Pharmer's Market — a recently launched collaboration among MIT, Harvard, and Crowdcast prediction markets (www.crowdcast.com) — is the first prediction market for pharmaceuticals. The website (https://pharmersmarket.crowdcast.com) harnesses collective intelligence to predict the likelihood of drugs succeeding through the three phases of clinical trials. This “prediction market” launches by examining six drugs that are currently in clinical trials for the treatment of breast cancer. It is designed to use the intelligence of the pharmaceutical and medical community at large to predict the success or failure of drugs progressing through the phases of testing.

In addition to helping predict the outcome of clinical trials, the Pharmer's Market will also help doctors and patients gain insights into the safety and efficacy of specific drugs at the early stages of clinical trials beyond information that is publicly available. The website is now live and inviting participation.