No, but a community of volunteers might. ThreadX [0] is proof enough that an OSS community can keep a piece of software certified under strict security standards. I don't see why the same couldn't be achieved with software for medical devices.
[0] https://threadx.io/faq/#what-happens-with-the-existing-safet...
And if you manage to get it approved for sale, then there are regulatory requirements around support and maintenance of the device that aren't going to happen for free.
It's a nice idea, but unless you get funding from a philanthropic billionaire, I don't see it happening
What do you think might be done to avoid this sort of thing?
We, society, grant temporary monopolies in the form of copyright/patents "To promote the Progress of Science and useful Arts". They do not intend to further use that monopoly, so they lose it.
[0] https://weilandresearch.bme.umich.edu/ [1] https://www.latimes.com/local/california/la-me-usc-doctor-20...