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image "Blood Samples" by Daniel Sone from the website of the National Cancer Institute
Millions of pregnant women get the pitch through their OB-GYN: Put a bit of your newborn’s umbilical cord on ice, as a biological insurance policy. If your child one day faces cancer, diabetes or even autism, the precious stem cells in the cord blood could become a tailor-made cure.
Many families are happy to pay for the assurance of a healthy future. More than two million umbilical cord samples sit in a handful of suburban warehouses across the country. It’s a lucrative business, with companies charging several thousand dollars upfront plus hundreds more every year thereafter. The industry has grown rapidly, bolstered by investments from medical device companies, hospital partnerships and endorsements from celebrities like Drew Barrymore and Chrissy Teigen.
But the leading banks have consistently misled customers and doctors about the technology’s promise, an investigation by The New York Times found. Doctors rarely use cord blood anymore, thanks to advances that have made it easier to transplant adult stem cells. And the few parents who try...