We know that pharmaceutical industry always plays an important role and responsibility in the modern society. The industry started when our ancestors started curing them with the sap of trees. With the passage of time, our knowledge of natural herbs kept growing. We understood the secret for all disease lies hidden in nature.
In the beginning, we passed on knowledge of medicinal properties of herbs through oral tradition. Meanwhile, the search for finding cures for treatments never stopped. No denying the pharmaceutical formulations at that time only treated basic wounds and ailments. Knowledge of medicine was rudimentary.
After the invention of writing systems, there was proper codification of drug formulations. Thereafter there was a great deal of growth in the field. We started studying nature far more carefully. In the process, the early medicinal systems grew their knowledge about curative properties of trees and herbs.
Fast forward 19th century, there was explosion in our awareness of nature and its secrets. It was the start of scientific era. In the subsequent centuries, the pharmaceutical industry would grow at exponential pace.
In the 20thcentury,quality of modern life improved significantly compared to the previous centuries. Cures for deadly diseases became available.
In the following sections, we will discuss various important contributions of pharmaceutical industry in healthcare.
Increasing life expectancy
It is the most important contribution for healthcare industry. It became possible only with the discovery of treatments for various diseases. Due to the reach of pharmaceutical industry, the treatments reached a vast majority of the populace.
Average life expectancy at the start of 20th century was 32 years for men and women. Now it has more than doubled to 72 years. It has happened because of innovations in medicine and pharmaceutical sciences.
In many advanced countries the average life expectancy has reached 85 years. In most of western societies and Japan the average life expectancy is around eighty five years. Medical facilities available here for average citizen are excellent.
Control and eradication of diseases
In the previous section, we talked about increase in life expectancy. Advancement in medicine improved the quality of our life. Also, discovery and development of new treatments were able to help control the diseases. Cures are now available for ailments which had no treatment in the past.
Discovery of vaccines was a path-breaking event in the pharmaceutical and medicinal history. It was due to the effectiveness of vaccines that we were able to eradicate smallpox from the globe.
Additionally, we are also very close to eradication of 7 more deadly diseases-polio, measles, guinea worm, rubella, elephantiasis,cysticercosis and mumps. Pharmaceutical companies are always working to come up with new and better vaccines and drugs to battle diseases.
Drugs for pain relief
It industry primarily focuses on finding and developing new drugs and treatments for wide array of diseases. However, the industry has also developed painkillers for pain relief. Many health conditions cause unbearable pain. For such conditions, the pain relief treatments allow you to live freely.
There are drugs for getting relief from body aches, wounds and numerous other health disorders.OTC medicines are easily available for headache, flu and mild fever. Even for deep wounds we have painkillers. For performing surgery, we use anesthesia for numbing pain.
There is a great deal of research going on for developing painkillers for wounded soldiers. There is a need for effective pain relieving drugs for military. Many soldiers get deep flesh wound cuts causing sharp pain. This requires treatment with cutting-edge medicine.
Economic benefits of vaccines
Discovery of vaccines has been a monumental event for pharmaceutical and health industries. The vaccines present the most effective treatment for disease containment. Since the middle of 20thcentury, we have discovered many vaccines.
No denying they are effective for treating and even preventing diseases. There are benefits of developing vaccines. These benefits are economic in nature. All countries have programs for vaccinating their new-born.
Children who have received timely vaccinations are less likely to catch diseases. Not providing is vaccination costs more in the long run. It causes diseases to spread unchecked. Economic cost of containing the spread of diseases is significant.
It is no wonder most of the countries have adopted vaccination programs. Health expenditure would mount in the absence of such a program.
Source of employment for millions
This industry is one of the biggest employers globally. It is an industry that employs millions of workers from semi-skilled to the highly skilled positions. The industry has got laboratories for research and innovating new pharmaceutical formulations.
Highly skilled people are hired for research in pharmaceutical companies. Worldwide, the industry employs more than 20 million people directly and indirectly. The companies have got millions of vendors with their own marketing and distribution channels.
The companies need the services of people with basic administrative, management, pharmaceutical skills to the highly specialized knowledge of medicine, drugs and cutting-edge technology.
Shorter hospital stays
Hospital stays have shortened with amazing advancement in modern medicine and pharmaceuticals. It has become possible with availability of effective treatments. Some 50 or 60 years ago duration of average stay was 8 days.
In the present time, the duration of average hospital stay has come down to 4 or 5 days. This has released some of the pressure on hospital resources and staff.Patients are getting well in shorter times. Drugs and treatments are improving with new research and innovations.
Hospitals are now equipped with all modern facilities. All leading hospitals have their own medical oxygen gas plant. Medical grade oxygen and liquid nitrogen has now become an integral part of medicine. The WHO classifies it as an essential drug. The hospital oxygen plant generates onsite oxygen for meeting their requirements.
Boosts global economy
It is the responsibility of pharmaceutical industry to research for new medications. The industry undertakes production and distribution as well. Pharmaceutical market has grown at an excellent for last two decades.
In 2020 worldwide pharmaceutical revenues were around USD 1.27 trillion. After the outbreak of global pandemic, the industry did an excellent job of manufacturing and distributing COVID-19 vaccines in a record time.
