“Nobody should suffer in silence”
I chose to begin this post with the above quote simply because the opposite of it is so true in the context of mental illness or disorder. For decades, many people have been made to suffer in silence as every step leading to starting even a discussion on any such mental illness related topics have been met with utter rejections and loud out laughs. For anyone who had watched the recent Hollywood academy award winning movie, Joker can have a direct understanding of how society looked towards people who seemed different, who seemed to be struggling mental-wise.
Such practices had even created beliefs where the people suffering from any mental illness or disorder are simply deemed doomed and incurable. However, with continuous efforts made, the world has now started to acknowledge that such beliefs were unjustified and biased. Therefore, today we see people and firms running mental awareness campaigns, and doctors and researchers work to find a solution for every possible mental illness. And the overall efforts made towards this cause have even to the rise of the psychedelic renaissance again.
In the United States of America, several psychedelic compounds were used for the treatment of various psychiatric conditions. However, in the year 1970, the study of these substances went dormant when the government of the United States passed the Controlled Substance Act that categorized the lysergic acid diethylamide, commonly known as the LSD, as a Schedule I drug. However, with several efforts made recently to highlight the causes and side effects of the various mental issues and psychiatric conditions, the use of psychedelic compounds for the treatment purpose is again gaining a resurgence.
Reports have shown that several regulators, investors, and even the public have started embracing psychedelic medicines as a prominent method of treatment. This is due to the fact that several patients seemingly haven’t had any significant success while being treated with the traditional drugs. Therefore, psychedelic medicines have started to be seen as an alternate manner of treating such patients where the traditional drugs failed to make any impact.
Last year in November, even Washington DC that had for long criminalized the use of psychotic compounds, has now decriminalized psychedelic medicines. With that been said, Oregon had become the first US state to legalize psilocybin for use in supervising therapies and treatments. Those who may not know about “psilocybin” is a prominent compound most commonly found in the “Magic Mushrooms.”
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Rise in Clinical Trials
With the support of the government and other state representatives, there has been a significant increase in clinical trials based on psychedelic medicines and related compounds. These clinical trials are mostly focused on studying the health benefits of psychedelic and possible effects and hallucinations resulted from it. According to prime sources, 2020 alone has seen as many as 32 trials and this has become a new annual record in this field. Even Food and Drugs Administration (FDA) has recently granted permission for the “Breakthrough Therapy” status to MDMA (Ecstasy/Molly) and psilocybin for the Post Traumatic Stress Disorder (PTSD) treatment and treatment related to the resistant depression, respectively.
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Impact on the Tech and Pharma Companies
The growing leverages surrounding the use of the various psychedelic medicines and compounds for the treatment of various mental and psychotic conditions will have a significant impact on the tech and pharma companies. This is because of how the change will bring an increased demand for such treatments. And to gain the most with the significant shift in coming years, various tech and pharma based companies seek to control most of the market demands to surge their business growth.
Even some of the prominent companies like ATAI Life Science and Mind Cure Health have brought in new digital therapeutics to contribute to the rising Psychedelic Renaissance. They are working upon various psychedelic medicine researches and its delivery to ensure that such treatments are available to as many people as possible. They are even working towards creating various user friendly platforms and centralizing remote monitoring for effective counseling for people dealing with mental and psychedelic related issues or conditions.
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