The gradual shift from traditional closed innovation systems to more “open” and “transparent” innovation models, rapid technological advances and bio-pharmaceutical innovation gaps have highlighted the importance of an effective governance and use of biobanks. This raises important legal questions such as how to deal with intellectual property rights (‘IPRs’) that might arise out of the collection and use of samples and data in research. Only a few projects highlighted the opportunities and potential benefits of user-generated solutions and proper governance of IPRs. This paper aims to provide an overview and analysis of the most relevant IPRs in biobanking and to discuss the challenges and opportunities associated with an effective use of biobanks in translational research and innovation. Section 1 specifies challenges in finding a balance between an open and a close collaboration model. Section 2 will analyze and discuss potential strategies and options to stimulate the exchange of HBM, data and research results. It will also look into the question of how to address, govern and manage IPRs directed to biobank material and data. This will ultimately allow us to draw conclusions in section 3.