10 Aug 2012, BioSpectrum Bureau , BioSpectrum
Bangalore: LifeCell International, India's largest stem cell bank, achieved a milestone of successfully preserving 50,000 umbilical cord blood stem cell units in its preservation center and laboratory located in Chennai.
Established in 2004, LifeCell is India's first private stem cell storage company and still retains the position of being the market leader with over 50,000 parents, including some of the most popular celebrity couples having stored their baby's umbilical cord stem cells with it. With a pan-India presence, LifeCell's services extend to over 100 towns and cities in the country. Its preservation facility in Chennai is one of the most reputed in the industry with several national and international accreditations to its credit.
LifeCell has attained its stature as India's largest stem cell preservation company through its persistent educative and promotional initiatives to create awareness on the need for stem cell preservation. To further enhance awareness, LifeCell partnered with Lisa Ray, Model and actor, who had undergone successful stem cell therapy for treatment of blood cancer. Lisa Ray continues to endorse the brand. LifeCell today enjoys the premium space in stem cell banking industry through its brand initiatives.
Whilst India is the world's largest birthing country, the penetration of the stem cell storage has been a dismal 0.2 percent compared to the global average which is between 5% in the US to as high as 25% in Singapore. LifeCell 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.
Commenting on the milestone achievement, Mr 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. As a first step we dedicatedly imparted education at medical forums, and put together an experience customer detailing team who counseled parents on a one-to-one level inside the comfort of their homes. Our 50,000 member milestone is recognition of that effort. I'm pleased that we are now offering this valuable service pan India and increasingly in other neighbouring countries too".
The stem cell storage industry is growing at a rate of 30-40 percent per year. More and more innovative services have been launched in the space of stem cell preservation such menstrual blood banking. To address the market opportunity LifeCell has embarked on significantly expanding its preservation capacity at its facility in Chennai expected to be completed in the next three months.
Since inception LifeCell has grown at a consistent pace and has strongly established its leadership position in the industry, with its coverage extending to over 100 cities and towns in India. As leaders, LifeCell had the responsibility of educating the public and medical fraternity on stem cell technology and through these efforts today over 50,000 parents have preserved their baby's cord blood stem cells with LifeCell.