Sujay Shetty, Associate Partner, PwC, points out that much more scientific evidence is still needed on the effectiveness of stem cell treatment. As Obama has lifted the ban on embryonic stem cell research, progress is expected in this area in the US and so is the probability for greater partnership. But in India, there are only guidelines so far related to stem cell research, therapy and banking provided by the Indian Council of Medical Research (ICMR) and the Department of Biotechnology (DBT). ICMR states in its guidelines that “there is no approved indication for stem cell therapy as a part of routine medical practice, other than bone marrow transplantation (BMT). Accordingly all stem cell therapy other than BMT (for accepted indications) shall be treated as experimental.” A strong regulatory mechanism is needed for approvals for other stem cell treatment products into the market as and when their efficacy is proven. There has to be a greater impetus from the government to ensure that the storage of stem cells is done in a proper manner and more awareness is created among the people with respect to stem cell banking. Regulation is also needed to take care of sham medical practices that have begun in the name of stem cell treatment. Unless these issues are addressed, companies like LifeCell will be unable to take stem cell treatment to the masses of India.
SCRATCHING THE TIP
B&E: How has the Indian market shaped up so far?
MA: The market has started responding positively in the past 5 years especially with advancing research in stem cells and more success stories of stem cell therapy. However we have only penetrated a small layer of the surface since the potential is extremely large and deep.
B&E: Scaling up is a major problem in this industry in India. How are you planning the same?
MA: We commenced operations with a B2B approach of being present in hospitals and reaching out to potential customers through doctors (gynaecologists). However with increasing public awareness we have now made inroads in making the concept as direct to consumer service through a B2C approach. In addition we have also expanded our network to over 60 centres in India & abroad.
B&E: What is your standing on R&D, considering its criticality in this industry? And what are the challenges?
MA: LifeCell invests about 3% of annual revenue into R&D and we could come out with two products soon. The primitive regulatory framework is challenging as it makes product development cycles too long & expensive. Further the sector was long ignored by major firms due to ethical considerations, but with those being removed rapid development is expected.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2009
SCRATCHING THE TIP
B&E: How has the Indian market shaped up so far?
MA: The market has started responding positively in the past 5 years especially with advancing research in stem cells and more success stories of stem cell therapy. However we have only penetrated a small layer of the surface since the potential is extremely large and deep.
B&E: Scaling up is a major problem in this industry in India. How are you planning the same?
MA: We commenced operations with a B2B approach of being present in hospitals and reaching out to potential customers through doctors (gynaecologists). However with increasing public awareness we have now made inroads in making the concept as direct to consumer service through a B2C approach. In addition we have also expanded our network to over 60 centres in India & abroad.
B&E: What is your standing on R&D, considering its criticality in this industry? And what are the challenges?
MA: LifeCell invests about 3% of annual revenue into R&D and we could come out with two products soon. The primitive regulatory framework is challenging as it makes product development cycles too long & expensive. Further the sector was long ignored by major firms due to ethical considerations, but with those being removed rapid development is expected.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2009
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