Regenerative Medicine

Topics: Stem cell, Organ transplant, Supply and demand Pages: 2 (487 words) Published: April 7, 2013
What is regenerative medicine and how does it relate to MICROeconomics? How do you feel about this technology and how it might be used? Regenerative medicine is the "process of replacing or regenerating human cells, tissues or organs to restore or establish normal function". This field holds the promise of regenerating damaged tissues and organs in the body by replacing damaged tissue and/or by stimulating the body's own repair mechanisms to heal previously irreparable tissues or organs. Regenerative medicine also empowers scientists to grow tissues and organs in the laboratory and safely implant them when the body cannot heal itself. Importantly, regenerative medicine has the potential to solve the problem of the shortage of organs available for donation compared to the number of patients that require life-saving organ transplantation. Using supply and demand is the same way I would say Regenerative medicine relates to microeconomics. There are many people that are in demand of this product. The price of the product would determine which way the supply and demand curve would go. It also relates to microeconomics in the scene that it is an Oligoploy. There are few companies that study in regenerative medicine such as: Eli Lilly & Co., NeoStem Inc., Baxter International Inc., and TED. Regenerative medicine has large barriers from economies of scale or government policies. New technology, like regenerative medicine, can help so many people live better and fuller lives, which if I knew anyone with health issues that could gain from this, I would definitely have them look in to it. Regenerative medicine promotes the natural healing ability of the human body to repair damage in cell tissue and organ tissue through the use of stem cells. The body can naturally heal wounds and tissue damage by injecting regenerative cells in the injured area. Stem cell therapy can be performed by using mesenchyme cells from the patient’s own tissue avoiding the controversial and...
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