Drugmakers are already required to keep track of adverse drug events that arise during clinical testing. Much of this information is reported to regulatory agencies on almost a daily basis and there's a lot of work going behind the scenes to make sure the information is reliable, consistent and keeps patient privacy.
I can understand to some extent why drugmakers aren't too keen to jump into this. There is little use in adding yet another database into an already busy workflow. This new database is guaranteed to be different from many in-house solutions currently in use, so you will need to train people, get them used to the new process, etc. just to input the same data the regulator already receives. IMO this won't be worth the effort in the eyes of many drugmakers unless you get regulatory agencies involved.
I am not saying in general this is not a worthy cause. We currently have more data derived from genomics (and all the other -omics) than we can analyze. However to be successful this guys need to make sure they aren't duplicating the functionality of the myriad of public databases already out there.