A subsidiary of medicinal cannabis company Little Green Pharma has partnered with Health Insurance Fund of Australia to develop a Perth-based mental health treatment facility.
A subsidiary of medicinal cannabis company Little Green Pharma has partnered with Health Insurance Fund of Australia to develop a Perth-based mental health treatment facility.
West Perth-based Little Green Pharma’s psychedelics-focused subsidiary Reset Mind Sciences has entered a strategic alliance with HIF for the facility, as announced yesterday.
The proposed proof-of-concept mental health care facility will offer psychedelic assisted psychotherapy to eligible patients.
In February, the Therapeutic Goods Administration announced medicines containing psychedelic substances psilocybin and MDMA (3,4-methylenedioxy-methamphetamine) could be prescribed by specifically authorised psychiatrists for the treatment of certain mental health conditions from July 1.
“It is vitally important that any treatment undertaken in Australia under the regime announced by the TGA is done to the highest standards of ethics and professionalism,” Reset chief executive Shaun Duffy said.
“We believe the significant body of work we have undertaken over the last 18 months, particularly in respect of our clinical trial, is now an important resource to facilitate real world treatment.
“As an industry, we have to think ahead as to how psychedelic treatment will integrate into the broader healthcare system and this agreement with HIF could play a pivotal role in that regard."
Up to 100 HIF members would be given priority assessment for treatment in the facility, according to the companies’ announcement.
HIF chief executive Justin James said more than 44 per cent of Australians aged 16-85 were estimated to have experienced a mental disorder at some time in their life treatments.
“Prescription rates for anti-depressants have doubled in the past 10 years with around one in seven Australians now taking anti-depressants daily,” he said.
“Many people with acute mental health issues require hospitalisation, face long waiting times for admission to mental health wards, and people are being discharged prematurely due to lack of resources.
“If we want to turn the current mental health crisis around, we simply can’t afford not to explore every legitimate avenue.
“The recent announcement by the TGA has brought into focus the issues of access and affordability of psychedelic treatments."
Reset and HIF have agreed to a period of exclusivity to negotiate joint development of further treatment centres, according to the joint announcement.
