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Biotech Companies Are Embracing the Growing Psychedelic Drug Market To Confront a Global Increase in Depression and Anxiety

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Image by 3D Animation Production Company from Pixabay

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Depression and anxiety worldwide, fueled in part by the COVID-19 pandemic, have put a new focus on significant shifts in mental health conditions. This phenomenon has led many countries to search for new medical solutions. While several daily medications are available for these symptoms, there is increased attention being paid to psychedelic drug alternatives which are producing short-lived and intense therapeutic experiences.

The psychedelic drug market was valued at $3.8 billion globally in 2020 and is expected, with the continued growth of people dealing with environmental stress and wanting a better quality of life, to continue to grow. According to a report from Research and Markets, the psychedelic drug market will increase at a compound annual growth rate (CAGR) of 14.5% and reach a value of $6.3 billion by 2026.

Biotech Companies are Finding New Value in Ketamine

Leading that growth is the use of ketamine, a medication that induces the loss of consciousness, producing relaxation and relieving pain in humans and animals. More than 50 years ago, Ketamine was a U.S. Food and Drug Administration-approved drug introduced as an anesthetic. More recently it has been repurposed in significantly lower doses than in anesthesia to treat psychiatric disorders and is now gaining ground as a promising treatment for mental health disorders.

Studies have shown that with IV ketamine treatment, up to 70% of those who receive this treatment can eventually show a clinical response. In certain psychiatric conditions, ketamine has shown promising results and a rapid and sustained effect.

Ketamine is now being used for depression, post-traumatic stress disorder, bipolar conditions, suicide, drug and alcohol dependence and anxiety. Companies currently studying and using ketamine include Pasithea Therapeutics Corp. (NASDAQ: KTTA), Seelos Therapeutics Inc. (NASDAQ: SEEL) and Mind Medicine Inc. (NASDAQ: MNMD).
Miami Beach-based Pasithea, which focuses on researching and discovering new and effective treatments for psychiatric and neurological disorders, has taken its ketamine therapy to new levels. Its wholly-owned Pasithea Clinics subsidiary has recently begun administering intravenous (IV) ketamine therapy to its first patients.

The company has also developed clinical partnerships in the United States and, most recently, the United Kingdom. With an experienced team of experts in neuroscience and psychopharmacology, Pasithea is investing heavily in developing new molecular entities for the treatment of psychiatric and neurological disorders.

“With mental health cases on the rise, fueled even more so by the pandemic, new treatment therapies are urgently needed for those patients who are not responding to traditional treatments. Evidence from dozens of trials over the past 2 decades consistently supports the efficacy of ketamine in improving symptoms in some mental health disorders,” Pasithea CEO Dr. Tiago Reis Marques said.

Pasithea Targets the U.K. for Ketamine Mental Health Solutions

As well as providing in-home IV ketamine infusions in the U.S., its Pasithea Clinics Inc. subsidiary has partnered with ZEN Healthcare to offer intravenous ketamine therapy to patients at ZEN’s network of health clinics in London and will be using its Knightsbridge location initially for the new therapy.

As North America’s growing research and development surrounding mental health disorders drive its current dominance in the psychedelic drug market, Pasithea uses the U.K. opportunity through ZEN to develop another vital pathway to mental health.

“This launch marks a significant milestone for Pasithea Clinics and patients in the U.K. suffering with mental health conditions. We look forward to growing our specialty clinics network while we simultaneously progress with our drug development program to move the needle forward for better mental health care,” Marques added.

You can learn more about Pasithea at www.pasithea.com.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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