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Home U.S. With Promise of Legalization, Psychedelic Companies Joust Over Future Profits

With Promise of Legalization, Psychedelic Companies Joust Over Future Profits

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Robin Feldman, an expert in pharmaceutical intellectual property at the University of California, Hastings School of Law, said the conflict over hallucinogens is a bigger problem with the patent system, which charges Americans the highest prescription drug prices in the world. said to reflect “It’s not pretty when you look under the hood,” she said. “With psychedelics, what we see is a clash between the altruism of those who want to use existing compounds in new and exciting ways, and a culture that clashes with the realities of the patent system.”

While most hallucinogens remain illegal under federal law, the Food and Drug Administration is becoming more receptive to their new uses. is under accelerated review. Three years ago, the FDA approved esketamine, a nasal spray derived from the anesthetic ketamine, for depression resistant to other types of treatment. Did.

For the first time in decades, the National Institutes of Health has started funding psychedelic research, and many of the country’s top universities are vying to establish psychedelic research centers. and has partnered with a pharmaceutical company looking to share future profits.

Seattle, Denver, Oakland, CA, and Washington, DC are among the many municipalities that have decriminalized psilocybin mushrooms. In January, Oregon will become the first state to offer psilocybin therapy in a clinical setting.

Investments are pouring into 30 publicly traded companies, most of which did not exist four years ago.according to The psychedelic therapeutics market is worth $3.6 billion in 2021 and is expected to reach $8.3 billion by 2028, according to market research firm InsightAce Analytic, but biotech startups and markets Many companies, including the whole, have been hit by falling stock prices. prices in the last few months.

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“It’s a very strong, high-profile debut that feels like it came out of nowhere,” said Ritu Baral, an analyst who follows the psychedelics division of investment bank Cowen.

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