It might be happening in places other than the US...places more friendly to the almighty dollar, rather than the almighty... but it would be happening.
So....is it happening? How many miracle cures have come out over the past 10 years or so?
Stem cell research is in its infancy, but there is definite progress being made. Some people with sickle-cell anemia, leukemia, "bubble boy" disease & other problems have unquestionably been helped.
The main problem is typically impatient people who don't realize the decades of research, testing, re-testing, new research as a result of those tests, etc, etc that are needed to make even modest gains.