Hemoglobin is found in the red blood cell of the blood as the respiratory pigment that helps in the transportation of oxygen to the body cells for cellular respiration. Therefore, if the hemoglobin is deficient in the blood then it will affect the oxygen supplying capacity of blood resulting in the deficiency of oxygen in the body cells. This can also lead to anemia, an iron deficiency condition where the amount of blood in the body is quite less than required.