In recent years, the private sector has been financing the research and development more than government bodies in the field of medicine. I strongly believe that private companies such has pharmaceutical companies can revolutionize this field with high-grade medical equipment and funding resources.
Private companies, corporations, either by themselves or through networks have access to better tools such as high-powered microscopes, cluster of computers for medical computation and much more. These machineries can pinpoint the bacteria causing problems, compute a solution, provide a cure based on the cluster’s knowledge base and predict future behaviors. Cause and effect graphing allows medical professionals to undertake precautionary measures beforehand. Furthermore, the technology used by these companies is advanced enough to calculate chances of developing cancer by determining the growth rate of the cancer cells. On the other hand, Government bodies, must undergo a lengthy process of filing, billing, finding cheapest tender, and may end up taking years before these facilities get their firsthand experience on these machines.
In addition to machinery, the private sector also has access to significant capital to fund medical research. The field of healthcare and medicine is ever-growing and attract the interests of investors, venture capitalists due to its tremendous potential in terms of returns. In contrast, government allots budgets to every field. These budgets put a limit on expenditure thus, making it difficult for researchers to acquire necessary equipment and resources to move forward with their work.
In conclusion, private sector with access to huge capital along with high-power, state-of-the-art machineries are evolving the field of medicine with every passing day and I stand by this opinion. Government institutions, despite changing policies and schemes, have a long way to go before they can compete with the private sector on equal footing.