Mayo Receives $142M to Make Precision Medicine Initiative Biobank

NIH has granted $142 million to Mayo Clinic to establish the world’s largest biobank as part of the Precision Medicine Initiative Cohort Program.

The National Institutes of Health (NIH) has declared that it will provide $142 million over 5 years to the Mayo Clinic in Rochester, Minnesota to create the world’s largest biobank as part of the Precision Medicine Initiative Cohort Program.

The award will assist the Mayo Clinic gather, store, and distribute biospecimens for precision medicine research. The funding will help to advance the Precision Medicine Initiative, which aims to collect healthcare data on over one million participants.

“This range of data at the scale of 1 million people will be an unprecedented resource for researchers working to understand all the factors that influence health and disease,” said Francis S. Collins, MD, PhD, NIH Director. “The more we understand about individual differences, the better able we will be to tailor the prevention and treatment of illness.”