The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas is poised to become a world “pacesetter” in stem cell therapy and research, the Health Minister said yesterday, with the potential benefits to sports medicine and medical tourism likely to be “very significant”.

Addressing the House of Assembly as he tabled the Stem Cell Regulations 2014, Dr Perry Gomez said: “With the completion and implementation of the stem cell research and therapy regulations by the Cabinet, the stem cell industry in the Bahamas will become a pacesetter in the world.

“There will be in place the legislative and regulatory framework that would allow for the control, monitoring and oversight that ensures participants’ safety, along with protocol in keeping with international standards of research and therapy.”

Dr Gomez said that the regulations deal specifically with the creation of three key committees, namely the National Stem Cell Ethics Committee, the Scientific Committee and the Compliance Committee.

“Each committee has very distinct functions but, inter-related and interfaced, will result in the harmonisation of the oversight and monitoring processes,” he added.

Dr Gomez said “millions of dollars” have already been spent by the private sector in preparing for the Stem Cell Therapy Bill and accompanying regulations.

“The Okyanos Institute project in Grand Bahama expenditure exceeds well over $10 million in the construction of a 21st century healthcare facility, with a modern cardiac cauterization laboratory and operation theatre,” said Dr Gomez.

“Once the interested companies and professionals make applications for approval to do research and therapies in the Bahamas it is anticipated that the fees required would enhance the taxation base of the country as the industry grows and expands.”

He added: “The training opportunities for Bahamians in the science and allied health fields are going to increase exponentially as this biotechnology industry takes root in the economy, which will raise the GDP with the introduction of skilled professional jobs into the national workforce.

“Once the work in the stem cell industry is established then knowledge transfers within and across the local and international scientific communities will occur readily, resulting in the enhancement if the creativity and innovation within the country.”