Recently, Cordlife, one of the leading companies in the cord blood banking industry, surprised the world with an announcement of a six-month suspension.
The Ministry of Health (MOH) issued the suspension on Wednesday, December 13, following the exposure of several cord blood tanks to irregular temperatures. Cordlife has accepted the suspension, creating a stir among parents and potential investors alike.
What Led to the Cordlife Suspension?
Source: Cordlife Singapore/Facebook
When the ministry initially made the issue public on November 30, Cordlife received a fortnight to submit written representations to MOH for its operations. However, the company opted not to submit any. Instead, they fully cooperated with MOH, working closely with them to address the issues raised during the investigation.
In addition, the company has been implementing necessary measures to resolve these issues. “Since the company’s receipt of the notice, the company has been working closely and cooperating with MOH to address the issues raised in its investigations and implementing the necessary measures to resolve such issues,” Cordlife said in its latest statement.
The Impact of the Cordlife Suspension
The suspension has compelled Cordlife to halt the collection, testing, processing, and storage of any new cord blood and human tissues. Additionally, they are barred from offering any new types of tests to patients during this period.
Approximately 2,200 cord blood units stored in one of the seven affected tanks have incurred damage, impacting around 2,150 clients. Pending investigations into the other six tanks, an additional 17,000 clients could potentially be affected.
The Future After the Cordlife Suspension
Despite facing a challenging time, the company is committed to regaining the trust of the Ministry of Health (MOH) and the public. Cordlife assured, “The company wishes to inform that it will continue to work hard to regain the trust of MOH and the public in its internal protocols, processes, and standards of clinical governance during the six months and thereafter.”
Meanwhile, Cordlife has advised both shareholders and potential investors to “exercise caution when dealing in the shares of the company” and to seek professional advice if they have any doubts about the actions they should take.
Conclusion
The Cordlife suspension has undoubtedly caused a ripple effect in the cord blood banking industry. However, it is important to remember that this is a temporary suspension and the company is working diligently to rectify the situation.
For parents who have their child’s cord blood stored with Cordlife, or those considering doing so in the future, stay informed and updated on the developments. The company has promised to keep its shareholders and the investing public informed of any developments, as required by SGX.
Remember, your child’s health is of utmost importance. Make informed decisions and always consult with professionals if you’re unsure. Stay tuned for more updates on the Cordlife suspension.
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