How Stem-cell Treatment will Reform the Healthcare Industry
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Being born into a business family is a matter of coincidence, but taking the legacy to another level after spotting business opportunities in the diverse domains is sheer brilliance.
When Vipul Jain started his career in 1999, his only aim was to expand the family business and he established a fabrics import enterprise. After this he diversified into a field, which took his family by surprise and of which they had any clue.
He ventured into animation and medical tourism, the latter getting listed on Nasdaq in 2011.
The indomitable spirit of entrepreneurship kept Jain hungry and in 2013 he established Advancells, a research-based company, focusing on providing cutting-edge Stem Cell therapies.
Jain narrated how while running the medical tourism business, patients asked him about stem cell therapy in India. Research convinced him about the future prospects of stem cells and the once-in-a-lifetime opportunity of seeing the future before anyone else did. Investing in it was the natural next step.
Stem Cell Therapy is at the Epicentre of Regenerative Medicine
It is believed that the body has enough resources to regenerate itself from any trauma or disease that it might be fighting. Science says if the right qualities of cells in the right quantity are able to reach the right place, they should be able to regenerate the particular organ or tissue and help us avoid surgery or chemical-based medications.
“Of course it is easier said than done and right now the research is only the tip of the iceberg. We have a long way to go before regenerative medicine becomes the gold standard, but certainly the prospects are extremely bright. IT has the potential to replace most of the large surgeries done today and hence the business prospects are bright not just from the companies point of view but also from the patients side as costs can be reduced significantly,” clarified Jain.
Future of Modern Medicine Lies in Stem Cells Therapy
Regenerative medicine has the power to completely change the way conventional medicine is being practiced right now. It uses the regenerative power of human stem cells to treat a trauma or a disease that an individual might incur. There are several diseases for which there is no cure in modern medicine and stem cells have shown promise in those areas as well.
Jain explained that the technology involved in the therapy is sucking the cells from their sources (muscles, tissues) and growing them in a way that they can replace, repair or rejuvenate target organs.
“Cell transplantation is a relatively new technology and appropriate laws and regulations are yet not standardized for the field. Laws and regulations vary from country to country. Depending on the country and the nature of the procedure, there may be no laws restricting stem cell treatments, making them simply unregulated,” he cautioned.
Reasonable Profit Enhances Impact of Social Enterprises
If an enterprise enters into social entrepreneurship with hopes of making some profit, a reasonable profit is a minimum that it expects.
“In a business, it is very difficult to motivate people just on social parameters. At the end of the day, everyone needs financial benefits. Moreover, without any profit, there is no way you could invest in advancements and innovation to reach out to more people,” he enumerated.
However, Jain concluded with a caveat. He maintained that while it is important for the enterprise to generate revenue, it should be monitored how the revenues are spent. “The profits should not go towards personal sending of directors but should be spent in reaching out to more people and helping the society as a whole. Only then the enterprise will contribute to development,” he opined.