Psychedelics 2024: Veterans Blessing, Mental Health Paradigm Shift, Providers Training, Ketamine-MDMA Bonds & More
Discussion surrounding science, industry and psychedelics reform is experiencing an all-time high, and 2024 promises to not only continue but further this trend.
In 2023, the psychedelics market saw transformative expansion driven by favorable trial outcomes, attracting significant investments that reshaped the industry. Driven by scientific advances and changing perceptions, some recent predictions predict the global market will be worth $7.1 billion by 2032, bringing along increased investor interest.
And yet, as much as the psychedelics industry has huge potential, it is also constrained by ambiguity. The positive path in psychedelics research has not been directly reflected in investments in publicly traded companies in the sphere.
A key decision by the FDA concerning MDMA therapy this summer was seen by many as a potential watershed moment either cementing this healthcare sector’s legitimacy or reinforcing its uncertain nature.
In this state of affairs, Benzinga is providing a concise recollection of the most significant events in the field through insightful exclusive comments from experts in various specialized areas within the ecosystem.
A Look From The UK: The Beckley Ecosystem
A specialist in psychedelic startup incubation, Beckley Waves co-founder Rock Feilding-Mellen poses that the most important trend in 2024 will be “a concerted effort and focus” on building infrastructure for psychedelic-assisted therapies (PAT) ahead of the anticipated FDA approval of Lykos Therapeutics’ (formerly MAPS PBC) MDMA-assisted therapy by year’s end.
His view was previewed in a recently announced partnership between Compass Pathways (NASDAQ:CMPS) and Greenbrook TMS to scale commercial delivery models: “One thing most people still haven’t recognized is that PAT is a unique treatment that requires not only the psychedelic substance but psychotherapy and specific clinical infrastructure needs that are still rare.”
Regarding the evolving legal landscape, Feilding-Mellen views it as “still very much a ‘Wild West’.” In this sense, he advises companies seeking to enter this quasi-legal gray area to be cautious about how they position their offerings and the claims they make.
“For example, while several countries allow psychedelic retreats, such as Jamaica, operators can get into trouble by making medical claims about the efficacy of psychedelics in the treatment of PTSD or other mental health issues. This phenomenon has featured prominently in the cannabis market and perhaps even more so in the emerging psychedelic space,” Feilding-Mellen said.
The FDA’s potential approval of MDMA therapy allowing physicians to prescribe the treatment, Feilding-Mallen says at the state level all eyes will be on Colorado’s rollout of its commercial legalization framework.
“What appears to be opening and a major milestone, is an increase in federal research funding for psychedelic clinical trials. The market opportunities will be those that support clinical trial development, onboarding providers to the PAT paradigm, and enabling safe, legal, and accessible care,’ he said.
Neil Markey, co-founder of Jamaica and Netherlands-based Beckley Retreats, sees psychedelics’ use will likely evolve into “the betterment of the well.”
“Use cases will expand beyond clinical application to support mental well-being, creativity, team building. At …