The Tribune

Doctors Hospital is working to obtain the necessary approvals to launch its own stem cell treatment programmes, its president describing the recently-released regulations as a “good step forward”.

Barry Rassin told Tribune Business: “I think it is a good step forward, and am now working on the process to get licensed to move forward.”

The Doctor’s Hospital chief has said in the past that the health care provider was ready to move on stem cell treatment once the Government passed the necessary regulations, and had an “open mind” as to the range of treatments it would offer.

Mr Rassin said this new area of treatment would “definitely” create additional employment opportunities and call for more investment, but added that “it will take time to gear up”.

While tabling the Stem Cell Regulations 2014 in Parliament earlier this month, Dr Perry Gomez, minister of health, said the Bahamas was poised to become a world “pacesetter” in stem cell therapy, with the potential benefits to sports medicine and medical tourism likely to be “very significant”.

The regulations, which will govern stem cell research and therapy in the Bahamas, deal specifically with the creation of three key committees, namely the National Stem Cell Ethics Committee, the Scientific Committee and the Compliance Committee. These will oversee and monitor the stem cell industry in the Bahamas.

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 earlier this month.

Back in February, Boston-based Provia Lab confirmed to Tribune Business that it was planning to invest $3.5 million in setting-up a regional bio-bank centre in the Bahamas, with the inaugural laboratory set to employ between 12-14 people.