This is the dilemma:
there’s a troubling paradox: while successes are widely publicized, and while the results of clinical trials are usually published, the research from projects that fail before that stage is usually kept hidden. “A result,” [...] companies waste many millions going down experimental paths that their competitors have already found to be dead ends.”
I’ve an Idea:
Why can’t drug companies come together and create a unique database as explained below. First of all, we will assume A, B, and C are THREE different DRUG companies. Ex will represent a experiment FAILED and Ex1 will represent an experiment which has already been conducted by A but FAILED, and is kept secret by A and, Ex1B will represent the duplicate experiment Ex1 which is just going to started by B as well. Lastly, we’ll call the proposed central database as Q.
The problem with creating a Q is that A, B and C won’t cooperate because each member(A,B and C) think the profit made out of its preexisting portfolio (medicine) is going to offset any loss occurred by a failed Ex. A solution would be to create a Q, where each member(A, B and C) will deposit some money as well as input any experiments which is going to be conducted as well as input Ex, and in this case, A inputed the result of Ex1 into the Q. Then, B is just going to start experimenting that same experiment (which is denoted as Ex1B) and has just registered that experiment to Q. But, Q notifies A (NOT B) that a failed experiment (previously conducted by them) is also going to start being conducted by an anonymous Drug company. it also says (to A) that, it (A) can make some money by warning or notifying that anonymous company the results of that failed Ex1. So, A creates a contract with Q and, Q adds some money inside A’s deposit from B’s deposit money. Then, Q notifies B about the impending failed experiment it has just started conducting, and it also says it(Q) has taken some of its(B’s) deposit money for giving this warning.
One way for A, B and C to abuse Q is to input a lot of false information which haven’t yet been attempted by the drug companies. A way to curb this behavior among A, B and C is to put a clause in the contract between Q and A, B,C that, each company(A,B and C) can at maximum, derive 25% of its profits from Q and the rest of the profit has to come from its medicine portfolio.