Non-fungible tokens as a framework for sustainable innovation in pharmaceutical R&D: a smart contract-based platform for data sharing and rightsholder protection

Abstract

ABSTRACT Research and development (R&D) in the pharmaceutical sector traditionally operated with in closed, siloed institutional settings, driven by intellectual property rights concerns that viewed data sharing as a threat. However, the evolving scientific landscape demands a more collaborative approach involving external engagement and dynamic partnerships. To address this, a hybrid contractual framework combining smart contracts, non-fungible tokens (NFTs), and traditional licensing schemes is introduced. This framework was developed through an experimental pilot platform that adhered to FAIR data principles, allowing participants to store, find, and reuse data related to drug discovery. The platform utilizes blockchain technology to document real-world assets in an immutable digital ledger. Smart contracts and NFTs offer an open and global collaborative platform for advancing drug research assets, overcoming hurdles related to standardization, interoperability, and disclosure. This framework aims to reconcile the conflict between the demand for greater data sharing and the protection of rightsholder interests in pharmaceutical R&D. By providing mechanisms for resolving practical challenges, it facilitates further cooperation and innovation in the field.