DeSci: Web3's Role in Transforming Healthcare Sciences
DeSci: Web3's Role in Transforming Healthcare Sciences
Decentralized Science (DeSci) transforms healthcare outcomes by providing public infrastructure that facilitates access to funding, data sharing, and community collaboration.
UETH recently sat down Savva Kerdemelidis, the CEO of Public Good Pharma and Crowd Funded Cures to discuss Blockchain for Healthcare: Open Source Medicines as Public Goods. Savva emphasized the need for cost-effective therapies and provided an insightful overview of how Decentralized Science (DeSci) is playing a pivotal role in this endeavor. In this post, we cover:
Systemic healthcare issues, including soaring costs and declining effectiveness of newly patented drugs, highlight the need for reform in traditional healthcare
Web3 heralds a transformation towards new frameworks that make funding, data sharing, and governance more inclusive and accessible to all
Decentralized Science (DeSci) stands at the forefront of this change, committed to establishing public infrastructure that manages scientific knowledge to enhance healthcare outcomes
The urgent need for reform in healthcare
The healthcare industry, a crucial component of our lives, is at a crossroads. Despite the incredible advances in medical science, the sector is plagued by systemic issues that compromise its effectiveness and accessibility. Rising costs and pharmaceutical innovation stagnation present a stark picture, with new drugs often priced over $200,000, contributing to financial distress among patients, including 42% of U.S. cancer patients facing financial ruin within two years of diagnosis. Furthermore, healthcare premiums increase faster than wages, amid a lack of affordable options. This situation highlights the urgent need to balance medical breakthroughs with accessible care.
How Web3 improves healthcare and sciences
The rise of web3 introduces a transformative approach to longstanding challenges in healthcare, signaling a shift towards a system that is both more equitable and accessible. By embracing Web3, we unlock innovative frameworks that democratize funding, data sharing, and governance, fostering wider community participation in the development of healthcare solutions. This movement, known as Decentralized Science (DeSci), is dedicated to creating a public infrastructure designed to manage scientific knowledge and improve healthcare. Below are some of the ways DeSci enhances traditional industry standards:
Source: Ethereum Foundation
Innovations in the real world leverage DeSci
In our workshop, Savva shed light on several groundbreaking initiatives, underscoring the potential of DeSci to democratize access to medical research, and foster a new era of transparent and equitable scientific collaboration:
VitaDAO exemplifies decentralized governance in funding life extension and aging research. Through its $VITA token, VitaDAO facilitates swift, transparent, and secure funding globally, empowering the community to support pioneering longevity research.
Medical Impact DAO demonstrates the effectiveness of decentralized governance in expediting funding for impactful medical research. This initiative streamlines the support process for innovative projects, showcasing the efficiency of web3 in navigating the complex landscape of medical research funding.
Open Source Pharma NFTs revolutionize clinical data ownership and trading, enabling fractionalized ownership through NFTs. This approach not only enhances data accessibility for research but also introduces a sustainable investment model via retroactive public goods funding, fostering a new market for pharmaceutical IP NFTs.
These initiatives collectively showcase a future where healthcare is more open, equitable, and innovation-friendly, driven by the principles of decentralization and community participation inherent in web3 technologies.
DeSci’s promise for accessibility and innovation
Projects in the DeSci landscape confront the reluctance of traditional companies and governmental entities to invest in high-risk projects. These are the very ventures that promise exponential advancements for humanity, yet often find themselves trapped between the need for significant funding and the requirement of substantial scientific evidence to secure that funding.
Source: DeSci Landscape (@UltraRareBio)
As we edge closer to realizing the vast potential of Web3 in transforming the healthcare industry, it becomes increasingly clear that embracing DeSci could be the key to unlocking a future where innovation is not just possible, but accelerated. Through decentralized mechanisms and a community-driven ethos, we stand on the precipice of a new era in healthcare sciences — one characterized by greater accessibility, affordability, and a surge in innovation supported by open funding.
Get Involved
Watch the full Workshop + Q&A here.
Engage with @newzealandlaw, and follow his work with @publicgoodphrma and @crowdfundedcure on X!
Interested in learning more decentralized science (DeSci)? Check out the curated resource list below:
Check out The DeSci Wiki from Dr. Jocelynn Pearl for the best community resource to learn about existing projects and how to get involved in them.
DeSci conversations to take part in:
Telegram: Blockchain of Science and Women in Web3 x Science
Discord: DeSciWorld and Opscientia
And a short curated reading list on DeSci!