This article explores the challenges of achieving a comprehensive global legal regulation in the field of biomedicine and human rights. The analysis is focused on the different reasons for states not to ratify the Convention on Human Rights and Biomedicine and the overall reasons of most states to not support the adoption of common legally binding international standards of bioethics and biomedicine. The author provides a proposal for the establishment of a sui generis global institution which functions in the interest of humankind. In the article are stipulated arguments for the need of new type of institutions to regulate bioethical issues in the interest of humankind. The proposal is focused on institutionalizing a Humankind Organization and in its structure to be established a Committee on Bioethics and Biomedicine.