Biobank Economics Modeling Tool
The sustainability of biobanks has only recently been recognized as a critical aspect of biobanking. Biospecimens and biospecimen resources are integral to the advancement of basic and clinical research, and play an important role in precision medicine. There is insufficient data regarding the costs associated with developing and maintaining a biobank. A better understanding of the true costs could lead to improved spending practices and more efficient management of biospecimen collections. To support the research community in this effort, BBRB developed the Biobank Economic Modeling Tool (BEMT), a publically available web-based financial planning tool for biobanks. BEMT is designed to enhance the understanding of the economic considerations involved in initiating, operating and maintaining a biobank to assist with long term financial planning and cost recovery.
As a first step, a comprehensive online survey was distributed to approximately 450 biobank directors worldwide in order to obtain cost and pricing data. The results were anonymized and used to develop a database of the costs associated with biobank sustainability. This database supports the BEMT. Users of the tool are able to review and compare their own cost and revenue information against anonymized survey data, establish pricing for services, and generate a short or long term financial plan for their biobank.
This short informational video provides an introduction to the creation and purpose of the BEMT: