Why are Psychedelics Vital to the Future of the Mental Health Industry?

The Covid19 pandemic has certainly been detrimental to the mental well-being of many people in the world this year. Lockdowns, curfews, working from home, not being allowed to see each other as well as the loss of loved ones, have all taken a toll on the mental health of many people. Mental Health seems more important now more than ever – so why are psychedelics vital to the future of the mental health industry?

Prescriptions of anti-depressants in the US have increased by 20% since the start of the pandemic. Also, in the UK, prescriptions have doubled over the last decade. So while the pandemic has exacerbated the situation, it was already trending in the wrong direction to begin with.

One of the most radical solutions to this that has been put forward is the use of psychedelics as a treatment for mental health issues like depression. In this article, we are going to discuss why psychedelics are vital to the future of the mental health industry. But before we do that, let us take a look at the issues in the conventional drug therapies that have necessitated this radical shift to psychedelics.

Conventional Psychotherapy

Conventional mental health drugs have not changed in decades. They are made with the same ingredients for the same illnesses with the same side effects. This lack of growth and evolution makes them undesirable to a lot of patients looking for practical solutions to their mental illnesses.

Furthermore, traditional mental illness therapies and medications are costly. Many people, even those with adequate insurance, fight it hard to pay their medical bills, especially since the drugs are palliative and not curative.

Palliative drugs are meant to ease a condition and make it more manageable for the patient, even though they will not necessarily cure the patient of the condition. So currently, patients are paying a pretty penny for ancient drugs that are not going to heal their illnesses. Now let us contrast this with the promise of psychedelic therapies.

Psychedelic Treatments

Psychedelic treatments are more comprehensive and holistic than pharmaceutical alternatives. Treatment of mental illness with psychedelics is approached very differently from how the doctors approach prescribing conventional drugs.

With psychedelics, the preparation for the dosing event (taking the psychedelic) is just as necessary as taking the psychedelics themselves. Patients are primed to receive the drug, and the mind-altering impacts it will have on them. The stages of taking medicinal psychedelics include preparation, dosing, assessment and integration. The experience is well controlled and mediated by an experienced leader.

The psychedelic treatment is also supposed to be curative. This means that the dose is designed to cure the mental illness, not just to manage it.

This contrast from conventional therapy, along with the bonus of life-altering spiritual journeys makes this option far more attractive for many patients than the traditional medicines. Which then begs the question of how effective the psychedelic therapies are. Below are some of the ongoing studies into psychedelic treatments for mental illness, specifically depression.

Psychedelic Investing Opportunities: Mind Medicine

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Mind Medicine (MindMed) Inc., a psychedelic medicine biotech company, discovers, develops, and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances, including Psilocybin, LSD, MDMA, DMT, and an Ibogaine derivative, 18-MC. The company is headquartered in New York, New York.

MindMed trades on the OTC under ticker MMEDF. Consensus price targets pin this psychedelic stock at $2.00 with a 30.8% downside and a whopping 158.63% upside.

Ongoing Studies & Trials on Psychedelic Therapies for Depression

1. Psilocybin Service Initiative in Oregon

This is a legal, regulated psilocybin therapy for various types of depressions. This initiative is meant to get more people, especially in the medical research field, to research the medical applications of psilocybin, especially with regards to depression.

2. DMT trial in the UK

Regulators in the UK have given the green light for the first clinical trial of dimethyltryptamine (DMT) to treat depression. They plan to start with 32 healthy participants receiving the drug and then 36 patients diagnosed with depression to study the impacts it has on them.

Why are Psychedelics Vital to the Future of the Mental Health Industry?

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Why are Psychedelics Vital to the Future of the Mental Health Industry?