There needs to be a quick way to verify a correct solution.
There needs to be a way to pre-estimate the difficulty of the problem.
There should be a way to adjust said difficulty.
Ideally, there shouldn't be a time/memory tradeoff.
Hashing as they are doing it requires several factors: what you need to compute is not handed out by a central authority, it is hard to compute, and is easily provable once computed.
folding@home and others do not usually fit 1 and 3. However, there have been some attempts, see Curecoin and Primecoin to a lesser extent.
There have been a couple of attempts. GridCoin comes to mind. It works like a regular coin but you get a huge speedup in mining from Boinc credits. Probably easy to abuse and depends on a centralized server though so I'm not sure it could actually work.
I think the perspective just needs to change. Maybe a little handheld "protein receptor match" kit that you plug your numbers into, and it will "make" your particle to try to match in a small lab kit that is portable.