As interest in psychedelic drug development begins to grow, an Australia-based advocate says it’s still very early days in the country.
In an interview with Investing News Network (INN), Peter Hunt, Chairman of Mind Medicine Australia, shared his expectations for the development of the psychedelics industry in Australia as the sector begins to pick up speed in North America.
Mind Medicine Australia, which is unrelated to the Canadian psychedelic company Mind Medicine (NEO:MMED), is a nonprofit research and advocacy group that seeks to broaden the conversation around this alternative drug opportunity.
Hunt knows a thing or two about investment opportunities having retired in 2018 of a 37-year career in investment banking at Greenhill, which he co-founded.
“We all want to grow the ecosystem down here so that these drugs can become available to Australians who need them. Regardless of the Australian’s wealth, savings or otherwise, we want them to be widely available through the medical system,” he said.
Treating Mental Health Issues With Psychedelics
Hunt is passionate about the opportunities offered by psychedelic drugs in treating various mental health issues, such as depression, anxiety, and post-traumatic stress disorder.
Speaking recently In a webinar designed to give investors a sense of the opportunity attached to psychedelics, Hunt said one in five Australian adults currently faces chronic mental illness, which is about 4.8 million people.
Hunt told INN he hadn’t seen any attacks on the psychedelic drug industry, which surprised him greatly. Overall, there is a lot of excitement around the potential of these drugs and industry-related investment opportunities.
However, he saw apprehension attached to a need for more data.
“We always need more research, but the problem is when a lot of people are in pain…you can keep researching, but at some point you have to say…let’s just start using (the psychedelic drugs) in a safe environment with safe protocols and try to help people,” Hunt said.
Australia’s still-young psychedelic market
Regarding the investment landscape in the Australian psychedelics market relative to space in Canada, Hunt said Australia still has a long way to go.
“It’s really just the beginning, and I think investors are just trying to figure out the facts and the data,” he said.
Asked about the possibility of a public listing of a psychedelics company in the Australian market, Hunt said that could very well happen before the end of the year.
“It will probably be later this year, or next year,” he told INN. “I think that’s definitely going to happen.”
Research-attached roadblocks will see their validity once a larger institution, such as a university, becomes a partner attached to a study with these drugs, Hunt said.
Although he could not confirm specific details at the time, Hunt said there were advanced discussions between his group and an Australian university to set up a formal research partnership, which, according to him, would be a huge boost for the growth of the sector in the country. .
“Universities are spreading knowledge, and I think we’re just scratching the surface in terms of the potency of psychedelic medicine on a whole range of mental illnesses,” he said.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Bryan McGovern, have no direct investment interests in any of the companies mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or completeness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the views of Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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