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CordLife, one of the leading stem cell banking groups in the Asia Pacific region, has plans for expanding its network in India and China due to the increasing birth rate of these nations.
"We're looking at India and China as two big markets in terms of our stem cell business in the Asia Pacific region - keeping in mind the huge birth rate in these two countries," said the CordLife group chief executive Steven Fang on Wednesday on the margins of a press conference held in Kolkata.
"We're presently in talks with a large number of big government and private hospitals across India to tie up with them for stem cell therapy treatment."
He mentioned that the client base of the firm has grown by 70% whereas the firm has registered a net profit growth of 30% last year.
"Once this stem cell therapy gets commercialised in this country, we're sure there would be more growth in this particular healthcare sector," Fang said.
CordLife operates Asia's largest network of private cord blood banks with full processing and specialised storage facilities in Singapore, Hong Kong, Indonesia and India. It has a strong marketing presence throughout the Asia Pacific region.
The firm forayed into the Indian market early this year with the development of its first storage facility in Kolkata's adjoining diamond harbour which currently holds 40,000 cord blood units. This unit has the capacity for storing about 150,000 cord blood units.
"The total size of India's stem cell preservation market is about 15,000 units per annum and it's growing at a rapid pace. The growth rate has been approximately 42-50 percent per year," CordLife managing director Meghnath Roy Chowdhury said.
