Insurers in Japan will soon offer coverage to cell-cultivating companies
A major breakthrough may be underway in the Japanese insurance industry. Non-life insurance companies in Japan will soon begin selling policies to cell-cultivating companies specializing in regenerative medicine. New technology is being put to use in the medical field and this technology is designed to resort lost human tissue through the use of pluripotent stem cells. Insurers are expected to begin selling policies for regenerative medicine beginning in early October, marking the first time such products will be sold in Japan.
Insurance products focused on regenerative medicine will be available in October
The new insurance products are expected to encourage patients and hospitals to focus more heavily on regenerative medicine. The products will help cell-cultivating companies cover the costs associated with their work and how stem cells are used during medical treatments and clinical trials. The products will also help mitigate the costs associated with errors in the use of cultivated stem cells.
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New laws that police regenerative medicine will soon be enacted in Japan
The new insurance products are being made available before new laws focused on regenerative medicine are enacted in Japan. These laws are meant to ensure the safety of regenerative medicine, introducing new regulations and establishing certain standards. The laws will allow hospitals to commission private companies to perform cell-cultivation. According to current laws, only hospitals have the authority to do this work.
Health insurance sector may experience a shift as regenerative medicine becomes more common in the health care field
Regenerative medicine could have a significant impact on the health insurance space. Because regenerative medicine is still relatively new, it represents a significant degree of risk. Not all medical treatments are successful and the use of stem cells comes with a significant potential for failure. Health insurance companies are not always keen on taking responsibility for the risks associated with medical care, especially when it comes to new treatments. Japanese insurers may serve as an example of how to properly mitigate risks in this field, however, and encourage insurers in other countries to follow suit.