The burden of mental health conditions has grown significantly these past few years, affecting not only the health of individuals but also the economies of most countries around the globe. The prevalence of these disorders has been exacerbated by the coronavirus pandemic, making the already global issue a priority that requires an immediate solution.
Current treatments for different mental health conditions have adverse side effects and aren’t effective in every individual, which makes the need for alternative treatment options even greater. Research has shown that psychedelic substances such as ketamine, psilocybin and LSD possess the potential to treat conditions, including anxiety, depression and PTSD, even more effectively than current treatments.
This may explain the surge in investments in the psychedelic space, as the promising scientific results from different studies and the possibility of new treatments that address the unmet needs of millions around the globe attract more investors. Data shows that in 2018 and 2019, roughly $60 million was injected into companies focused on psychedelics.
The growing public support for a change in mental-health care has also positively influenced investments into this burgeoning industry, with figures from last year showing a significant increase in psychedelic investments. In 2020, about $600 million was invested into psychedelics companies, with the number of clinical trials on these substances also increasing.
This trend continued into 2021, with data showing that the number of companies involved in the space has grown tremendously in the past few years. In the first quarter of this year, more than $600 million had been invested into the space, with forecasts showing that total investments into the psychedelics sector in 2021 will surpass $2 billion.
An analysis of the space also found that about 80% of investments had been in biopharmaceutical research and development, with the biggest proportion of financing being directed to the development of treatments for mental health conditions such as PTSD and depression.
Companies such as Entheon Biomedical are focused on the development of treatments for nicotine addiction using DMT. MindCure, another psychedelic company, is focused on the manufacture of synthetic ibogaine and is developing an ibogaine treatment for traumatic brain injuries.
It is also noteworthy to mention that more than one-half of the investments into the psychedelics space occur in Europe, with the region’s success being driven by major companies such as Compass Pathways and atai Life Sciences.
However, this may soon change as investments into psychedelic companies increase in the United States, which may have a more extensive psychedelic sector than Canada and Europe in the near future. For example, Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) and other American-based entities are focused on rapidly developing and commercializing psychedelic medicines for the treatment of various mental health disorders.
NOTE TO INVESTORS: The latest news and updates relating to Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) are available in the company’s newsroom at https://ibn.fm/MYCOF
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