WideCells Group PLC, the healthcare services company focused on providing stem cell services and ground-breaking insurance for stem cell treatment, is delighted to announce that the e-commerce platform of the Group’s 100% owned subsidiary, CellPlan Limited, will be made live today. The platform facilitates the purchase of the Group’s stem cell insurance product CellPlan and will be launched initially in the UK, with potential to be rolled out to international countries and include additional product offerings over time. The platform can be accessed using the following link: www.cellplan.com.
With the e-commerce platform live in the UK, CellPlan can now be purchased by both new and existing customers of Biovault Technical Ltd (‘Biovault’). The platform enables the Group to target existing customers, who can purchase the Group’s stem cell insurance product CellPlan directly from the company, whilst every new Biovault customer automatically receives CellPlan for a 12 month period, the cost of which is covered by Biovault as part of a Biovault package to new storage customers. In addition to this, CellPlan is taking its final steps in the upcoming weeks to make CellPlan available to families that have stored stem cells in facilities which meet standards adhered to by the programme (the ‘Extended Provider Network’). These families will be able to purchase CellPlan directly from CellPlan Limited via the e-commerce platform, thus creating a significant new revenue opportunity for the Group.
CellPlan enables individuals who have gone through the expense of storing stem cells from umbilical cord blood to protect their families against future illness by covering the high-cost of stem cell treatment should it be required in the future. Through an affordable insurance product, priced at on average £170 per annum with worldwide coverage, customers can secure financial cover for up to £1 million worth of medical, travel and accommodation expenses and gain access to the best medical minds and treatment centres globally. Customers will also have access to an expert second medical opinion and a global concierge service. The e-commerce platform facilitates the sale of this product; it includes a quote and buy system that allows customers to obtain a quote online, purchase CellPlan, and obtain all the relevant documentation. Requisite checks will also be handled by the platform.
On average, for every sale of CellPlan, WideCells Group will receive £50 after disbursements, commissions and reinsurance costs. CellPlan Limited will take a greater share of the margin for sales generated from the Extended Provider Network given that no commission payment will be required and that there will be a 15% increase in the price charged to these clients.
WideCells Group CEO, João Andrade, said, “Our recent agreement with Biovault paved the way for initial sales and maiden revenues from CellPlan, and in launching this e-commerce platform our sales and financial progress can only increase. This platform enables families in the UK to purchase our innovative insurance product directly, thus enabling us to target a very large market with relatively minimal expenditure. This platform naturally has expansion potential beyond the UK and I am hugely excited for the Group as we continue to widen our reach, increase accessibility and drive strong revenues.”
Notes to Editors
WideCells Group PLC is building an integrated stem cell services company, focused on making stem cell treatments accessible and affordable. In June 2017, the Group was ranked as the 21st most disruptive company globally by DISRUPT 100, an annual index celebrating the businesses with the most potential to influence, change or create new global markets.
With this in mind, it has created three divisions:
- CellPlan: the world’s first stem cell healthcare insurance plan with financial cover for medical treatment, travel and accommodation expenses and concierge service to manage the treatment process
- WideCells: the Institute of Stem Cell Technology has been established and is based in the University of Manchester Innovation Centre to focus on stem cell research and regenerative medicine. WideCells also has international cryogenics divisions specialising in stem cell storage.
- WideAcademy: developing an education and training division to promote awareness of the benefits of stem cell storage across the global general practice community.
The Group has built an experienced senior management team that has been integral to the development of its growth and business to date.
Stem Cell Fast Facts:
- Cord blood (which is taken from the umbilical cord) provides the most effective source of stem cells for families due to it being simple, safe and painless to collect relative to other sources of stem cells such as bone marrow – WideCells will focus on promoting the collection and storage of this.
- Since 2005, there has been a 300% increase in the number of illnesses that can be treated using stem cells
- 82 illnesses can currently be treated using stem cell procedures
- Despite initial storage often costing no more than a few £thousand, actual treatment can cost in the £hundreds of thousands
Source: WideCells Group PLC – Regulatory News