Experts Advocate for Rescheduling Psilocybin to Unlock Mental Health and Economic Benefits

LOS ANGELES- A group of academics from The University of Manchester, supported by Policy@Manchester, has submitted evidence advocating for the rescheduling of psilocybin under the UK’s drug laws. The submission, authored by Professor Jo Neill, Dr. Sara Tai, and Dr. John Gigg, highlights the therapeutic potential of psilocybin and other psychedelics in treating severe mental health disorders. They argue that the current classification of psilocybin as a Schedule 1 drug under the Misuse of Drugs Act, 1971, is hindering research and development in this field. (Source)

The evidence points to early clinical trials that demonstrate psilocybin’s effectiveness in treating conditions such as severe depression, substance misuse, and post-traumatic stress disorder (PTSD). The academics argue that rescheduling psilocybin to Schedule 2 would align the UK with other countries, such as the US and Canada, which have already relaxed restrictions to facilitate research.

The submission emphasizes the economic and health benefits of rescheduling. Psilocybin-assisted therapy has shown over 70% long-term efficacy in treating severe depression, potentially reducing the UK’s mental health crisis, which currently costs the economy an estimated £105 billion annually due to productivity losses. Furthermore, the global market for medical psychedelics, valued at US$190 million, is expected to grow significantly, offering the UK a potential leadership role if the drug laws are reformed.

The academics conclude that rescheduling psilocybin would not only enhance mental health outcomes but also position the UK as a leader in the emerging market for psychedelic medicines. They urge the government to act swiftly to enable further research and capitalize on the economic opportunities associated with this field.