The rising cost of healthcare has been a cause of concern around the globe. The global economic crisis has seen governments such as the US and Japan attempting to minimise the cost of state-funded healthcare.
The increased prevalence of cardiovascular disorders, metabolic diseases, cancer, etc coupled with the emergence of more virulent forms of existing diseases poses a challenge for current medical therapies.
India is already seen as the world's low-cost pharmacy as far as conventional therapies are concerned. And the recent economic and epidemiological changes present a lucrative opportunity for the Indian biotech industry to replicate this success in the field of innovative healthcare therapies that include biopharmaceuticals, vaccines, regenerative medicine, etc.
The Indian biotech industry registered a compounded annual growth rate (CAGR) of 20% in the past decade. While biosimilars â€” generic versions of biologic drugs â€” currently make the most significant contribution to the top-line, another promising field is regenerative medicine. This is a novel multi-disciplinary field that relies on cell therapeutics and bio-engineering techniques to enhance the functionality of organs and tissues.
Among various types of medical therapies that can be classified under regenerative medicine, stem cell therapy is, perhaps, the most well-known. Stem cell therapy began with bone marrow transplants.