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Medical or Therapeutic Psychedelics Industry in 2023

When psychedelic drugs were first introduced by the scientific community as an alternative treatment for several mental illnesses, the general populace around the world viewed them apprehensively. In fact, many doctors within the scientific community were skeptical about the efficacy and ethical issues that surrounded the therapeutic use of psychedelic drugs. But times are changing now. The use of psychedelic drugs as a vital therapeutic medicine to manage mental health disorders is gradually gaining public acceptance. Once vilified and scorned, people are now becoming more open to treatments that use these drugs. Psychedelics like ketamine, LSD, and psilocybin are now being used to treat anxiety, depression, and PTSD in patients who have failed to respond to standard therapies.

Recent developments in the therapeutic psychedelic industry

COMPASS Pathways, a mental health care company, released a report in 2021 about the largest-ever clinical study on the effects of psilocybin. The study involved 233 people, and it was discovered that one dose of the drug, when combined with psychological help, significantly lowered the symptoms of depressive disorders. This study was a Phase 2 clinical trial, and there are more than 80 Phase 2 psychedelic drug trials now underway worldwide. The study on MDMA for the treatment of PTSD has reached Phase 3.

COMPASS Pathways anticipates receiving regulatory approval by 2023 in America and by 2024 in Europe. This will significantly improve the conditions of research and yield more positive results in the field of psychedelic medicine.

An increasing number of investors are also attempting to build enterprises with promising scientific and financial prospects in the psychedelic drug industry. This has placed the current market value of developers at around 10 billion USD. Experts believe that the value of the psychedelic healthcare sector will cross 2.4 billion USD by 2026. Studies also indicate that by 2027, the psychedelic drug industry will see a growth of 16.3%. These forecasts were centered on the efficacy of ketamine, MDMA, and psilocybin-assisted therapies, where the drugs are either currently being used in therapy or are almost ready for approval.

Growth of medical psychedelics

Many US cities and states are becoming interested in decriminalizing or legalizing psychedelic drugs like LSD, MDMA, and psilocybin. Oregon became the first state to take steps toward the legalization of the medical use of such drugs when it passed Oregon Ballot Measure 109 in 2020. Now the FDA is also expressing its interest in giving approval to several psychedelic medications. The FDA recognized psilocybin’s potential as a mental health support and safety record in 2019, naming it a “breakthrough therapy.” All this has become possible due to the mounting clinical evidence showing significant improvements in the mental health of people upon using psychedelic drugs compared to other conventional forms of therapy.

A lot of interest from the side of investors is due to the cost factor associated with the conventional treatment methods for the two most common mental health issues, namely depression and anxiety. According to the United Nations Secretary-General, the treatment of these two diseases costs around 1 trillion USD, which is borne by the world economy. But the increased efficiency of psychedelic drugs is expected to decrease this amount significantly, reducing the economic burden on economies worldwide.

Elliot Marseille, Director of GIPSE, gave a presentation at a psychedelic conference in New York. In his presentation, he discussed studies that indicated that over the next 10 years, treatments using psychedelic drugs may save insurers between $39.5 million and $46.7 million USD for every 1,000 patients.

All these monetary benefits will attract more investors into the psychedelic drug sector, which will further aid the exponential growth of the industry in the coming few years.

MDMA, psylobycin, and ketamine

Since the FDA recognized MDMA-assisted therapies as “breakthrough therapies,” the drug is now available for the treatment of patients. Revenue increases from therapist training and therapy have been predicted to be around $7 billion USD between 2023 and 2029. Similarly, ketamine-assisted treatment is predicted to rule the psychedelic healthcare industry until 2025.

David Wood, the general counsel at Psygen Industries Inc., a psychedelic pharmaceutical manufacturer in Calgary, Canada, is optimistic about the bright future of the psychedelic drug industry. He believes that when it becomes legal in North America to prescribe MDMA for medical purposes, the healthcare industry, especially mental health care, will be revolutionized. He believes that this is all set to happen by 2023 or 2024. Furthermore, he also expressed his optimism that the acceptance of such therapies will also skyrocket. This will lead to a new era in the history of medical science.

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How Psychedelics Can Help Patients Have Substantial Breakthroughs

Just a few years ago, therapy was considered taboo. Something that only a “certain kind of person” would seek.

