A portable rescue inhaler having a first canister containing a gas mixture of helium, oxygen, and nitrogen, and having a second canister containing an aerosolized medicine. The gas mixture of helium, oxygen, and nitrogen contained in the first canister has a density slightly lower than the density of atmospheric air. The portable rescue inhaler is capable of delivering the lower density gas mixture simultaneously with the aerosolized medicine for emergency hand held rescue of patients suffering from asthma, asthmatic bronchitis, COPD, emphysema, cystic fibrosis, and myocardial insufficiency. The portable rescue inhaler is capable of providing a vaporized anesthetic for greater medical assistance for patients in need of anesthesia due to respiratory insufficiency. The portable rescue inhaler reduces intra-operative risks in respiratory patients prior to gaining access to a hospital or care center.