Government Initiatives Accelerating Indian Stem Cell Market Growth

According to a new research report by RNCOS entitled, ? Opportunities in Indian Stem Cell Market?, The Indian Stem Cell market has witnessed significant growth over the past few years as a result of some of the initiatives taken by the Government of India. The Government support, in terms of providing funding for extensive R&D activities, skilled manpower and infrastructure, has been a key factor driving the growth in the market. Apart from the initiatives aimed at providing funding, considerable work has been done with respect to policy implementation for the promotion of this field, encouraging researchers to begin working in the area of stem cells as well as stopping unregulated R&D activities. Along with supporting research in the field of stem cells, the recent announcement of service tax exemption on stem cell banking services is an essential step for enhancing percolation of the stem cell banking concept among the general public.

Taking cognizance of the reports regarding the offering of unapproved stem cell therapies by healthcare entities, the Government updated the already existing guidelines for stem cell research and therapy. In addition, efforts are being made by the Government to ensure proper implementation of guidelines governing the stem cell sector and curb unethical practices leading to the exploitation of vulnerable patients. Moreover, the government along with other agencies has recently started close monitoring of clinics, hospitals, nursing homes and companies offering such services.

Further significant growth in the market can be achieved by initiating awareness programs regarding stem cells and their associated benefits, encouraging people to go for umbilical cord donations and fast tracking of the approval process for stem cell based products and therapies.

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