The Crypto Conversation Pharma DAO - Reinventing Healthcare
Gennaro D'Urso is the founder of Pharma Collective and Israel Mirsky is the Director at Pharma Collective. Gennaro has a background in science and entrepreneurship, while Israel comes from the advertising industry and has experience in the pharmaceutical psychedelic space.
Why you should listen
Gennaro and Isreal discuss the problems with big Pharma's business model, which focuses on new drug discovery rather than affordable medications that meet public health needs. They propose building an ecosystem to manufacture essential drugs or repurpose existing ones for broader use.
Gennaro discusses the mission of Pharma DAO, which is to develop affordable drugs and combat the monopoly of big pharma. By involving the community in identifying needs and participating in trials, Pharma DAO aims to establish a sustainable economic model through royalties received from for-profit companies. Israel highlights potential strategies such as repurposing off-patent drugs and supporting manufacturing to address drug shortages. Collaboration with small pharmaceutical companies is crucial, as they play a significant role in manufacturing essential medications. However, these smaller companies face challenges due to profit margins and outdated technologies. The goal is to create funding models that support projects between millions and hundreds of millions of dollars, filling the gap where traditional funding falls short. Licensing agreements rather than investments are pursued with for-profit companies, allowing Pharma DAO to receive royalties for self-sustainability. This model has been successful before with organizations like the Cystic Fibrosis Foundation.
They emphasize the importance of decentralization, community involvement, and equal voting rights.
The next steps include a proper launch, raising awareness, setting up efficient mechanisms, and involving the community in decision-making. They believe that decentralized technologies can have a significant impact on public health and encourage people to join as members to make a difference.
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