Challenges to Implement Cost-Effective Stem Cell Innovation

Research and innovation have made it possible for scientists and doctors to implement stem cell therapy to cure diseases that were previously considered incurable. Today, harvesting stem cells from umbilical cord blood, bone marrow, and peripheral cells can help in treating 80+ diseases including some rare forms of cancer.

However, most scientists in the field of stem cell research are restricted by financial constraints. The biggest challenge they face is to make stem cell research and innovation cost-effective. 

Stem Cell Research and Financial Constraints

Government funding is often inadequate to carry on stem cell innovation. Researchers have to mostly depend on private research institutes. These institutes are often skeptical as they worry about adequate return on investment. Meanwhile, pharmaceutical companies worry that they will not be able to deliver cost-effective embryonic stem cell products due to the high research and manufacturing costs.

Most of the major global companies in the stem cell industry are currently running clinical trials. They are analyzing the economic viability of merger propositions to take forward research and innovation and make the products affordable and easily available for the end user.

Limited Government Funding

As mentioned above, government funding is limited. In 2007, the California Institute of Regenerative Medicine awarded a financial grant of USD 45 million. In the absence of government legislation, this is so far the biggest amount granted in the field of stem cell research. The money was distributed among all top research institutes that are pursuing stem cell research. 
Irrespective of the financial crisis, stem cell research in most institutes has reached the stage of clinical trials. The initial skepticism regarding the return on investment in stem cell research has waned off as the revenues have increased at an unprecedented rate in this field.

Conclusion

Overcoming the initial challenges, stem cell research and innovation are gaining popularity. The benefits that stem cell research provides are immense. For many people, it is also a matter of urgency because they need the technology to treat their conditions.

Governments and lawmakers are gradually getting convinced of the benefits stem cell technology can offer. In the future, they will have to make their rules and regulations less strict against stem cell research and innovation.