But research shows that younger cohorts today are more likely to take up therapy than in the past. During the Covid19 pandemic, 30% of adult Americans sought in-person therapy with a professional, while 36% of millennials and Gen Z’ers turned to social media to get more resources on mental health. In fact, millennials have been found to seek therapy at a 10% faster rate than their Baby Boomer generation counterparts.

As a consequence of therapy becoming more normalized today, another development has taken place. More counselors and psychiatrists today are confident in recommending therapeutic psychedelics to supplement therapy sessions for patients.

But why?

Psychedelics – medicine for mental peace or medium for mystic experiences?

In the 1950s when Humphrey Osmond proposed LSD to address the problem of alcoholism and its mental health concerns surrounding addiction, not many doctors were keen to follow his advice. It was, after all, one of the first times a psychedelic was used for treating mental health conditions. But things have changed considerably today.

It’s true that Osmond’s belief that LSD could scare patients into desisting addictive behaviors was not completely accurate. But, as research shows, it did turn out to be something far more profound for patients.

Many studies, including one published in the Journal of Psychopharmacology, showed how participants consuming psilocybin experienced mystical and spiritual-type experiences during the study. These studies show that consuming psychedelics can lead to a transformative experience, which leads to intense epiphanies and a sense of awakening. For example, a 2021 study titled, “Psychedelics alter metaphysical beliefs” discussed how effective psychedelics were in generating fresh ways of looking at metaphysical and religious beliefs in a large number of participants.

Another study published in the International Journal of Drug Policy showed how the brains of people on psychedelic trips revert to storytelling as a tool to extract understandable narratives from the hallucinogenic experiences they have. Even if the trips they have were bad, many people using LSD and psilocybin reported how the psychedelics allowed them to confront and acknowledge their repressed emotions, memories, and trauma. During the study, many patients reported feeling grateful for the bad trip, because of the insights they received from it.

Another study, “Making “bad trips” good: How users of psychedelics narratively transform challenging trips into valuable experiences”, seconds these findings. According to this paper, storytelling becomes a form of coping mechanism that enables people to come to terms with what they experienced or are undergoing now, and find ways to express their feelings.

It is this finding – which is echoed in other studies of a similar nature – that has led many researchers around the world to study how therapeutic psychedelics can be used during therapy sessions to help patients gain better insights and experience psychological breakthroughs.

What’s happening in the brain?

While it isn’t perfectly clear how psychedelics are helping people experience these epiphanies, scientists believe it might have something to do with how these drugs affect brain activity.

Psychedelics have been found to reduce the activity that occurs in the amygdala, which controls our response to fear and threats.

Simultaneously, psychedelics increase the activity in our prefrontal cortex, which is the part of the brain responsible for all cognitive functions, including memory, impulse, and inhibition.

While this is happening, parallelly, psychedelics reduce activity in the default mode network (DMN). This is a region of the brain which is very active when you’re restful and engaging in activities like daydreaming. But the DMN has low activity when you’re consciously thinking or concentrating on something. By lowering DMN activity, psychedelics stimulate critical self-reflection during the trip.

In this way, therapeutic psychedelics, when used during counseling sessions and therapy, can bring the mind to a state of lowered inhibition. This allows the individual to – depending on whether it’s an easy or a hard trip – experience their fears and repressed memories at different degrees of intensity. During this time, the person engages in reflection and consideration of these thoughts, feelings, and memories semi-consciously. This allows them to unlock new perspectives and sometimes, make significant breakthroughs about their issues.

Won’t a hard or bad trip do more harm than good for patients?

Scientists say this is possible but unlikely. The trick to preventing regression during therapy is to ensure patients have the right support system during therapeutic psychedelic treatments. This is why doctors who prescribe therapeutic psychedelics for therapy patients, first consult the patient’s family and friends to identify if they have a strong support structure to lean on. It is only after the entire group is briefed about what the patient may experience and how long it takes them to recover from the hallucinogenic experience, that the treatment is administered. Other coping and grounding mechanisms are also shared with patients to help them return to reality after the trip.

Patients are also monitored for signs of addiction and abuse – although psychedelics like LSD have been found to have very limited addictive features.

