Comments
Stem cell service provider LifeCell will ramp up its presence in the Asian markets in the next few months.
The company preserves stem cells obtained from umbilical cord blood and cord tissue. It has 100 collection centres across India.
LifeCell is also present in West Asia across Bahrain, Qatar and Dubai. Blood banking is a regulated process in these markets – only the government is allowed to store and preserve blood. Collection is, however, allowed by private players. LifeCell has tied up with DHL Blue Dart to ship the samples to its lab in Chennai.
LifeCell processes and stores stem cells at its 60,000-sq. ft facility in Kelambakkam, Chennai. It is establishing another labin Delhi by July.
West Asia accounts for just 1 per cent of LifeCell's revenues. LifeCell is looking to expand into Oman and Saudi. It will also enter Singapore, Malaysia, Nepal, Sri Lanka and Bangladesh in a few months.
LifeCell is looking to raise $10 million from international private equity players in the healthcare space to fund its expansion. The company has been on the lookout for partners for over a year now; it expects to close funding in a couple of months.
Last year, the company entered into stem cell banking using menstrual blood in a tie-up with US-based CryoCell. “This has seen mixed response from women given the social stigma and sensitivity attached to it. There is also disbelief that such a thing is possible,” said Mr Mayur Abhaya, Executive Director.
Menstrual blood banking has found takers mainly from the upper economic class, including celebrities, as affordability is an issue.
The package costs Rs 29,900 with annual storage fee of Rs 1,500. The company is targeting women of all socio-economic strata and has come out with an EMI plan. It also hopes to bring down the costs over a period of time. LifeCell plans to launch this package in the overseas markets as well.
LifeCell has an EMI option for cord blood banking too. This accounts for 80 per cent of LifeCell's Rs 55-crore business. The company has made over 45,000 cord blood collections till date.
The stem cell market is pegged at Rs 150 crore in the country.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.