Legalisation Drives Access for Therapeutic Psychedelic Drugs
Published 31 July 2023
2 min read
By 2029, the global psychedelic drug market is projected to reach $11.8bn (PR Newswire, 2023), fuelled by rising mental health awareness and legal strides. We identify the latest developments in the psychedelic renaissance, which we’ve been tracking since 2019 and featured in our 2022: Look Ahead.
- Therapeutic Use: Studies suggest that psychedelics – administered in controlled settings with trained therapists – can treat mental illnesses, such as depression, addiction and post-traumatic stress disorder (PTSD). In the US, war veterans have become the main advocates for legalisation of psychedelic drugs to ease PTSD symptoms.
- Legislative Gains: In July, Australia approved the prescription of MDMA for PTSD and psilocybin for depression. Elsewhere, the US, Canada and Israel are starting clinical trials of psychedelics for medical use. In the US, Oregon and Colorado have decriminalised the supervised use of psychedelics, while the Food and Drug Administration (FDA) has laid out guidance for psychedelic drug trials that could lead to mainstream use of hallucinogens in therapy.
- At-Home Administration: US-based mental health service Mindbloom offers at-home ketamine-assisted therapy to aid anxiety and depression ($195 per session). Its programme consists of a remote consultation with a licensed clinician, after which users get a therapy kit – dubbed Bloombox – sent to their house. The kit contains a guide, journal, blood pressure cuff (to measure the user’s vitals at the start and end of a session) and eye mask to prevent unwanted distractions. Ketamine trips are not guided by a therapist, but post-trip, clients can schedule a debrief with their guide or join Mindbloom’s online support group.
American start-up Nue Life Health also offers at-home ketamine-assisted therapy programmes, in combination with remote coaching and a health-tracking app ($1,399 for six sessions).