Private Banks
Private banking is costly to insurers and private parties, averaging $2500. The ability to use the cord blood may also depend on the long-term commercial viability of the enterprise. Accordingly, whether cord blood banking is a worthwhile expenditure for the expectant parent depends in part upon whether the expenditure is offset by the likelihood of ultimately using the cord blood and by the benefits of such use.
Some cord blood banks are publicly traded on a stock exchange and perform research, claiming that this makes them more trustworthy; however, such activities may not directly benefit their clients.
It is important to ensure the credentials of any potential private bank. In the United States, the Food and Drug Administration regulates cord blood under the category of “Human Cells, Tissues, and Cellular and Tissue Based-Products.” The Code of Federal Regulations under which the FDA regulates public and private cord blood banks is Title 21 Section 1271. In addition, private cord blood banks can apply for voluntary accreditation with either the American Association of Blood Banks AABB or the Foundation for the Accreditation of Cellular Therapy FACT. Other countries also have regulations pertaining to cord blood. Cord Blood Banks in Canada must satisfy Health Canada Standards and may be accredited by AABB. Cord blood banks in the UK, both public and private, must be licensed by the Human Tissue Authority in order to release transplants to hospitals in the National Health Service.
Read more about this topic: Cord Blood Bank
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