When considering traditional biotechnology and the process of developing and testing new drugs, virtually no information is known until clinical trials have been completed. The same does not technically apply to psychedelics thanks to information collected over decades of human consumption, providing sound basis in the efficacy and safety of the various substances. Rightfully so, the task of developing psychedelic drugs should be less challenging.
How Do We Get Psychedelic Drugs Across The Finish Line?
As established molecules, these drugs will not be restricted by pre-clinical development or discovery studies. Once the drug enters phase one, it has an estimated 10% chance of FDA approval, and will require an estimated $400 million USD on average to progress towards phase 3. Approximately 75% of this cost is attributed to phase 3 and the large patient numbers required to conduct research. By considering the decades of research already completed combined with knowledge gained from recreational use, the development process for creating psychedelic drugs should be simpler and more cost effective.
Under no circumstances will this make the process of rushing psychedelic drugs into production immediate due to the criminalized schedule status still applied by many authorities, however when considering the 100 to 150 early stage clinical trials in progress combined with the recent surge of funding pouring into the industry, the long psychedelic biomedical journey ahead seems to be reducing exponentially, leaving many supporters hopeful for what is to come, and driven to support it.
Who Wants Psychedelic Drugs Anyways?
In May of 2020, Prohibition Partners conducted a national representative consumer survey attempting to analyze the consensus of the general recognition and reaction towards the use of psychedelics for treating mental health. The survey was conducted over the course of two days, with a total of 1000 adults aged 16+ partaking, 50% of which resided in the UK, and the other 50% in the US.
The results of this survey revealed that three quarters (75%) of adults expressed curiosity to learn more about the effects of psychedelics in the field of medicine, and more than eight in ten (81%) adults support further research into the potential benefits that psychedelic medicines offer. When asked about personal supportive views towards the legalization of psychedelics, roughly 18% were in strong agreeance and 33% in agreeance, compared to 8% in disagreement and 5% in strong disagreement. 36% of surveyors remained unsure or unable to comment.
What’s the Hold Up?
The willingness towards adopting legalized psychedelics for the treatment of mental illness among adults in the US is becoming increasingly apparent, which in turn has forced government officials to strongly consider voicing its support or risk losing elections to those candidates who do.
Looking back at Canadian politics, one can strongly consider the fact that Justin Trudeau was able to buy votes from coast to coast by promising to legalize marijuana. One can also strongly consider the fact that this may have been the very catalyst that saw him win the election.
The time was right, the people were ready, and the same scenario seems to be unfolding before our very eyes within the psychedelic sector. It is of personal opinion that 2021 will continue to trend in favor of promoting psychedelic research to aid in the well-being of underserved patients, and as investors we should take note and prepare for what surely approaches.
