The first psychedelic healthcare fund has launched in the UK – policy makers must now open their minds to the benefits

The timing couldn’t be better for this renaissance of interest in psychedelics and it’s no coincidence that venture capital is pouring into schemes, which aim to research their role in treating mental health problems

Just like the gold rush of the 1800s, there is a feverish excitement about the potential of psychedelics, such as LSD and psilocybin, to improve common mental health problems, including depression and anxiety. 

Lord knows we need some new treatments for these problems, as not everyone benefits from the current treatments on offer. Indeed, an estimated one in three people won’t respond to any of the antidepressant medications they are prescribed. Given that one in five people in the UK will experience depression or anxiety in their lifetime, that equates to millions of people who don’t have access to an effective alternative to traditional prescribed medication. Not to mention the additional numbers that will need mental health treatment as a result of the Covid-19 pandemic.

So, the timing couldn’t be better for this renaissance of interest in psychedelics and it’s no coincidence that venture capital is pouring into schemes, which aim to research the role they might have in offering hope to those who experience these types of mental health problems. The latest of these is Neo Kuma Ventures, which boasts of millions of pounds being available to exploit the potential of these drugs and make “Europe the new hub of the burgeoning psychedelic health sector”. Clearly these groups are feeling very bullish about what this class of drugs might achieve.

Investment in mental health research and treatments is welcome, as this area of health is hardly awash with funds and needs to attract the best minds if relief is to be provided to those suffering. But money and minds alone won’t be enough to see the potential of these drugs made available and widely used. As it stands, psychedelics are a schedule one drug under current UK laws and while they can be researched, they can’t be prescribed to anyone outside of a research trial. These new schemes and their backers are taking a punt on a change of policy. which so far the government has not signalled it is willing to consider.

This could end up like medicinal cannabis, where research shows efficacy for a specific health condition, the government approves the use of cannabis-based products, but only a handful of patients benefit. Even if the government changed its policy on the scheduling of psychedelics and allowed them to be prescribed, there will be other barriers that need to be considered and overcome.

The other issue is the way psychedelics are perceived by doctors and potential patients. Not everyone will be willing to embrace these new treatments, no matter how pressing their need is. Some still view these drugs as dangerous because they can create immediate distortion of the senses, but also longer lasting “flashbacks”. This shouldn’t be a problem, though, if managed carefully by experts.

However, finding sufficient expertise to administer and monitor psychedelic treatment might prove to be just as challenging as overcoming their perception as “dangerous” chemicals. Most of the research to date has used not only trained staff to administer these drugs but highly trained therapists to monitor and facilitate the treatment. If the UK is to see these drugs move out of the lab and become a serious alternative treatment, then specialist therapist capacity needs to be built.

Just like the gold rush, psychedelic therapy will create winners and losers. What we need to avoid is raising false hope for a group of people who already have lost hope. Equally it would be sad if the closed minds of policy makers denied individual broken minds to be opened up and healed.