From CAP 413
Types of emergency
"b) Urgency A condition concerning the safety of an aircraft or other vehicle, or of some person on board or within sight, but does not require immediate assistance."
A330 Sorry about your friend's death due to fat embolism, however, as I previously said this syndrome is rare, and death from from all fractures (any cause) is rare (approx 1:2500). Fat embolus syndrome does not usually manifest itself for several days following fracture.
I can understand why this personal tradgic anectdote has coloured your views, but sadly I think you are mistaken.
Continuing the flight after consultation, and dcelaring a medical emergency pre-fixed with a Pan in the situation described seems to me to have been entirely appropriate, as specified in CAP 413.