Biomedical research is an evolutionary process involving a wide array of research experiments focused on studying diseases and their treatment options; biospecimens are credited as critical components of this process, starting from drug development to clinical trials and epidemiological investigations. Further, in the field of precision medicine, biospecimens act as a link between the biology of a patient and the development of customized therapy. However, procurement and storage of a high quality biospecimen and its analytical evaluation has remained a challenge in the pharmaceutical industry, resulting in delays in research and drug approval timeline. Reliable and efficient traceability of biospecimens demands unique identifiers, advanced data management and quality control systems. Moreover, there are legal and ethical concerns associated with biobanking, and laws and regulations regarding the upkeep of human biospecimens are still evolving.