Traditional psychedelic drugs like LSD and psilocybin were illegal under federal law following extensive recreational use. However, since the last decade, several groups are working to re-examine the benefits of psychedelics for medicinal and therapeutic needs. This is because preliminary data has shown positive results in using psilocybin for treating depression and anxiety and MDMA for alcoholism and post-traumatic stress disorder (PTSD). As research on psychedelic substances for therapeutic use continues to evolve, experts predict the following trends will likely take shape.
Emphasis on treating depression
Mental illness is among the most prominent and costly diseases in the US. Nearly 52 million people living in the US in 2019 were suffering from a mental illness. About 7% Americans reportedly suffer depressive episodes yearly and about 1% are resistant to seeking treatment due to high drug and hospitalization costs. The number of people suffering from mental diseases is projected to continue growing with the pandemic worsening mental health issues worldwide.
Psychedelic-assisted therapies are offering a way to address the growing mental health crisis. The FDA has approved the use of ketamine for anesthesia and also to treat drug-resistant depression. If more clinical trials prove to be successful, then psychedelics could assist in curing depression successfully and avoid patients from living with it by using medication.
Restricted access due to patents
Positive clinical trials are encouraging companies to patent psychedelic compounds and the ways of making and administering them. Such patents entitle the holder to exclusive rights in researching, creating, and selling their invention for 20 years. Advocates of patents argue that they are necessary to protect a company’s investment in drug identification and manufacturing. Commercialization is cited as another reason as some compounds may be produced only following extensive clinical trials and authorization from regulatory agencies.
Patenting psychedelics will likely restrict access to therapeutic treatments, inhibit research in the field, and obstruct innovation. Though the concern is not unique to psychedelics only, the situation is complicated due to the long and complex history of prohibition on psychedelics. Many also argue that patenting psychedelics exploits knowledge of indigenous communities without offering them any compensation.
Improvement in access and acceptance
Current political trends indicate a positive step in the acceptance of psychedelics for medicinal use. Denver was the first city in the US to decriminalize psychedelic mushrooms in 2019. In November 2020, Oregon became the first state to both decriminalize psilocybin and approve it for therapeutic purposes. However, coverage for psychedelic therapies needs to further expand to enhance access.
Health insurance currently does not provide much coverage for psychedelic-assisted therapies. Even if private companies begin offering coverage, many patients cannot avail such treatments due to high costs. Consequently, policy reforms are required at the state and federal levels to provide uniform coverage.
Healthcare providers also need adequate training to use psychedelics in therapies. It is important to create evidence-based guidelines which healthcare practitioners can incorporate into their practice. Such frameworks can help to reduce doubt and fear in the minds of doctors about malpractice liability if a patient does not respond well to such therapies.
Limits in federal funding
As most psychedelics are listed under Schedule I of Controlled Substances, federal funding is almost unavailable for research. Several federal provisions explicitly prohibit directing funds to purposes that would enable legalization of any substance listed under schedule I. So far bills that have been introduced to eliminate such provisions have failed to pass.
Most funding for psychedelic research is provided by private companies which often play a role in sharing federal policies on such drugs. Trials conducted by such organizations often fail to include input of individuals who would most benefit from therapeutic psychedelics. Many advocacy groups are currently promoting a focus on more inclusive clinical trials and federal support for psychedelic drug research.
Risk in investment
Another trend in therapeutic psychedelics is the high risk entailing investment in drug research and clinical trials. New companies are encouraged by positive outcomes in trials but are not seeing business revenue grow immediately. This observation has dissuaded many investors from getting involved with companies at their development stage.
CEOs of top companies are encouraging investors to shift toward a risk tolerant mindset as trials on psychedelic drugs have not failed outright unlike those on other compounds. Unlike chronic medicine which is used by patients regularly and is great for investment, a drug for treating depression might only be needed twice a year. This feature of psychedelic drugs could enable businesses to accrue large profits over a period of time if investors are willing to take risks.
By Redwood Creative, a leader in therapeutic psychedelics marketing.
