Psychedelic Medicine Faces Growing Pains as Investors Seek Profits and Advocates Push for Access
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Money is pouring into the fledgling psychedelic medicine industry from investors seeking to patent and sell psychedelics as expensive specialty mental health medications.
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This has disappointed nonprofit advocates who hoped psychedelics would be low-cost and widely accessible for mental health and personal growth.
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Psychedelic companies are now struggling after the initial investor enthusiasm, with failed trials and falling stock prices.
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Nonprofits like MAPS, which has never patented its work, have been forced to take on private investors to fund the development of MDMA for PTSD.
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Attempts to patent psychedelics have drawn criticism, but companies argue patents are necessary to fund research and make the drugs commercially viable.