Australia Becomes the First Country to Allow Prescription of Psychedelics for PTSD and Depression

1.6 min readPublished On: July 3rd, 2023By

LOS ANGELES– Starting from July 1, doctors in Australia can now prescribe MDMA and psilocybin to patients suffering from post-traumatic stress disorder (PTSD) and hard-to-treat depression. This groundbreaking move makes Australia the first nation in the world to permit the prescription of psychedelics as therapeutic medicine. The announcement of these reforms was made in February and has now come into effect.

The Therapeutic Goods Administration has added both MDMA and psilocybin to the list of approved medicines for these conditions. However, the treatment is expected to be costly, with an estimated price of AU$10,000 (US$6,600) per patient, according to the Associated Press.

Dr. Paul Liknaitzky, head of Monash University’s Clinical Psychedelic Lab, expressed excitement about the progress in drug policy and the potential for providing patients with more personalized treatment options that are not constrained by clinical trials and rigid protocols. However, he also acknowledged concerns associated with these reforms.

Some of the concerns include the adequacy of the available evidence and the potential premature move to clinical service. There are also concerns about the competence and readiness of clinicians entering this space, the affordability of treatment for most patients, and the limited oversight of training, treatment, and patient outcomes, as explained by Dr. Liknaitzky in his comments to the Associated Press.

Chris Langmead, deputy director of the Neuromedicines Discovery Centre at the Monash Institute of Pharmaceutical Sciences, highlighted that there have been limited advancements in the treatment of persistent mental health issues over the past 50 years. The introduction of prescription psychedelics offers a potentially promising avenue for addressing these challenges.

Prior to prescribing psychedelics, psychiatrists in Australia need approval from both a human ethics committee and the Authorised Prescriber Scheme, ensuring appropriate oversight and safety measures are in place.

Disclaimer: This article is for informational purposes only and does not constitute medical or legal advice. It is important to consult with qualified healthcare professionals and adhere to relevant regulations when considering psychedelic treatments.

About the Author: HCN News Team

The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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