Wrapping up

Overall, there is a bright prospect for the role of therapeutic psychedelics in therapy. Researchers and doctors have started doing significant research on how psychedelics like MDMA can help patients cope with post-traumatic stress disorder and how psilocybin can play a role in managing depression symptoms.

When done alongside cognitive behavioral therapy and other forms of mental health therapy, psychedelics like MDMA, LSD, and psilocybin can truly have a therapeutic and empowering impact on patients.

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Debunking Myths and Misconceptions of Psychedelics

With an increasing focus on more and more research on psychedelic substances across the globe, there has been a rise in people spreading myths about the same. A lot of states across the United States of America have legalized cannabis for psychedelic therapeutic and other medical purposes.

Yet, the myths and misconceptions never seem to go away. In fact, people with stronger beliefs in the wrong facts seem to be increasing day by day. This trend is especially true for people of younger age.

Not only for use, but the industry has also seen a heavy inflow of money, to get to the roots of the drug and find out the therapeutic benefits of the same. This burgeoning industry, to say the least, has attracted a lot of eyeballs. It becomes important at this stage to talk about the myths and misconceptions around the whole thing.

Myth buster: Debunking Myths and Misconceptions of Psychedelics

Myth #1

Making Psychedelic Drugs Are Harvested Using Harmful Pesticide

This is one of the most widely spread myths. In fact, this myth goes back to the 1960s. It was believed that LSD or Acid, as it is commonly called, is cut using Strychnine. For the unversed, Strychnine is a harmful pesticide.

But recent research has proven that LSD dose not contain even one bit of Strychnine. Still, naysayers continue to spread the rumor through the grapevine. Interestingly, various NGOs are using these psychedelic substances as a therapy against depression and anxiety.

Myth #2

Psychedelics Increase Signals to the Brain

Opposite to what is commonly believed by the users of psychedelic substances, these substances do not increase signals to your brain. The feelings of confusion and restlessness are often believed to be of hyper-brain activity.

But research has shown otherwise. The blood flow which is indicative of increased brain activity has in fact decreased on the use of psychedelic substances. This makes them a perfect therapy for issues like anxiety and ADHD. But sadly, they do not turn your brain into a super brain.

Myth #3

Psychedelics Fry your Brain

There is a widespread belief in people that psychedelic drugs ‘fry’ your brain. Especially drugs like LSD, rank first in the list of such substances. But as studies by North Carolina University has shown, there are no proofs of ‘frying’.

The research pointed out that these drugs stay in the brain for 6-7 hours. For ‘frying’ you would need it to stay there for much longer, if not permanently. For the ones facing a psychotic episode after the use of psychedelic drugs on them, it may be due to psychosomatic effects. It is not true that the ‘episode’ happens due to some permanent damage to the brain.

Myth #4

Therapeutic Psychedelics May Lead to Addiction

This myth is, perhaps, the most laughable. The whole point of using these drugs in therapy is to infuse such small amounts of them that they do not lead to addiction. In fact, research has also shown that it helps significantly in de-addiction.

According to research conducted in the 1960s, a psychedelic drug, psilocybin, was used as a trial on people who were dependent upon alcohol. The research showed a surprising and significant result. Given as therapy and under the guidance of a Doctor, the addiction of the people participating in the trial was reduced significantly.

Similar research around the addiction to tobacco has also shown similar results. The number of cigarettes smoked by the people reduced to almost zero in a few sessions of psychedelic therapy.

So, next time someone says that therapy using psychedelic substances may land you in trouble, tell them that it does the exact opposite.

Myth #5

Therapeutic Psychedelics do not Improve PTSD

Sure, if you want to dismiss research. Post-Traumatic Stress Disorder has been one of the major mental ailments across the globe today. Especially in the older generation, who have seen World War 2. The problem is also widespread in Asian countries that have seen several wars post-WW2.

The use of psychedelic therapy has shown a significant reduction in PTSD symptoms. Findings have also been published in various journals and books. The reduction was even to the extent that some patients were even no longer identified as suffering from PTSD.

Therapeutic psychedelics are the tomorrow of medical science. It is time for us to shun the reluctance and look at it from a new perspective. Maybe, a big breakthrough is just around the corner?

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