Business Daily from THE HINDU group of publications
Friday, Jul 14, 2006
Business Daily from THE HINDU group of publications Friday, Jul 14, 2006 |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Medical Institutions & Hospitals Cryobanks to set up 7 cord blood stem cell units in India Our Bureau
New Delhi , July 13 Cryobanks International India Pvt Ltd, a joint venture between the R J Corp and Cryobanks International Inc, will invest about Rs 100 crore in setting up seven cord blood stem cell banks in India in the next 18 months. The company has started its first facility in Gurgaon, which has a capacity to store more than 1,00,000 units of cord blood, obtained from the umbilical chord at the time of childbirth, Cryobanks International Inc Chief Executive Officer and President, Mr Dwight Brunoehler, told reporters. The Gurgaon facility will be functional soon after the completion of the necessary formalities with the drug authority. The other facilities will be based in major cities including Mumbai, Chennai and Kolkata. ``People willing to keep the cord blood for future use in their family can avail themselves of the facility by paying a one-time fee, of about Rs 60,000 for 21 years, or can pay the amount in annual instalments,'' Cryobanks India Advisor, Dr Naresh Trehan, said.
$2 billion market
Globally, the cord blood, from which stem cell is extracted, storage market is estimated to be about $2 billion and India has been emerging as an attractive destination owing to its diverse ethnicity and large population base. Cryobanks India is planning to train doctors to create awareness on the benefits of donating cord blood, he said. The company processes cord blood and separates critical stem cells from it, which then can be used in the treatment of various diseases ranging from cancer to cardiovascular. The joint venture project, which marks R J Corp's foray into the healthcare sector, is mostly controlled by RJ Corp. The company would be paying royalty to Cryobanks International for technology, R J Corp Chairman, Mr Ravi Jaipuria, said.
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