LifeCell gets 50,000 customers in stem cells banking
India Blooms News Service
Chennai, Aug 14 (IBNS): LifeCell International, India’s largest stem cell bank, on Tuesday announced a milestone achievement of successfully preserving 50,000 umbilical cord blood stem cell units in its preservation center and laboratory located in Chennai.
Stem cells derived from the umbilical cord are known to have the potential to treat over 75 serious medical conditions.
To enhance awareness, LifeCell partnered with model and actor Lisa Ray, who had undergone successful stem cell therapy for treatment of blood cancer.
Lisa continues to endorse the brand.
Whilst India is the world’s largest birthing country, the penetration of the stem cell storage has been a dismal 0.2% compared to the global average which is between 5% in the US to as high as 25% in Singapore.
LifeCell said it believes that poor awareness rate and per capita income are the primary reasons for low penetration in the Indian market, yet is optimistic that India would soon reach the global benchmarks.
Mayur Abhaya, Managing Director and CEO said, “When we launched our services in 2004 the medical fraternity was not even aware of the concept of stem cell banking. It was our responsibility to create awareness amongst both the doctors and the expectant parents about its enormous scope in the future."
The stem cell storage industry is growing at a rate of 30-40% per year. More and more innovative services have been launched in the space of stem cell preservation such menstrual blood banking.