Vipul Jain, the intelligence behind Advancells, already owned a gamut of enterprises when he decided to enter the field of stem cell research. Just as any serial entrepreneur would do, Jain too acknowledged the untapped and unmatched potential of stem cells as the future of healthcare.
Stem cell transplant has widely benefited over one million people to this day. In fact, a report by Grand View Research says that the international stem cell market may reach USD 15.63 billion in 10 years from now, at a CAGR or 9.2 percent.
Set up on similar lines yet with a higher potential of benefiting the global healthcare industry is Advancells, an Indian startup that manufactures stem cells and use them in partner hospitals and clinics to treat neurological diseases and many more ailments. As Vipul, founder of Advancells mentions, "I got into it because it can save lives; research is only reducing costs."
Today, the Noida based company is a B2B provider of stem cells with its clients ranging from hospitals and doctors in India and abroad alike. There are around 55 hospitals which depend on Advancells for stem cells. The company has even introduced a new vertical to arrange for consultations for the patients who directly come to Advancells for treatment. The experts then refer them to partner hospitals, depending on various determining factors.
An MBA from Rochester Institute of Technology, New York, Vipul Jain knew exactly how to establish a successful enterprise in sync with aiding the society and Adancells is one of his best examples. He founded the company in 2013 with an investment of Rs. 4.5 crore and it has been growing rapidly ever since. "From revenue of Rs 12 lakh in the first financial year to Rs 10 crore in four years, we have some serious exponential growth pattern. In fact, "Advancells is sure to grow by at least 50% year on year, for the next three years", claims Jain. With the level of commitment and in-depth knowledge of the transformational nature of stem cells, Vipul is sure to become one-of-its-kind of a player in Indian private sector in stem cells by manufacturing, banking and utilizing the stem cells for therapy.
Like any revolutionary idea which is ahead of its time, even Vipul had to face challenges in creating greater awareness in the medical industry. He had to fight hard to convince doctors about the advantages of stem cell therapies. So, he started with the battleground, Delhi, in the first year and gradually moved to the international markets in 2 years.
"A lot of work needs to be done in healthcare. Indian businesses need more support from the funding ecosystem for businesses to scale up," says Jain. Nevertheless, the challenges were worth the rewards that came in multiples. Today, Advancells has bagged a series of awards including the Best Stem Cell Technology R&D Company at the Global CEO Excellence Awards, Company of The Year by ACQ5 Global Award, Best Quality Initiative in Healthcare and Best Product Innovation at CMO Asia Healthcare Excellence Award.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)