Deep dive sessions on Wednesday June 3rd
Business Finland aims to provide early stage insight on trends that define future business opportunities. Emerging global bio-bank ecosystem has been acknowledged as undergoing significant changes in the near future and bringing major opportunities also for Finnish bio-bank ecosystem. In closer discussions with industry stakeholders there was a clearly identified need to understand the relative competitive positioning of the Finnish biobank ecosystem. To support in this process, Personalized health program initiated a Future Watch study on global bio-banking markets. In the study, we identify key trends and their respective drivers in order to validate future growth opportunities in bio-bank markets as well as study the areas for improving the positioning and value proposition of the Finnish biobank offer in global setting. The ultimate aim is to generate insights that will be strategically actionable for bio-bank stakeholders in Finland.
Following the introductory session on May 27th we shall continue with follow-up sessions on June 3rd with topics that were selected based on your preferences:
10:00-11:00 How to develop value propositions & sales, marketing and pricing strategy in biobank projects (start by 20 min presentation, Frost &Sullivan)
14:00-15:00 Finnish regulatory scene, GDPR, Act on secondary use and how this is an enabler and/or a hurdle for hospital data commercialization (start by 15 min presentation from Tom Southerington, Head of legal affairs, FINBB)
15:00-16:00 How Fingenious can help in realizing the business potential of the Finnish biobank ecosystem (start by 15 min presentation by Laura Mustaniemi, Director, Customers and Services, FINBB)
Note: You can register to one, two or all three of the deep dive sessions. We will send the webinar links to the registered participants.
The bio-banking eco-system is undergoing significant transformation. The industry is witnessing a CAGR of ~5% during 2020-2025 and is expected to reach ~$68 billion by 2025. While Europe is the highest contributor to the bio-banking market, APAC is expected to witness the highest growth in the forecast period. Emergence of one stop shops and virtual biobanks, rise in offered services to sustain and improve positioning, and precision medicine are characterizing this transformative environment. This market will further be driven by innovation in targeted therapeutic applications, high sample utilization of tissue/stem cells, and increasing demand of biodata enabling patient stratification. Significant growth opportunities for biobanks lie in areas of companion diagnostics co-development, large-scale genome sequencing projects, immuno-oncology clinical development, digital pathology services and real world evidence studies.
The shifting industry paradigm towards commercial partnerships with pharma, biotech, CROs, CDMOs, diagnostics and digital solution providers is expected to further boost growth. Biobanks are partnering with end users for customized research based engagements, as niche providers of samples and services and data owners. However, they need to better understand changing end-user needs and transition to innovative value-based data pricing and hybrid models for ensuring sustainability in the future. Collaboration with commercial partners by fulfilling key criteria for selection and engaging with well-defined models is a critical need for the biobanks to retain market share. A number of leading bio-banks in the US, UK, Sweden, and Denmark have taken strides to adopt and implement industry best practices in the last few years. In particular, Finnish bio-banks are well positioned to meet the growing demands of the evolving healthcare industry. Leveraging their strengths and tapping into the opportunities, Finnish biobanks can differentiate themselves to provide a unique value proposition and increase their competitive standing with customers.