iSpecimen reports strong conversion rates from Next Day Quote Program

iSpecimen Inc. (NASDAQ: ISPC), a leading biospecimen marketplace platform, has reported significant success with its innovative Next Day Quote Program (NDQ). Launched in 2023, this initiative aims to streamline the process of acquiring biospecimens for researchers by providing accurate quotes within 24 hours. With its focus on accelerating medical research innovation, the program addresses a critical need for faster access to vital biospecimens.

The Next Day Quote Program uses proprietary, cloud-based technology that connects researchers with healthcare specimen providers across a federated network of biobanks, hospitals, and labs. This technology enables precise matching of customer requirements with supplier capabilities, ensuring swift and reliable pricing. Researchers can source a wide range of biospecimens, including fresh whole blood, mutation-characterized tissue blocks, and clinically collected remnants, through this efficient biospecimen marketplace platform.

Since its inception, the NDQ service has driven a remarkable shift in sales. As of November 2024, 30% of all sales opportunities stemmed from the Next Day Quote Program, and 48% of the quotes issued were generated through NDQ. The program’s high conversion rate—resulting in 60% of purchase orders—highlights its value in expediting transactions and supporting medical research innovation.

Meeting the Needs of Researchers and Providers

Leslie Hoyt, Senior Vice President of Operations, explained that NDQ has been enthusiastically received by customers. She noted that delivering next-day quotes significantly increases the likelihood of securing signed purchase orders, reflecting the program’s importance in the fast-paced world of medical research.

Hoyt highlighted the continuous updates to iSpecimen’s internal databases and tools, which further enhance the program’s capabilities. The Next Day Quote Program not only streamlines operations but also strengthens iSpecimen’s position as a leading biospecimen marketplace platform.

She remarked that time-sensitive access to high-quality biospecimens enables researchers to advance their work efficiently, while iSpecimen establishes itself as a valuable partner in driving medical research innovation.

A Strategic Advantage in the Biospecimen Industry

The Next Day Quote Program demonstrates iSpecimen’s strategic focus on providing innovative solutions for the biospecimen industry. By addressing critical customer needs, the program enhances operational efficiency and boosts customer satisfaction, positioning iSpecimen as a leader in the field.

With the recent appointment of Robert Lim as CEO, the company is set to explore further growth opportunities. Lim, whose expertise spans corporate law and marketing, brings a strategic perspective to drive innovation and streamline operations. His vision for the company aligns with its mission to support medical research innovation through accessible and efficient services.

As demand for biospecimens continues to rise, the Next Day Quote Program solidifies iSpecimen’s reputation as a critical player in the biospecimen marketplace. Its success reflects a broader industry shift toward faster, technology-driven solutions, ensuring researchers and providers can focus on advancing science.