Cryo Save, an adult stem cell cord blood bank major in the country is looking to partner with the Union government to chip in its expertise for the development and implementation of a dedicated stem cell banking policy which would help regulate the industry which is now part of the healthcare sector. The company, which has an international presence as it operates out of over 40 countries, adheres to global regulatory guidelines. When it operates in India, the company views that the lack of regulations is a serious deterrent for growth.
One of the serious concerns is the non existence of regulations governing this sector in India. In the developed countries such as USA and the European Union, regulations can help gain the confidence of both the medical practitioners and the public. Stringent regulations will also cap the entry barrier of any player into the segment, with only serious companies backed by medical and scientific expertise venturing into the space, Rajesh Sharma, MD, Cryo-Save India told Pharmabiz.
Though some of the players in the industry are voluntarily opting for quality accreditations or certifications, yet a formal regulation could ensure that the quality standards are in place to provide better services. Regulations can prevent hollow promises. It could also bring an end to lot of speculations that cloud this sector about the utility and outcome of the services being rendered by the Stem Cell Banks, he added.
Stem cells are successfully used in the treatment of life-threatening diseases like leukaemia, anaemia, bone marrow cancer, solid tumours, and inherited diseases affecting the immune system besides metabolic disorders. Stem cell therapy in India is catching up considering the number of successful cases. However, in India stem cells therapy is used to slow down or stop further deterioration caused by the disease. But use of stem cells to reverse the disease is still at a clinical stage as this procedure is considered experimental and is not yet available as a standard medical treatment.
Therefore by and large in India, Stem Cell Banking industry is at a nascent stage. There are around 20 stem cell banks across the country. For a population of over 1.2 billion and annual births of over 25 million, only few have opted for banking the stem cells. Hence, a vast untapped potential of providing this once-in-a-lifetime opportunity to the people remains unexplored, stated Sharma.
One of the ways to popularize the use of stem cells would be to ensure that along with the implementation of regulations there is need to win the confidence of the health insurance sector which could in-turn increase the usage of stem cells. Many patients are reluctant to opt for stem cell therapy because they are uncertain about the means to afford treatment costs, he pointed out.