A Web3 drug discovery software platform co-founded by Martin Shkreli released a demo, website, and whitepaper describing its efforts to democratize the costs, rewards, and access of computational drug discovery.
Martin Shkreli, Co-Founder of Druglike, stated that they started Druglike because, in their experience, traditional drug discovery software is too complex and expensive to use and Druglike will remove barriers to early-stage drug discovery, boost innovation and allow a broader group of contributors to share the rewards.
Shkreli also emphasized that underserved and underfunded communities, such as those focused on rare diseases or in evolving markets, will also benefit from access to these tools.
Druglike is building a decentralized computing network that will provide resources for anyone looking to start or contribute to early-stage drug discovery undertakings. Unlike competitors, Druglike will be web-based and totally free to use. Druglike will soon release a web-based suite for target identification, drug design, and tools for both producing and running large-scale virtual screening workflows.
Also read, Web3 platforms form a Metaverse Alliance
Druglike capacity to revolutionize drug discovery is facilitated by Web3 technology
Proof-of-Optimization, a novel blockchain consensus mechanism mentioned in the whitepaper, aims to solve computational chemistry problems at a cost competitive with that of standard on-premises environments and cloud computing. Compute contributors can execute both solver and validator nodes facilitating industrial-scale virtual screening campaigns in exchange for $MSI, the platform’s official token.
Shkreli mentions that for the first time, any computer or phone with access to the web might be responsible and rewarded for discovering the next breakthrough medicine. He also adds that they will disrupt the economics of the drug business by authorizing a wide pool of innovators and contributors, rather than only pharmaceutical giants, to profit from drug discovery.
In addition, the co-founder mentions that the current in silico software is only available to large pharmaceutical companies that pay big licensing fees. Students in every country no matter their university, startup companies to Fortune 500s, and even committed nonprofessionals will all have the same prospect to design new molecules to transform the future of drug discovery.
To know more about Druglike and its web3-based initiatives, you can refer to the white paper Druglike.
About Martin Shkreli
Martin Shkreli, sometimes known as “Pharma Bro“, earned fame after obtaining the patent for an anti-parasitic drug and hiking the price from $13.50 a pill to $750. An FTC lawsuit summoned Shkreli in January 2022 to return almost $65 million in wrongfully acquired profits and banned him for life from the pharmaceutical industry.
In 2018, he was penalized in federal prison for unrelated securities fraud. A U.S. Attorney noted that he ran his company like a Ponzi scheme. He spent five years in prison and was released in May 2022.
Shkreli is also banned from the securities industry, and from operating as an officer or director of any publicly traded company.
Given the controversial history, it will be interesting to see if the latest effort from Martin into Web3 Space is a genuine attempt to make a positive comeback or not.
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