The document discusses the Innovative Medicines Initiative's Open PHACTS project, which aims to develop robust standards and apply them in a semantic integration platform ("Open Pharmacological Space") to integrate drug discovery data from various public and private sources. The project brings together partners from industry, academia, and non-profits to build an open infrastructure for linking drug discovery knowledge and supporting ongoing research. It outlines the technical approach, priorities, and initial progress on developing exemplar applications and a prototype "lash up" system.