The psychedelic industry has grown exponentially in the last couple of years and is expected to be one of the biggest industries in the next decade.
Here’s why you should consider starting a psychedelic medicine business this year.
Regulatory Issues Are Getting Resolved
Several psychedelic drugs are categorized as Schedule 1 drugs in the United States, meaning that they’re “heavily controlled”. Consequently, the regulation of psychedelics has seen a murky road over the years, with the drugs even being banned at one point.
In recent years, the FDA has granted three psychedelic medicines a Breakthrough Therapy Designation. In other words, it has given psychedelic manufacturers the approval to continue with the drug development and review processes and has sped up things considerably. FDA approval also means that the several dozen psychedelic clinical trials that were underway can be conducted more freely and are actually encouraged to go ahead. It’s also estimated that the prescription process for psychedelic drugs is expected to be shorter than it usually is for medication, thanks to the new regulatory laws.
There’s More Funding for Research
As regulatory laws loosen up, there are greater funding opportunities for psychedelic startups. From private investors to the National Institute on Drug Abuse itself, everyone seems to want a piece of the psychedelic industry. There have been multiple federally funded studies that have helped with the research and development of psychedelic drugs.
For entrepreneurs, this is a especially good news as they have more funding options to look into. This means that your venture is likely to receive the financial assistance it needs to get going once you officially launch operations.
More Companies Are Going Public
In the past couple of years, several psychedelic biotech companies have gone public in order to access financial capital. This has helped them rebrand their intellectual property and collaborate with larger companies and pharmaceuticals that can help take their products to the next level.
If you start your own venture and go public, you’re likely to have the opportunity to collaborate and partner with organizations that can help you with your clinical trials, drug development and distribution processes.
Ready to launch your psychedelic medicine venture? We can help you with your early-stage psychedelic medicine investments. The team at The Conscious Fund provides funding to psychedelic medicine startups and help them achieve their business goals.
Explore our portfolio for more details.