As investors pile into psychedelics… pharma economics
Wall Street’s sudden exuberance for hallucinogens has rankled longtime advocates and philanthropists, who dreamed of making low-cost psychedelics widely available for mental health and personal growth. Instead, many now see a very different future for drugs like psilocybin and LSD: as expensive, specialty medications controlled by a handful of biotech companies… “We’re a victim of our own success,” said MAPS founder Rick Doblin. “It’s heartbreaking because I had hoped to go the whole way with philanthropy, but I was unable to raise the mega millions to do that.”
For more than 30 years, MAPS’ efforts have been funded almost entirely by donations from wealthy individuals, including billionaires like New York Mets owner Steven Cohen and Republican political donor Rebekah Mercer. On principle, MAPS has never patented its work. The group’s pharmaceutical arm, the MAPS Public Benefit Corp., is expected to win U.S. approval this year for the first psychedelic medicine accepted for review by the Food and Drug Administration: MDMA, or ecstasy, to help treat post-traumatic stress disorder. But as investment opportunities have multiplied, charitable donations have dried up. The group was recently forced to take on private investors to continue funding the drug company, which changed its name to Lykos Therapeutics… “It’s disappointing,” said Carey Turnbull, an investor and philanthropist who sits on the board of several psychedelic nonprofits. “All the air is getting sucked out of the room by these for-profit companies who say, ‘Wow, this stuff is awesome, if I could patent it I’d make a fortune.’” Since 2010, Turnbull and his wife have donated millions to fund psychedelic research at New York University, Yale and other top academic centers. Promising results from those studies have sparked a wave of popular interest in psychedelics, amplified by books, documentaries and articles touting their potential to reshape care for mental illness, trauma and end-of-life care. But in recent years, Turnbull has pivoted to challenging what he and other advocates consider frivolous patents filed by companies entering the field…
Original Article (Independent):
As investors pile into psychedelics, idealism gives way to pharma economics
Artwork Fair Use: Muehlharz
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