?

I should mention that my company website does not state my name in the about section but I have written blogging articles and used my name of course (on the website). Those articles have indirectly endorsed products.
So my general worry is that a residency PD could get scared off just by seeing that I'm a well known figure online with a company.

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[Foot Fetish]

How did you find the time to start a business as a medical student? How profitable is it?

 

[Medic_90x]

How did you find the time to start a business as a medical student? How profitable is it?

I'm able to get by with less studying than others and also I utilized time off really well. A key element though was my business partner being multi-skilled & getting small bits of free help from others.

 

[mw18]

Hi everyone,

I co-founded a business during medical school and we sell products all over the world. I understand that you cannot associate your hospital/school/clinic name with your brand's name due to conflict of interest & liability laws. Though students can endorse brands if their schools name (and anything related to student status) is in no way mentioned.

How does it work exactly during residency applications?

One of my resident friends I believe had to sign something (prior to starting residency) which said he cannot endorse any brand/product. However I have seen residents on social media endorse a variety of things. So perhaps this is institution and state dependent.
So what would be the best way to utilize my successful business as an asset to my residency app without scaring a PD with conflict of interest related issues?
Is it draconian to the point where I should get rid of public affiliations with the business and not even mention it? Or just say I'm a silent co-owner? Or do I play it up in the app and make it clear I don't plan to endorse/advertise using my name?

I should mention that my company website does not state my name in the about section but I have written blogging articles and used my name of course (on the website). Those articles have indirectly endorsed products.
So my general worry is that a residency PD could get scared off just by seeing that I'm a well known figure online with a company.

One of the sketchy Micro dudes is an EM resident at Northwestern and I don't think it's stopped him from advertising his company or from matching. You should send him a message on Twitter. He'd be an expert. Andrew Berg (@AndrewBergMD) | Twitter

 

[cellsaver]

1. talk to an attorney who specializes in academic law - follow their counsel
2. talk to other physicians who did what you are doing (i.e. run a business while in school /residency)
3. definitely disclose everything....there could be legal implications for you not divulging
4. sadly you will intimidate many physicians but especially those who hold an administrative position (i.e. they made it to the top as an EMPLOYEE unlike you)

Network, network, network...though I realize this is not a popular idea in today's texting / social media world
The MD Degree opens doors but its the people who know you behind those doors who let you enter....

work it baby!

You are a rock star!!

 

[Medic_90x]

1. talk to an attorney who specializes in academic law - follow their counsel
2. talk to other physicians who did what you are doing (i.e. run a business while in school /residency)
3. definitely disclose everything....there could be legal implications for you not divulging
4. sadly you will intimidate many physicians but especially those who hold an administrative position (i.e. they made it to the top as an EMPLOYEE unlike you)

Network, network, network...though I realize this is not a popular idea in today's texting / social media world
The MD Degree opens doors but its the people who know you behind those doors who let you enter....

work it baby!

You are a rock star!!

Great ideas, thanks! I should mention my business has done a couple charitable initiatives so it's very easy for me to display altruism on my application as well.

 

[cellsaver]

Great ideas, thanks! I should mention my business has done a couple charitable initiatives so it's very easy for me to display altruism on my application as well.

Get to know other physicians who have done what you are doing.

Here is one:

Success versus significance: a perspective | Eric Edwards | TEDxYouth@RVA - YouTube


Dr Eric Edwards started a pharmaceutical company with his twin brother WHILE IN MEDICAL SCHOOL.
Oh, he also earned a PhD in Pharmaceutical Science. He is barely 30 and a wonderful human being

Success is defined by doing what few others care to do.

 

[ortnakas]

One of the sketchy Micro dudes is an EM resident at Northwestern and I don't think it's stopped him from advertising his company or from matching. You should send him a message on Twitter. He'd be an expert. Andrew Berg (@AndrewBergMD) | Twitter

I don't remember where he's a resident, but Yermie Cohen founded Memorang while in medical school and is still running it; and might have some insight as well.

