CHAPTER 1: INTRODUCTION
1.1. Introduction
This dissertation aimed at finding the business challenges of the development and implementation of Stem cell technologies for Glioblastoma in New York, USA. Through defining the problem statement, the research objectives are designed which will help this study to know more about glioblastoma.
1.2. Background
Stem cell Therapy is one of the novel and innovative approaches which is used for the treatment of chronic diseases. The therapy uses stem cells to regenerate damaged tissue. The therapy is currently assessed to treat chronic conditions such as liver disease, pancreatitis, and spinal cord injury including cancer (Chu et al., 2020). According to Ceccarelli et al., (2020), Stem cell Therapy is an innovative process of treatment that uses stem cells to help treat various conditions. Stem cells are unique cells that can divide and grow indefinitely, which makes them a powerful tool for treating diseases like cancer. STEM CELL Therapy is a new treatment, and people still do not know much about it (Yamanaka, 2020). However, the research that is currently being done is paving the way for future therapies that could help many people.
Stem cells have been referred to be everything from miracle medicines to panaceas. Unreliable suppliers provide stem cell treatments that are untested and unregulated which can be harmful enough for patients. So before contemplating any treatment, be cautious of potentially risky procedures and be sure the patients are receiving what is being given. From cord blood, stem cells are isolated and only used as stem cell-based products with FDA approval in the United States (FDA, 2023).
Figure 1.1: Revenue from the global glioblastoma multiforme market, by region, from 2014 to 2024 (USD Million)
(Source: HEXA research, 2023)
A particularly aggressive kind of brain cancer that is extremely difficult to cure is glioblastoma. However, there are various treatments available that are thought to be quite successful in some cases (Zhu et al., 2019). One such treatment is stemming cell therapy. Moreover, in Figure 1.1, the market for glioblastoma multiforme (GBM) a 2016 estimate of USD 464.8 million and is anticipated to increase dramatically over the coming years, mostly because of the ageing global population. GBM strikes people between the ages of 45 and 65 (HEXA research, 2023, Amarandi et al., 2022). However, GBM treatment is one of the costliest processes in the US, the estimated monthly direct cost per patient for the treatment of GBM is $8500, primarily made up of surgical, imaging, and radiotherapy charges. According to Amarandi et al. (2022) the direct costs of hospitalisation and medical care differ by country, averaging 27,000 USD per patient in Sweden and 95,000 USD per patient in the US. Indirect GBM costs are often much higher than direct GBM expenditures, with predicted charges of 112,000 $/patient in Spain and 101,000 $/patient in Sweden. In addition, there is a drive towards bundled treatment and more straightforward payment structures as the cost of cancer care in the US rises. To administer healthcare effectively, decisions about actual payments and expenses for glioma care must be based on accurate data. Also, Liu et al., (2019) revealed that patients with commercial insurance had greater survival times than those with non-commercial insurance. For treating care of this sensitive brain cancer, the New York government need to invest more and help patients to get proper treatment using futuristic approaches such as stem cell therapy and robotic detection (Vargas-Toscano et al., 2020). Advanced New York Regenerative Medicine is one of New York City's most well-known stem cell clinics (Gampel et al., 2020).
Figure 1.2: Global stem cell therapy market share in 2018 and a forecast for 2029
(Source: Statista, 2023)
Glioblastomas (GBMs), which account for 54% of all gliomas, make up the bulk of 16% of all malignant brain tumours, making up primary brain tumours (Tamimi et al., 2017). After a surgical resection is carried out as securely as possible to start the complicated treatment process, concomitant chemotherapy with temozolomide is administered (TMZ). In contrast, stem cells are not connected in the current situation. In 2018, the market for treatment with stem cells was expected to be worth about 755 million US dollars overall. It is predicted that the market will have a net worth of about 11 billion dollars by 2029 (Statista, 2023). In 2016, the United States accounted for over 36% of the global market (Statista, 2023). By 2027, it is projected that the Latin American market for stem cell assays will have increased by 150%, from 112.71 million dollars in 2022 to 281.64 million dollars (Statista, 2023).
1.3. Problem Statement/Research Rationale
What is the issue
Stem cell therapy is a risky and potentially life-threatening procedure with high-cost values. Selecting an experienced provider is the greatest approach to guarantee the security of stem cell therapy (Chaicharoenaudomrung et al., 2019). In terms of business administration, there are specific limitations for glioblastoma and stem cell therapy as both are expensive and need more research before implementation in patient care. Governing bodies of New York along with stem cell companies and cancer research institutes face budget issues due to the pandemic and recession (Nytimes, 2023). There are a few issues with stem cell therapy in the USA. The main one is that there is a lot of variety in the quality of stem cells being used and that the therapy is not yet standardised. This means that some people may not get the best possible results from the therapy.
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