The early results from clinical studies on psychedelics have shown that these substances have immense potential to treat a number of mental disorders, and this has in turn triggered a major shift in public perception regarding these substances. One industry that is likely to follow these developments with a lot of interest is the pharmaceutical industry. Several reasons could explain why they have more than a casual interest in psychedelics.
Psychedelics Could Cure Rather Than Provide Temporary Relief
The existing pharmaceutical medications for mental disorders offer temporary relief at best, and have no effect in lots of cases. Additionally, the side effects of those drugs are often bad enough to scare some patients off of them even if some benefits were being observed.
Conversely, psychedelics are showing that they can cure patients, and in some cases just a single treatment session is sufficient to produce lasting results. This could be a huge blow to Big Pharma given that lots of people are getting more interested in a cure, not a band aid.
Insurance is Indirectly Paying for Psychedelic Research
It is a known fact that conducting drug research and clinical studies is a very expensive process. Pharmaceutical companies spend millions or even billions betting on a new drug, and many decades of work can go to waste when trials show that the risks of the potential drug outweigh any possible benefits.
Psychedelic companies don’t currently have deep pockets, and they are finding novel ways to conduct research without meeting the attendant steep cost of such research. Their solution? They take active ingredients found in approved medications and come up with new formulations to use those compounds together with added ingredients.
This is called compounding, and it allows approved clinics to treat patients while reviewing their medical charts in order to learn how they are responding to the different formulations and modes of administration. The cost of this process is met by insurance companies, and psychedelic companies can therefore hack their way to effective drugs in a shorter time than it would have taken to develop the drug from scratch. Entities like Champignon Brands Inc. are examples of companies using this approach to develop psychedelic drugs.
By coming up with this creative approach to clinical research, psychedelics companies are breaking the monopoly of Big Pharma in terms of drug development.
The Market is Heating Up
As already mentioned, drug development is costly, and lots of pharmaceutical companies prefer to buy patents from companies that have already come up with a proven winner. This game is now being joined by psychedelics companies, and those that develop drugs which prove their efficacy will have a chance to sell the rights to those drugs to the highest bidder. The pool of potential buyers has now widened from just Big Pharma to psychedelic companies as well. The pharmaceutical companies are certainly not so pleased about having competition.
All these factors indicate that there are some pretty interesting times ahead, and the beauty of it all is that patients will be the winners since they will have more options to manage their mental health disorders.
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