 

[wholeheartedly]

Honestly, your institution for residency, especially if it's an academic place, is probably going to have guidelines spelled out pretty clearly for these sorts of things and there will be people you can discuss this with. I had to fill out a pretty detailed disclosure type questionairre on this stuff and there were extensive policies for these kinds of situations.

It's probably going to depend a lot on what type of product you have. For instance if I published a romance novel my institution wouldn't care if I didn't make any association with it. But if I wrote a book related to my field, there would need to be an evaluation done to make sure I wasn't seeming to speak for the institution or if I was that they were okay with what I had to say etc.

That said it is probably not a bad idea to get your own attorney to advocate for your interests while maintaining institutional compliance.

 

[mimelim]

Honestly, your institution for residency, especially if it's an academic place, is probably going to have guidelines spelled out pretty clearly for these sorts of things and there will be people you can discuss this with. I had to fill out a pretty detailed disclosure type questionairre on this stuff and there were extensive policies for these kinds of situations.

It's probably going to depend a lot on what type of product you have. For instance if I published a romance novel my institution wouldn't care if I didn't make any association with it. But if I wrote a book related to my field, there would need to be an evaluation done to make sure I wasn't seeming to speak for the institution or if I was that they were okay with what I had to say etc.

That said it is probably not a bad idea to get your own attorney to advocate for your interests while maintaining institutional compliance.

Oh, they will care and want to get a cut. They just won't be able to. Or maybe they would, depending on the contract... Most residencies will have in their contract something along the lines of any work product that stems from the training you are getting is at least partially theirs. Even if you started it before residency and even if it is only tangentially related, unless it is outside of medicine, I would worry about them demanding a slice down the line. But, as always, consult a lawyer in person that has expertise in this area of law.

 

[Medic_90x]

Oh, they will care and want to get a cut. They just won't be able to. Or maybe they would, depending on the contract... Most residencies will have in their contract something along the lines of any work product that stems from the training you are getting is at least partially theirs. Even if you started it before residency and even if it is only tangentially related, unless it is outside of medicine, I would worry about them demanding a slice down the line. But, as always, consult a lawyer in person that has expertise in this area of law.

Honestly, your institution for residency, especially if it's an academic place, is probably going to have guidelines spelled out pretty clearly for these sorts of things and there will be people you can discuss this with. I had to fill out a pretty detailed disclosure type questionairre on this stuff and there were extensive policies for these kinds of situations.

It's probably going to depend a lot on what type of product you have. For instance if I published a romance novel my institution wouldn't care if I didn't make any association with it. But if I wrote a book related to my field, there would need to be an evaluation done to make sure I wasn't seeming to speak for the institution or if I was that they were okay with what I had to say etc.

That said it is probably not a bad idea to get your own attorney to advocate for your interests while maintaining institutional compliance.

So to be clear, my products are in the cosmetics industry. However it's quite easy for me to not associate my name with the brand (ex. our website doesn't say my name on it). Also I co-founded it and I'm co-owner - 50% is mine (and 50% for my partner). We do have physician endorsers globally though.

Isn't it ultimately down to 2 options?

1) Don't endorse anything using your name (not hard)
2) Don't endorse anything that associates the hospital name in any way (very easy)

 

[Medic_90x]

I don't remember where he's a resident, but Yermie Cohen founded Memorang while in medical school and is still running it; and might have some insight as well.

Spoke with him, basically it's a grey area.

 

[mimelim]

So to be clear, my products are in the cosmetics industry. However it's quite easy for me to not associate my name with the brand (ex. our website doesn't say my name on it). Also I co-founded it and I'm co-owner - 50% is mine (and 50% for my partner).

Isn't it ultimately down to 2 options?

1) Don't endorse anything using your name (not hard)
2) Don't endorse anything that associates the hospital name in any way (very easy)

Comes down to specifics, product and residency. It is hard to imagine a contract that stops you from endorsing products, whether you own them or not. My residency contract certainly doesn't and while I'm not on the payroll of any device manufacturers, I'm sure my commentary could be considered endorsing their use, just by the nature of the field that I am in. You shouldn't be (and I don't think you want to?) use the hospital name for your side ventures. That I'm sure they would have a problem with.

Maybe I'm not understanding you though...