Lifecell, the Chennai-based pioneer in stem cell repository and research firm, is working on how they can get government support, evaluation of technology platforms, foreign collaboration etc. as a part of its plan to set up a public cord blood banking system in the country.
At present the company is having talks with MNCs to set up public cord blood banking system by middle of 2007. The approximate investment that would go into the setting up of the bank which will meet world standards would be Rs 20 to 30 crores. All the groundwork for the same is under process.
"For a public cord blood bank, a lot of support from the Government is needed in terms of regulations and also to create awareness. Hence we are discussing with a state government and some big names in industry. In USA three states have legalized the storage of cord blood. If India can adopt such a system and make it legal for storage, it will be a good source for all. We have not yet started, once that happens then we will expand," said V R Chandramouli, CEO, Asia Cryo-Cell Pvt Ltd.
Lifecell has also started a marketing centre in Dubai and one person has been employed in the office. The company plans to employ a total of four people in the office. The investment into this venture is Rs 6.5 Lakh.
"We are also planning to start a transplant centre in the Middle East and we have been talking with major hospitals in the Arab countries for a Joint Venture. We have made letter of intents road map and business plan to start in Dubiotech, the biotech park in Dubai and an answer from them is expected within a week. We have plans to start a cord blood banking service similar to that proposed in India within two years," according to Chandramouli. He said that the major diseases seen in the Arab countries were thalasemmia and blood disorders, which could be, cured easily through stem cell treatment.
Chandramouli said that there were plans to set up marketing office, stem cell banking and R&D facility in Malaysia. He said that a JV company will be floated and the final discussions were going on currently.