The Bangalore-based Cryo-Save India Pvt Ltd, a wholly-owned subsidiary of the Europe's largest stem cell company Cryo-Save group, would invest another Euro 2 million in three years time to scale up its operations in the country. The company had earlier invested Euro 2 million to roll out its operations in the country about three months back.
Cryo-Save India offers the collection and storage of adult stem cells derived from umbilical cord. The company also offers dual-storage system for the first time in the country.
"Though we are only three months old in India, we have already captured around 9 per cent of the market share within this short span of time. Our aim is to take the market share to 21 per cent in the next 12 to 15 months and our plans to scale up the investments in the country is a big step towards realising this goal," said V R Chandramouli, managing director, Cryo-Save (India) Pvt. Ltd.
"Women in India are slowly but steadily realising the potential of banking their umbilical cord cells. It's heartening to see this trend is present not only in metros, but also in other major cities of our country. Our endeavour is to bring to the table a depth of expertise and experience in the stem cell banking space and we plan to devise new marketing strategies to reach out effectively to our target population," he added.
Besides its move to make huge investments in India to meet the emerging demands, the company is also learnt to establish its research and development activities in the country and is in talks with major pharma players like Dr Reddy's in this direction.
In yet another effort to expand its activities in the country, Cryo-Save would collaborate with All India Institute of Medical Sciences for expansion of stem cells, while it would hold a workshop on stem cells with the Hyderabad-based CCMB in October.
"Very few cord blood stem cells are stored in India. We should consider ways to increase it. If we don't have stem cells in banks, we won't be able to treat patients and go ahead with the R&D and clinical trial activities," said Prof. Colin McGuckin, scientific director, Cryo-Save India pointing to the necessity of developing stem cell banks in the country.
The company's lab in Bangalore adheres to good manufacturing practices and highest international standards.