Kolkata, May 15:
Stem cell banking companies are looking at aggressive marketing initiatives to move into the mass market segment. Direct marketing to customers and reduction in price tag for storing umbilical cord blood are on the cards.
The umbilical cord blood and cord tissue are one of the richest sources of stem cells and have potential to treat over 75 serious ailments.
The average cost for storing these for a period of 21 years ranges between Rs 75,000 and Rs 90,000 in India.
According to Chennai-based Life Cell, high price points and lack of proper marketing have limited the penetration of cord blood banking in India. Affordability is the key factor in India.
Only when the prices come down will we see more customers opting for the service. We are working on it (bringing down prices), Mr Mayur Abhaya Srisrimal, Executive Director Life Cell, told Business Line.
Stem cell bankers have already rolled out easy finance options such as EMIs to make the services attractive. CordLife, for instance, offers EMI facility for 12-24 months.
This has helped boost our sales. We have been acquiring 350-400 clients each month, said Managing Director, Mr Meghnath Roy Chowdhury.
Finance, however, is not the only stumbling block. Cord blood bankers have, so far, been depending largely on hospital network for signing up clients. Bangalore-based Ms Deepa Shankar, who is expecting and is due for delivery in June, recently opted for Life Cell services through the hospital.
It's not a sustainable approach. We need to get into direct marketing for pushing up volumes growth, Mr Srisrimal points out. To strike a cord with the would-be mothers, the company has roped in Lisa Ray as brand ambassador. Ms Ray was cured of multiple myeloma courtesy stem cell therapy.
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Stem cell banking firms to deploy marketing initiatives to boost sales