Alternative therapies for mental health

The past two years have brought a surge in awareness of mental health issues, with COVID-19 fears and extended lockdowns overwhelming many people’s capacity to cope.

Given the ongoing uncertainty, some mental health professionals are concerned society more broadly is facing a crisis we are not equipped to handle.

Experts are calling for innovative treatment options beyond what is currently available.

Among the options under consideration is plant medicine, the application of innovative, natural solutions to modern problems.

Psilocybin – more commonly known as magic mushrooms – has been used for thousands of years for ceremonial and medicinal purposes by the world’s indigenous peoples.

Since the 1950s, it’s also been the source of numerous studies for its therapeutic benefits but has yet to receive formal acceptance as a mental health treatment.

Currently, psilocybin is classified a schedule one drug by the United Nations, meaning it is seen as having a high potential for abuse and has no recognised medical benefit.

Psychedelic boom

That perception is starting to change, however.

As interest in, and research into, psilocybin increases, so does potential for a boom in what’s being called the ‘psychedelic sector’.

In September, Fortune Magazine reported that the sector was predicted to be worth nearly $US11 billion by 2027.

It’s not unlike what happened in Canada with the cannabis boom that followed its legalisation in 2018.

In 2020, the industry was valued at $2.6 billion, doubling in value in just one year, according to Forbes.

And here in Western Australia, billionaires Gina Rinehart and Andrew Forrest have both made significant investments in WA-based medical cannabis innovators.

Mrs Rinehart invested $15 million in Little Green Pharma, followed by Mr Forrest’s recent $5 million investment in Emyria.

The Australian medical cannabis industry was valued at nearly $57 million last year, according to Grand View Research.

Studies

Last month, researchers at Monash University were given the go-ahead for a world-first study on the use of psilocybin to treat generalised anxiety disorder.

Also in November, Australia’s Therapeutic Goods Administration released a report it commissioned on therapeutic use of psychedelics for mental illness.

The report, created by an independent panel of experts, found statistically significant improvements when psilocybin was used to treat anxiety and depression when used in conjunction with structured supported such as psychotherapy.

This was true even in the case of treatment resistant illness.

Legislation

In March, the federal government announced that it was committing $15 million for “innovative therapies for mental illness,” including psilocybin.

According to the announcement, the rationale for the funding is that:

“Many of the standard treatments for these illnesses can have varied efficacy and recovery rates, and there have been few advances in novel pharmaceutical discoveries in recent years.”

Given almost half of Australians will be affected by a mental health issue at some point in their lives, the government’s investment represents a positive shift.

Psilocybin is not currently recognised by the TGA to treat psychiatric conditions and is still considered a schedule nine, or controlled substance. In other words, it’s still in the same category as drugs such as cocaine.

It’s a similar situation in the US. However, the TGA’s American equivalent – the Food and Drug Administration – has given psilocybinassisted therapy for depression ‘breakthrough therapy’ status.

This means the FDA views psilocybin as potentially having substantial advantages over conventional options.

What’s next?

So how long until you can walk into a chemist and fill a prescription of psilocybin?

Experts are saying there could be approval in the next few years, depending on the condition.

Speaking to US-Canadian digital media group Vice recently, Monash University’s head of clinical psychedelic research, Paul Liknaitzky, said he could see psilocybin being approved for use as a treatment for generalised anxiety disorder as early as 2025.

• Dr Kate Raynes-Goldie is a multiaward-winning designer, researcher, futurist and certified facilitator of LEGO Serious Play. She is also the CEO of Lovego, where she is improving the dating experience for business women