Biotechs backed by billionaires Andrew Forrest and Gina Rinehart are racing to get psychedelic therapies ready to market after Australia became only the second country after Canada to approve their use to treat depression and PTSD.
Biotechs backed by billionaires Andrew Forrest and Gina Rinehart are racing to get psychedelic therapies ready for market after Australia became only the second country to approve their use to treat depression and PTSD.
Shaun Duffy, the chief executive of Reset Mind Services – a subsidiary of medicinal cannabis company Little Green Pharma, backed by Ms Rinehart – said his company was ready to go as soon as qualified psychiatrists had been approved to prescribe the drugs. Under the TGA decision, psychiatrists who have been approved by a human ethics committee can prescribe psilocybin for depression and MDMA for post-traumatic stress disorder only if the conditions are long-term and have not responded to other therapies.
Josh Ismin from Psylo which, like Emyria, has received backing from Mr Forrest’s biotech venture capital fund Tenmile, said it “was really ambitious” to imagine that psychedelics could be prescribed as early as July.“There will be political pressure and people pointing fingers at the TGA. It’s still going to be case by case with psychiatrists getting approval. It will take a long time for things to scale up to any sort of degree where many desperate people will have solutions available to them.
“I also worry about the rush of people looking for a psychiatrist that can ‘cure them’ with these medicines. In truth, healing from chronic mental health conditions will always require intensive, difficult and painful psychological therapy, which these medicines can facilitate in the right person, at the right time, with the right support. They are not a magic panacea, or a spiritual miracle-worker or a personal messiah.
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