Non-Fungible Tokens as a Framework for Sustainable Innovation in Pharmaceutical R&D: A Smart Contract-Based Platform for Data Sharing and Rights-Holders Protection

Publikation: Bidrag til tidsskriftTidsskriftartikelfagfællebedømt

Research and Development (R&D) in the pharmaceutical sector traditionally occurred in closed, siloed institutional settings. This approach was a function of a rights-oriented model which framed access and reuse of data (data sharing) as a threat to rights-holders. However, a closed model of explorative collaboration is less suited to today’s more complex scientific ecosystem, where external engagement and dynamic partnering with multiple actors and diverse information sources has become essential. As such, devising alternative approaches is vital in ensuring that opportunities for scientific advances are not lost or innovation stifled.
This article introduces a hybrid contractual framework that combines the benefits of the automated functionality of smart contracts and non-fungible tokens embedded in the blockchain with more traditional rights-based licensing schemes. The framework described is based on the outcome of an experimental pilot platform that enabled participants to store, find and reuse data following FAIR data principles. The platform documents real-world physical assets in the drug discovery of chemical molecules in an immutable digital ledger.
More generally, smart contracts and non-fungible token’s point us towards an open and global collaborative platform for exploiting and advancing drug research assets. The resulting platform creates mechanisms for resolving issues regarding standardization, interoperability, and disclosure. As such, it overcomes many of the practical hurdles currently obstructing collaboration in pharmaceutical R&D, as well as providing a framework to address the central conflict in drug discovery, namely the demand for greater data sharing and the protection of rights-holder interests.
TidsskriftInternational Review of Law, Computers & Technology
Antal sider26
StatusAfsendt - 2023

ID: 322292746