Health Ministry to Closely Monitor Cordlife Group’s Governance
Licence Renewal for Cord-Blood Banking and Human-Tissue Banking Services
The Ministry of Health (MOH) will closely monitor Cordlife Group’s governance and ensure its practices are consistent and compliant with regulatory requirements, the ministry said on Wednesday (Jan 15).
MOH’s Assurance
This is in response to queries on Tuesday’s statement that Cordlife’s cord-blood banking service and human-tissue banking service licences have been renewed for a year, with immediate effect. MOH said its audits showed that Cordlife has satisfactorily addressed critical shortcomings in various areas, including temperature monitoring practices, cord-blood inventory management, and incident response.
Licence Renewal
Cordlife’s cord-blood banking service and human-tissue banking service licences were therefore renewed by the Director-General of Health. However, in view of the recent organisational changes to Cordlife’s key office holders, the licence renewal will be for a "limited period" of one year.
Company’s Commitment
Cordlife on Tuesday said: "The company is committed to meeting all applicable regulatory requirements and compliance measures, before considering the full resumption of operations in Singapore." The company added that at the current stage, it is unable to assess the impact on its fiscal performance for the financial year ending Dec 31, 2025.
Prior Restrictions Lifted
Prior to this licence renewal, MOH allowed the company to resume its cord-blood banking service operations "in a controlled manner", restricting its operations to not more than 30 units per month of new cord blood from infant donors, from Sep 15, 2024, to Jan 13, 2025.
Conclusion
The MOH’s decision to renew Cordlife’s licences for a limited period and with conditions demonstrates its commitment to ensuring the company’s governance and practices are in line with regulatory requirements. The ministry’s close monitoring will help to ensure the safety and quality of Cordlife’s services, which are critical to the health and well-being of patients.
Frequently Asked Questions
Q: What is the duration of the licence renewal?
A: The licence renewal is for a limited period of one year.
Q: What are the conditions for the licence renewal?
A: The licence renewal is subject to Cordlife’s continued compliance with regulatory requirements and MOH’s close monitoring of the company’s governance and practices.
Q: How will MOH ensure compliance with regulatory requirements?
A: MOH will closely monitor Cordlife’s governance and practices to ensure they are consistent and compliant with regulatory requirements.
Q: What is the impact on Cordlife’s fiscal performance?
A: The company is unable to assess the impact on its fiscal performance for the financial year ending Dec 31, 2025.
