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
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.
What do you think might be done to avoid this sort of thing?
[0] https://weilandresearch.bme.umich.edu/ [1] https://www.latimes.com/local/california/la-me-usc-doctor-20...