The Cambridge dictionary defines conflict of interest as –
a situation in which someone cannot make a fair decision because they will be affected by the result.
Merriam Webster has a more nuanced definition of conflict of interest –
a conflict between the private interests and the official responsibilities of a person in a position of trust
Physicians occupy a position of trust in society and it becomes problematic when conflicts of interest arise in healthcare. Dr. Christopher Muth explains how conflicts of interest can arise from a doctor’s activities and relationships.
For example, doctors’ relationships with drug companies (including any payments or gifts received from the companies) might affect how they report results of research studies, what they teach medical students about particular drugs, or what treatments they recommend for patients. Furthermore, doctors who own testing facilities or treatment centers may preferentially refer patients to these facilities for care and may benefit financially from doing so.
The more hats that a physician wears, the greater the potential for conflicts of interest to arise. Jih and Thirumoorthy of the Singapore Medical Association discuss conflicts of interest that arise from clinical practice, industry relationships, medical education and research, and when physicians serve as examiners and sit in judgment of colleagues here. I agree with them when they said –
A statement that someone has a COI does not imply that the person has been unethical or corrupt.