The rise of emerging therapies in Australia: A billion-dollar opportunity?

The legalisation of psychedelic drugs could be a potential game-changer for the treatment of mental health.

On July 1 this year Australia became the first country in the world to allow psychedelic drug prescriptions for the treatment of severe depression, opening up a potential business opportunity for businesses in Asia Pacific.

Australia is now at the forefront of global developments allowing patients with severe depression or post-traumatic stress disorder PTSD to access psychedelic medicines.

Tim Drury, executive chairman of GoodMind Therapeutics, a Sydney-based start-up that focusses on psychedelic-assisted psychotherapy, describes the move as a “game changer”, and hopes to see other countries follow in the footsteps by “re-evaluating their rules on these medicines”.

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