Disclosed is a pharmaceutical composition for the treatment of pulmonary emphysema comprising a mesenchymal stem cell (MSC). The mesenchymal stem cell is a pluripotent adult stem cell which can be differentiated into any one of various mesoblasts, such as an osteoblast, a chondrocyte, a skeletal muscle cell, a myocardial cell and a vascular endothelial cell. The pharmaceutical composition can enhance the regeneration of a pulmonary alveolus in pulmonary emphysema and can also enhance the vascularization of a blood capillary. When an MSC is co-cultured with a mature alveolar epithelial cell, the MSC can be differentiated into a pulmonary alveolus, inducing the pulmonary alveolus formation. When an MCS is administered intravenously, the MSC is fixed onto the ling to cause the regeneration of a pulmonary alveolus and a vasculature. Thus, the pharmaceutical composition can improve the pulmonary structure and function in elastase-induced pulmonary emphysema in a rat.
