Hey, Mike from DrugBank here. Send me an email at mike@drugbank.ca to chat more. You should take a look at https://www.openphacts.org/ which has a similar goal to this project. I think one problem is this: http://xkcd.com/927/
One of the coarchitects of openphacts here. A pointer for developers is dev.openphacts.org. All the source and data is open.
While I agree that standards are hard I think the major issue is sustaining these things. You need some set of people to code and curate even if it's small and you need good uptime/support to gain community trust.