The psychedelics have been contributing a lot to mental health treatment. It has been proven that psychedelic-assisted therapies provide many more benefits than the existing treatment or medicines. There has been a lot of development, trials and study related to psychedelic-assisted therapies in recent years.

We know that the pandemic in 2020 has made many realise the importance of maintaining their mental health, but it has also made many individuals to take treatment more than ever. While existing treatments do their job fairly well with mild issues, severe mental health issues are looking forward to psychedelic-assisted therapies.

Let’s take a look at some of the challenges psychedelics will have to go through before they are available for the mainstream market.

Cost

First and foremost, it is important to mention the cost aspects of psychedelics. Because the recent psychedelics that are underway include a drug or a drug combination, along with a therapy component.

These types of therapies need therapists that are highly trained and knowledgeable. The cost of their training alone is very high, which varies for different psychedelics and providers.

Large-scale production

So far, psychedelics have only been developed and produced in small quantities for trials, and even that proves to be expensive and problematic. If it is going to play a part in a recent scenario of the population of mental health issues, we are looking at producing organic compounds in industrial quantities, and that too consistently.

None of the companies in this sector has previously worked in isolation of the active ingredients, or even if they have, it hasn’t been done on a large scale.

With supply constraints pushing prices for psilocybin, the production is proved to be more expensive. But instead of companies resourcing to their natural ingredients like mushrooms, they could synthesis psychedelics. COMPASS Pathways have a patented production approach, which can be one great example.

Reimbursement

If you think that reimbursement pathways are well arranged and properly funded in all aspects of global healthcare, it is perhaps time to tell you that this is not true with psychological therapies. Reimbursements for the drug/therapy combinations is a process that is not straightforward and is from multiple sources, which is a case in many countries.

Recreational instead of medical

The mainstream society wasn’t very accepting of psychedelics before they were involved more in medical instead of recreational use of psychedelics. While the major focus is on the medical use of them, there is always a chance that the market gets inclined in the other direction.

We see that the cannabis market is highly evolving, and the chances are that the streams of making money may be better than the medical one. And if a company is seeking to take part in both medical and recreational aspects, they might face challenges due to trust and credibility issues.

Conclusion

Bright Minds Biosciences is one of the top Canadian psychedelic companies looking forward to overcoming major challenges faced by the industry. The company is looking ahead to provide people with treatments against chronic pain, neuropsychiatric disorders, epilepsy, etc.