How did Medical innovation turn into a profitable business?

Thoughts on the medical world.

Looking back the human history we have a lot to take in and think about. From the early invention of fire to rockets flying to outer space we have come a long way from where were. Curious nature of human have made much more progress and there is now stopping to limit what we can do. With a cup of coffee and a deep stare at the ceiling, I found it interesting.

I was wondering how awesome it is that an idea, a person’s dedication to thinking about it changed the world forever. What do you think would have happened if only Newton was not curious about an apple falling from a tree? What if Edison gave up after so many failures? What if Turing was not curious about robots acting like humans? or What if Lamarr just remained an actor, not a person who discovered the frequency-hopping spread spectrum that led to the invention of wi-fi? There is so much to ponder about.

Curiosity is what inspires people to think, dedication to finding out is what makes a difference.

The thing is so many contributions have made this world what it is today.

It seems absurd to think diseases like Smallpox, Polio, Rabies, Tuberculosis, Malaria wiped out so many populations. Some are eradicated, some can be controlled and under the process of eradication and some diseases may be eradicated totally in the future. Medicine has come a long way from herbs to tablets. It is one of the wonders of science and long hours of studying, testing and time sacrificed by people. Surely there are many things that remained to uncover but still, it’s worth pausing for a while and thinking about all the progress made.

Here are interesting discoveries and a remarkable time in the timeline of medical history. You may find it interesting as well.

500 BC -> Alcmaeon of Croton distinguished veins from arteries

460 BC -> Birth of Hippocrates, the Greek father of medicine begins the scientific study of medicine and prescribes a form of aspirin

300 BC -> Diocles wrote the first known anatomy book

1249 -> Roger Bacon invents spectacles

1590 -> Zacharius Jannssen invents the microscope

1670 -> Anton van Leeuwenhoek discovers blood cells

1796 -> Edward Jenner develops the process of vaccination for smallpox, the first vaccine for any disease

1816 -> Rene Laennec invents the stethoscope

1849 -> Elizabeth Blackwell is the first woman to gain a medical degree from Geneva Medical College in New York

1853 -> Charles Gabriel Pravaz and Alexander Wood develop the syringe

1887 -> First contact lenses developed

1899 -> Felix Hoffman develops aspirin

1901 -> Karl Landsteiner introduces the system to classify blood into A, B, AB, and O groups

1913 -> Dr. Paul Dudley White pioneers the use of the electrocardiograph — ECG

1952 -> Paul Zoll develops the first cardiac pacemaker. Jonas Salk develops the first polio vaccine. Rosalind Franklin uses X-ray diffraction to study the structure of DNA

1983 -> HIV, the virus that causes AIDS, is identified

1996 -> Dolly the sheep becomes the first clone

2006 -> First vaccine to target a cause of cancer

See the full list here.

Penicillin, Aspirin, Viagra, Lipitor, Insulin, Birth Control Pills, AZT are some names you might have heard that has a remarkable contribution to the world of medicine. That helped thousands of lives in various ways all over the world.

If you ask me what does a prosthetic has to do with innovation I would say It gives hope and strength to people who need it.

From artificial hands, limbs to the artificial heart. It is a remarkable journey and an interesting one. The other day I was reading how Dr. Barney Clark moved the human history with his first-ever artificial heart transplant carried out by Dr. William DeVries. It is quite a read. The man lived for 112 days and left a mark on the human history of the artificial heart. I suggest you read that piece of history here.

Some heroes wear capes some wear aprons. We should be thankful for everyone making a difference in the medical field. It is not an easy job to study and definitely not to practice on humans or animals. The most important part is to make a decision that can change a person’s life.

Business in Medical Industry

Healthcare and medical industry are one of the most profitable business all over the world. It is said Pharmaceutical companies have the highest profit margin in the world which is why it has gained most criticism from consumers and politicians.

“We looked into changes in the drug industry and found that pharmaceutical and biotechnology sales revenue increased from $534 billion to $775 billion between 2006 and 2015,” the GAO reported. “Additionally, 67 percent of drug companies increased their annual profit margins during the same period — with margins up to 20 percent for some companies in certain years.” Spending on research and development increased as well, to $89 billion in 2014, from $82 billion in 2008.

Read the full article here.

Health care and entertainment are businesses where people tend to throw money without a second thought. People might think about entertainment but with doubt, people don’t think too much about when it comes to health. This is why medical businesses are taking advantage of this and burning cash from people’s pockets.

The above image is for Insulin in US only. And this goes for most of the drugs. The industry seems to be booming as other businesses.

Thank you for going through it. Hope you learned something and had fun reading. 👏👏👏

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I design, develop web components and systems and write about them.

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