It is a crypto-backed drug company.
Druglike Web3 Drug Discovery Platform
The notorious pharma bro is back. He was recently released from prison. After his release, he announced Druglike, a web3 drug discovery platform that can disrupt the economics of the drug business.
In a press release, he said that the new company would eliminate barriers to early-stage drug discovery. It could also enable distributors to share the rewards.
“Underserved and underfunded communities, such as those focused on rare diseases or in developing markets, will also benefit from access to these tools.” Shkreli
“For the first time, any computer or phone with access to the web might be responsible and rewarded for discovering the next breakthrough medicine. We will disrupt the economics of the drug business by allowing a wide pool of innovators and contributors, rather than only pharmaceutical giants, to profit from drug discovery.”
In January, the pharmaceutical industry banned him for life. He was found guilty of monopolistic behavior after he increased the price of Daraprim. The federal court also ordered him to return more than $64.6 million of profits he made in selling the said drug.
Now, he is appealing the court ruling so he could earn his way back into the pharmaceutical industry. However, the Druglike company he’s building might be his revenge on the industry. As per the description of the platform, Druglike will put the expensive software utilized by drug companies on the web so it can be used widely.
Shkreli lied to the investors about the performance of one of the hedge funds he founded. He used money from his pharmaceutical company to pay off his infuriated investors. In 2018, he was sentenced to seven years in prison. But he was released on May 19 this year. He is living under FBI oversight until September 14.
What is Druglike?
Druglike is a blockchain software company and it is not a pharmaceutical company. In this case, Shkreli became a crypto bro from being a notorious pharma bro since his release. On Twitter, he bragged that he would use a crypto exchange while behind bars. He claimed that crypto entities would be bigger than the banking system.
Is Druglike Safe?
Whether or not this venture will go anywhere, no one knows. However, web 3.0 appears to be involved in various money-making schemes to cheat investors. But does web 3.0 work like a Ponzi scheme?
How Safe is Web 3.0?
Some experts agree that some cryptocurrencies are Ponzi schemes. The reason for this is that some crypto products can be used to cheat on people.
Crypto, per se, can be used as payment because it is easier. People can open a Ponzi scheme to the world without worrying about the restrictions of a certain country.
Other experts said that web 3.0 cryptocurrencies are worse than Ponzi schemes. One reason is that it encourages evangelism. It also interferes with the current system of the nation. When Bitcoin passes, investors would be left with nothing. Hence, experts recommend diversifying your assets.