Early adopter in this space is MGC Pharmaceuticals (ASX:MXC), has positioned itself as a key player in pioneering psychedelic research and development.
What a time to be alive.
As the clock struck midnight to herald the start of the 23/24 financial year, Australia’s ability to legally prescribe through qualified medical practitioners MDMA (ecstasy) and psilocybin – the active ingredient in magic mushrooms – became a reality.
A surge in recent research is demonstrating that psychedelics-assisted therapy holds great promise for helping people with a range of existing-treatment resistant conditions.
The products are now legitimised by the Australian federal government as a proven aid in the treatment of post-traumatic stress disorder (PTSD), depression and other mental health issues in what could well be the future of therapeutic aids for these types of ailments – and possibly more.
MDMA is typically prescribed for PTSD and psilocybin for depression, anxiety and alcohol use disorder, while both also have potential uses in the field of palliative care, for patients in the end stages of terminal disease.
In preparation for this fairly momentous day, a handful of ASX-listed medicinal providers have diversified and readied themselves to help supply and service this relatively brand new industry, including Melodiol Global Health (ASX:ME1), Incannex Healthcare (ASX:IHL), MGC Pharmaceuticals (ASX:MXC), and Bioxyne (ASX:BXN).
But first, some facts
In an updated announcement, the Australian Therapeutics Administration (TGA) has stated that psychiatrists can be authorised to prescribe products containing 3,4‑methylenedioxy‑methamphetamine (MDMA) and psilocybin for use in psychedelic-assisted psychotherapy to treat specific mental health conditions.
“MDMA may be prescribed for the treatment of post-traumatic stress disorder (PTSD) [and] psilocybin may be prescribed for treatment-resistant depression (TRD),” the federal government body wrote.
“For these specific uses, psilocybin and MDMA have been listed as Schedule 8 (controlled drugs) medicines in the Poisons Standard.”
This is backed up outside Australia by, among others, ground-breaking research in the US by John Hopkins University that said while recent data has been limited by time constraints in recent years, there were undoubtedly positive outcomes for the use of both MDMA and psilocybin in treating depression and post-traumatic stress.