India Set to Get Fully Organized Stem Cell Segment by 2015
As stated in one of the reports of Yes Bank, while the bio-tech market is all set to achieve a market in India worth USD 8 billion by 2015, the lack of legislation and attentiveness along with quality and ethical Issues have resulted into slow growth of stem cell therapy sector in India.
As suggested by the report 'Stem Cells--an emerging Bio-sectorâ€™, there is a need to have implementation of some such measures that could help this sector fix its roots in India in an excellent way. Like provision including 10-year tax benefits, exempting duty charges, fast tracking the approval process by giving it a status of orphan drug etc. are very useful.
The report also said: â€śThe legislation for this sector still is at the draft stage. A regulatory framework governing the sector, instead of the guidelines existing at present is essential for the proper growth of stem cell research and applications in India. There are also no guidelines regarding pricing which results in certain unproven injections being sold for around Rs 80,000â€ť.
There exist hardly any laws that govern and support the stem cell segment and due to this many companies are taking advantage of it. They are promoting their remedies and clinical trials as ICMR approved.
With a small number of participants in the Indian stem cell sector and that too when all of them occur in a blossoming stage, at such times if some global players from this field enters into the market through the route of mergers and acquisitions, then this can really help the industry grow immensely in India also.
It has come into notice that next month a controversial stem-cell conference was expected to hold in India which was to be attended by the Pope. It has been unexpectedly cancelled by a Vatican.