The government has approved five applications for stem cell projects in The Bahamas, Minister of Health Dr. Perry Gomez said yesterday. "Already Mr. Speaker, there are five major stem cell projects/proposals that have professional approval for operations in New Providence and Grand Bahama," he said during debate on the mid-year budget statement. "It is with interest that we note that the Okyanos Heart Institute in Freeport, Grand Bahama, was the first stem cell operation to be given provisional approval.
"The stem cell industry is not only research and therapy. "It has ushered in a new era of quality standards, monitoring, analysis and evaluation, utilizing cutting edge healthcare information with real-time technology that is unprecedented in most developing countries, and many developed countries. The Bahamas is now positioned as the potential head of the global development in translational stem cell research and therapy across the globe."
Parliament passed the Stem Cell Therapy and Research Bill in August 2013. The government tabled accompanying regulations in September 2014. The law is meant to place strict limits on the practice and to set up a scientific review and ethics committee to police the sector. Chief Medical Officer Dr. Delon Brennen heads the Stem Cell Secretariat. Gomez said the National Stem Cell Ethics Committee, the Stem Cell Scientific Committee and the Stem Cell Compliance Committee are comprised of 23 international and local experts in various fields.
"In addition, there is a pool of stem cell scientists totaling 21 that can be revised on an annual basis to function as a support group when reviewing scientific proposals," he said.
Gomez said the establishment of a regulated stem cell industry in The Bahamas is a significant milestone. He said the impact on the country's gross domestic product (GDP) could be substantial. He projected the industry will provide sustainable high-paying professional jobs that do not presently exist, including biomedical engineers, healthcare facilities managers, healthcare accountants and economists etc. Medical tourism is a significant spin-off from the industry with one stem cell client spending more than 10 times as an ordinary tourist client, according to Gomez.
"Only this week, Mr. Speaker, a major philanthropist with a grant has approached the Stem Cell Secretariat to sponsor research for patients with multiple sclerosis at Okyanos and at no cost to the participants," he said. "This is a significant intervention within six months of opening the stem cell industry in The Bahamas. "Based on the early positive outcomes of therapy performed at Okyanos Heart Institute, this offer was presented, Mr. Speaker. "The offer has also been made to include a selected number of Bahamians who would otherwise not be able to access such sophisticated treatment. They can do so right in their home environment."
Click here to read more at The Nassau Guardian
