Crypto Could Change The Healthcare Industry, Here’s How…• November 6, 2022 8:04 pm • Comments
Love Health is creating a DAO to fund and test novel cures for various health issues.
If you are unfamiliar with a DAO, or decentralized autonomous organization, it’s essentially a blockchain crowdfunding method that allows donors to vote on what the group accomplishes.
In Love Health’s situation, the “voters” are more than likely to be patients and families who are upset with the lack of progress on their sickness and are eager to support innovative ideas that the industry will not pursue.
Besides creating a DAO Love Health is also expecting to launch its own cryptocurrency.
"Modern healthcare has a problem: The drug industry doesn’t always have a financial incentive to develop a new drug, or test an old one on new ailments. Love's solution: launch a DAO to fund & test experimental treatments."
— Love (Love.com) (@LoveHealth) November 3, 2022
Politico dropped these details:
Love Health is cofounded by Ryan Breslow, an entrepreneur known for positioning himself as an outsider battling elite venture capitalists (all the while accruing an $11 billion valuation for his first company, Bolt).
In August, Love Health announced a $7.8 million raise. The money largely came from investors with little expertise in health care, but the company already has some industry talent aboard: Its chief medical officer, Kevin Horgan, has an impressive resume with leadership roles in immunology and oncology at AstraZeneca, Johnson & Johnson, GE, and Merck. The company initially hired a head of regulatory affairs, Stacy McIntosh, who has a background working for biotech and pharmaceutical companies, but then pivoted away from conducting clinical trials itself, so she’s now in a more advisory role.
Love itself isn’t a DAO; it’s a corporation. But it’s helping create the DAO and plans to be a member that will vote on the treatments the group wants to validate and provide funding for. Love says it will work with established companies to coordinate clinical trials. The DAO would have its own token, which would ostensibly accrue and deliver value back to investors—though Breslow said there’s no promise of upside.
— Ashi Capital (@AshiCapital) November 3, 2022
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