The science of healthcare scale up | Mayur Abhaya @ LifeCell
This is a story of how health care company LifeCell, which is India's first private stem cell bank grew and became a pioneer in many new and innovative health and fertility technologies.
It was founded in 2004 with a mission to preserve the stem cells from newborns right after birth.
This pioneering initiative was led by Mayur Abhaya, who joined the company in 2008, bringing with him a background in biotechnology. Under his leadership, LifeCell has evolved significantly, expanding its offerings and establishing itself as the largest cell and tissue bank in the country.
A Historical Overview
LifeCell's journey began with a focus on stem cell banking, preserving stem cells at temperatures as low as minus 200 degrees Celsius to ensure their viability for future medical needs. The founder, Mayur's father, was a serial entrepreneur whose diverse background included industries such as pharmaceuticals, visual animation, and nanotechnology.
Since its inception, LifeCell has grown into a comprehensive health solutions provider, now offering genomic testing for newborns and pregnancies, corporate wellness programs, and fertility technology. The company has also established itself as a leading exporter of human cells and tissues.
Understanding Stem Cells
Stem cells are unique cells in the body that have the potential to regenerate into various types of cells, making them invaluable for medical treatments. While adults possess stem cells, the most pristine source is derived from newborns at birth. LifeCell specializes in collecting and storing umbilical cord blood, which is rich in stem cells and typically discarded after birth.
Innovative Business Models
LifeCell operates on a dual revenue model. Parents can pay for the preservation of their newborn's stem cells at birth, ensuring access in the future. Alternatively, in cases where parents did not preserve their stem cells, LifeCell provides access to a public stem cell bank, albeit at a higher cost. Currently, LifeCell boasts a repository of over 90,000 units of stem cells, significantly increasing the chances of finding a match for Indian patients.
Expanding Horizons
LifeCell has diversified its offerings significantly over the years. In 2013, they began providing newborn screening tests for genetic disorders, filling a gap in the Indian healthcare market. They also ventured into fertility technology, offering B2B services to IVF clinics, where they manage embryology lab processes using advanced robotic technology.
In addition to fertility solutions, LifeCell has entered the biologics market, converting donated human tissues into medical devices. Their innovative placenta-derived products aid in wound healing, particularly for patients with chronic wounds or those recovering from surgery.
Future Prospects
With a robust growth trajectory, LifeCell aims to double its revenue within three years, targeting a top line of 1600 crores. Their commitment to innovation, combined with a comprehensive service offering that spans multiple healthcare sectors, positions them uniquely in the Indian market.
Mayur's leadership style emphasizes collaboration and innovation, focusing on building a strong team from within while continuously exploring new opportunities. LifeCell's journey illustrates the power of entrepreneurship and the impact of innovative healthcare solutions on society.
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