More and more, parents are coming to realize that they can help their babies be healthy later in life through a simple cord blood bank deposit. Operated by cord blood bank companies, this simple procedure will safely store and keep the extremely useful cord blood found in a newborn’s umbilical cord and have it ready for any procedures that may require it down the line.
While this was once an extremely expensive procedure and service, many cord blood bank companies are now offering this service for a lot less money. The reason? There has been a fierce cord blood bank pricing war that has been raging for the past few years. Why it’s happening is fascinating, but, at the end of the day, this is very good news for consumers. Read on to learn more about this pricing war, how it’s impacting the industry, and why it could mean you can get cord blood bank services for less.
The Cord Blood Pricing Wars
The pricing wars happening among cord blood bank companies comes down to supply and demand. Once perceived as an extremely technical and expensive service only given to those with deep pockets, the industry has experienced a boom in popularity in the past few years. The result is that many more cord blood banks have popped up, offering similar services for varying prices.
The result of the expansion of the industry is many new companies underselling the old, leading to competitive pricing across the country.
How This is Impacting Cord Blood Bank Companies
Generally, this pricing war has done three things to cord blood bank companies. First, it has made them lower their profit margins in order to compete with other companies that are willing to undercut them. Next, it has caused some companies, in an effort to maintain their profits while reducing prices, to cut corners. This, unfortunately, has led to issues like spoiling of cord blood or improper taking of blood, all of which render the service useless.
Finally, the pricing war has made it impossible for some banks to stay open, leading to sudden closures. In some cases, these businesses haven’t had a chance to get their customers transferred to a competitor, leading to spoilage and people losing the precious cord blood that they paid to keep safe.
What this All Means for the Consumer
Bottom line: this pricing war that is being fought by cord blood bank companies has resulted in two things: better prices for consumers and some companies trying to cut costs in detrimental ways. Cord blood can be the difference between life and death for your child, which is why it’s important not to simply find the lowest price possible.
If you have looked into Health Banks before, you may have noticed a change in our pricing structure. We have been able to make our services even more affordable to you thanks to automated processing technology and automated cryopreservation technology (BioArchive). Leveraging automation gives us the edge over other cell banks that rely on manual work. Automation reduces errors, is faster, and allows us to scale quickly.
Between our commitment to financial accessibility and quality service, you can be assured that you are getting the best cord blood bank services available at a price that’s fair. Contact us today to learn more about what we can do for your family.
Reviewed by Paul V. Holland, MD
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