Big Pharma Threatened By The Psychedelic Renaissance

Psychedelic drugs like magic mushrooms and the “rave drug” ecstasy are threatening major pharmaceutical companies and could potentially give small companies huge market share in the Trillion dollar a year mental health industry. It’s sad to say we even have an industry surrounding mental and emotional health in America, where companies can profit off the suffering of patients and the pills that are prescribed often have more side-effects than the potential treatment. Well all that is about to change as the world rethinks entheogenic substances.

The global anti-depressant drugs market accounted for $14.11 billion in 2017 and is expected to reach $15.98 billion by 2023. Major depressive disorder held the largest market share in 2017, contributing about 40% of the total revenue collect by pharmaceutical companies. Selective Serotonin Reuptake Inhibitors or SSRIs are projected to grab a huge share of the market, as these are highly effective in treat depression and anxiety due to their minimal side-effects. North America suffers from disorders ranging from stress, suicidal feelings, serious psychological disorders, and anxiety among the adult population. America accounted for the largest share in the market, contributing more than half of the total revenue . The country has been under some of the worst stress, depression, and anxiety experienced in the past 100 years and people are looking for all-natural alternative therapy and medications. Big pharma is still capitalizing off of the pandemic as the number of prescriptions filled per week for anti-depressant, anti-anxiety, and anti-insomnia medications increased 21% between February and March, when COVID-19 was declared a pandemic. The greatest increase was in prescriptions for anti-anxiety medications, which rose 34.1% from mid-February to mid-March. The number of prescriptions filled for anti-depressants increased almost 20% and sleep disorders increased to almost 15%. Even more upsetting is that 78% of all anti-depressant, anti-anxiety, and anti-insomnia prescriptions filled during the worst week of March were for new prescriptions. By 2019, 21 million people report a decline in the use of anti-anxiety medications and of anti-insomnia medications but a 15% increase in anti-depressants. Teens and young adults are struggling the most with these disorders but have seen the long term side-effects of prescription pills and seen the opioid pandemic start from family doctors across America over prescribing pain pills. Organizations have raised millions and have been determined to go up against big pharma and fight the mental health pandemic with psychedelic plants, fungi, and cacti along with breakthrough psychotherapy treatments. MAPS has raised over $70 million developing such innovative therapies – with more than half of that amount going specifically to MDMA-assisted PTSD work. Compass has conducted, and is conducting, a range of registered clinical trials across the world to successfully conduct studies surrounding psilocybin therapy for treatment-resistant depression. Field Trip is a mental wellness company that focuses on psychedelics and psychedelic-enhanced psychotherapy. In February 2020 they closed their Series A funding round, having raised $8.5 million dollars. As more countries decriminalize entheogens and expand access to psychedelic substances for medical and recreational possession and consumption, we will hopefully see the pharmaceutical companies make a shift in the types of “Medications” they offer or make way for the psychedelic renaissance of the 21st century.

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https://www.prnewswire.com/news-releases/antidepressant-drugs-market-to-reach