Healthcare Sector by Better Trades

As one of the world’s largest and fastest growing industries, Healthcare has become one of the leading sectors in many nations’ economies. Within the U.S., the healthcare industry consumed more than 15% of the country’s gross domestic product (GDP) in 2003. As the largest percentage of any other country in the world, the U.S. had enormous payouts to hospitals, physicians, pharmacies, nursing homes and laboratories within the healthcare system. Economists believe that the percentage of the GDP in the U.S. could reach as high as 19.6% by 2016.

There are a handful of subsections within the Healthcare industry. Included are Biotechnology, Generic Drugs, Major Drugs, Healthcare Facilities and Medical Equipment & Supplies.

Within the Biotech sector, companies are involved in the research and development of procedures, new drugs and medical devices. In addition, firms market and manufacture drugs as a direct result of the findings from their R&D. The industry is valued at more than $49B.

Generic Drug makers are the sector consisting of companies that are engaged in the marketing and manufacturing of over-the-counter (OTC) drugs, prescription drugs and veterinary drugs. This industry is valued at more than $68B. As for the more diversified Major Drug sector, which is the largest by value, $75B, it is here that the larger pharmaceutical companies reign, enveloped in the R&D, manufacturing and marketing of some of the world’s cutting-edge pharmaceutical technologies.

The Healthcare Facilities industry consists of companies involved in operating hospitals, dental and physician clinics, nursing homes, home healthcare agencies and psychiatric facilities. The industry also includes medical and diagnostic laboratories and is valued at just over $6B.

Finally, the Medical Equipment & Supplies sector, valued at more than $14B, deals with companies that are in the business of manufacturing and distribution of basic medical equipment and supplies. These products consists of surgical knives, forceps, gloves, bandages, syringes, lab equipment, x-ray machines and other related supplies.

Dating back to antiquity, public health was a growing concern for flourishing civilizations as polluted water and improper waste disposal lead to an influx of communicable diseases. From there, governments placed the responsibility of sanitation on the leaders of the community in order to develop and implement public policies that would ensure and maintain order in a sanitary society.

In modern times, the standardization of public health programs lead to the refocusing of efforts towards more chronic diseases, such as cancer and heart disease, instead of infectious diseases that were more prevalent in earlier history. During the 20th century, the average lifespan of an American was credited to the improvements within the public healthcare system.

One of the most recognized entities within the Healthcare system is the United Nation’s agency, the World Health Organization (WHO). The WHO was established in April 1948 with its constitution stating that its mission "is the attainment by all peoples of the highest possible level of health."

Financed by contribution from member states and donors, the WHO is also partnered with some 80 non-governmental organizations as well as the pharmaceutical industry. In addition to funding provided from well-known foundations, including the Bill and Melinda Gates Foundation and the Rockefeller Foundation, the WHO receives additional contributions from national and local governments along with private donations.

In our society, a great deal of time and capital is spent within the Healthcare system. Billions of dollars each year are spent on research and development of new vaccines, new treatments and new procedures in order to combat an ever-increasing discovery of new diseases.

Within the U.S., the great debate over healthcare reform has marched on. With proponents questioning the right to healthcare, the U.S. is the only wealthy, industrialized nation without a universal healthcare system. With a mixed, private and public healthcare system, coverage is the most expensive in the world. In 2006, there were more than 47 million people without any type of healthcare insurance, nearly 16% of the total population.

Other monies are spent on the education and training of healthcare issues in schools, communities and countries around the world. With regards to healthcare in schools, these are services received from medical, teaching and other professionals applied within the nation’s school systems to the improve the health and well-being of children.

Currently, there are numerous publications and writings pertaining to the healthcare industry. included are Health Affairs, Journal of Healthcare Quality, Health Economics, Eastern Mediterranean Health Journal and Milbank Quarterly.

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