New medicine improves and saves lives through a wide range of methods and conditions. Advancements in medical research have also led to the development of more prescription drugs, which has ultimately reduced the cost of healthcare. The following are examples of how advancements in specific medications to treat certain medical conditions has led to a reduction in health care costs and overall improvement of the economy:
Advancements in Medication for Chronic Diseases
Patients who spend on medications for chronic conditions like heart disease, diabetes, and cancer save $7 for every dollar spent. Patients who strictly adhere to modern medication regiments for these conditions are also less likely to be hospitalized. As utilizing hospital resources can be both time consuming and pricey, especially in the treatment of long drawn out chronic diseases, relying predominately on prescription drugs saves on the cost of paying health service professionals.
Advancements in Medications to Treat Depression
According to The Wall Street Journal, in the 1990’s there was a significant decline in treating depression through hospitalizing patients, due to an increase in prescription medication. Less patients suffering from depression were hospitalized resulting in reduced healthcare costs. The Wall Street Journal directly attributes this transition tothe creation, distribution and popularity of medication like Prozacand other drugs.
Advancements in Medication to Treat HIV and AIDs
Medical research developed to treat potentially fatal viruses like HIV and AIDs in the 1990’s led to a 70% drop in death rates related to the virus. When medication is administered to HIV and AIDs patients, not only does it significantly extend the life expectancy of those patience, but it stabilizes their symptoms enough to keep their doctor visits infrequent, basic, and cost effective.
The massive amount of money spent on the care, disposal, and treatment of AIDs and HIV patients who die from the virus was completely reversed and replaced with new revenue streams for the health industry.
Advancements in Medication that Improve the Economy
Not only have bio-pharmaceutical companies progressively employed more employees in the medical industry each year, but these jobs in turn create even more jobs in industries like professional services, trade companies, construction, retail, and real estate. According to the Archives of Internal Medicine , the biopharmaceutical sector produced more than 3.2 million direct or indirect jobs.
New medications to treat and cure migraine headaches has also resulted in a 50% increase of corporate workforce contributions, as a large number of reported cases of sick leaves were due to headaches. Once these minor conditions were cured, many people could return to work.
Advancements in Medication Research
All of the current progress in the medical industry, specifically advancement in prescription medication, has led to the reduction of healthcare costs. This decrease in expenditures would not be possible
without the health industry research of corporations like Huntingdon Life Sciences. Huntingdon Life has revolutionized medical research. Their progresses in procedure and product research have sparked breakthroughs in the health industry, as well as food ecological agricultural and industrial chemicals. A few of Huntingdon Life Sciences’ health field contributions include improvements in Alzheimer’s and dementia medications, anti-cancer treatments, anti-Parkinson’s treatments, and new found vaccinations.
In sum, advancements in medication and medication research reduce the cost of health care each year through decreasing expenditures on hospitalization, while also creating employment opportunities. Initiatives to discover new and improved prescriptions drugs to treat illnesses require job creation that in turn results in revenue from the manufacturing and sales of that medicine. This process is self-sustaining and very different from treatment through hospitalization, which can exhaust more resources than it generates