Addressing the Challenge of Financial Sustainability in Biobanking

BIOSPECIMENS AND DATA are increasingly needed to support biomedical research and clinical care. Biobanks are created to support the ready access to fit-for-purpose biospecimens and data for drug target identification, drug discovery and development, and are vital in efforts focused on precision medicine. To support the increasing need for quality biospecimens and data, the infrastructure of biobanking must be strong and sustainable. Each biobank should be supported with a business model that is deliberately and methodically planned in advance of the collection, processing, storage and usage of the biospecimens and data. The business plan should address ways to achieve sustainability in operations, social acceptance, as well as financial support over the intended duration of the repository. Financial sustainability may be achieved through various means including institutional support, short- and long-term grants, cost recovery, and sales of services. Biopreservation and Biobanking asked several biobanking professionals their views on financial sustainability and the means to achieve it as addressed in their business plan.