PSYCH Symposium: London 2023 brought together key stakeholders to explore the landscape of psychedelic medicine at the British Museum on Thursday, 6 July.
Featuring leading minds in psychedelic science and policy, alongside changemakers and patients, the event delved into the challenges and developments of the sector.
Panels, workshops and fireside chats explored areas of psychedelic healthcare from challenges in clinical development, trial designs and regulation, to the medicines’ applications in areas such as eating disorders, addiction and relationships.
The event was opened with a keynote speech from Short Wave Pharma CEO Rivki Stern, who highlighted how the UK and Europe’s combination of tradition and innovation are defining the psychedelics industry, which is providing desperately needed innovation in the area of mental health.
Stern commented: “It has been such an illuminating and thought-provoking event, and a great opportunity to reconnect with so many industry-leading figures. It is clear the industry is maturing with more activity and investment, but there is still a way to go before we can overcome the challenges that we face.”
Stephen Murphy, Founder of PSYCH Symposium, added: “Once more, PSYCH Symposium has been a resounding success. This is Europe’s leading event in psychedelic medicine, and we brought together key stakeholders to explore how we expedite the adoption of psychedelic medicine.
“This year, we highlighted some of the challenges facing the industry and looked at how to improve the investment and funding landscape. We sought to outline clear treatment and regulatory pathways for the industry as it seeks to evolve and ultimately deliver potentially life-changing medicines to patients in need.
“It was fantastic to hear from so many of the industry’s leading experts and we were delighted to be able to bring everyone together again in such a collaborative environment. I would like to thank everyone for their participation.”
PSYCH Symposium key takeaways
Some key takeaways from PSYCH Symposium: London 2023 include:
- A major challenge still hindering psychedelic research is the regulatory status of psychedelic compounds.
- Building out suitable frameworks and preparing healthcare systems for psychedelic therapies will be essential.
- Trained therapists will be vital to the rollout of psychedelic therapies into traditional healthcare systems, but there need to be standards set for ethical frameworks of care, and the question still remains of who will provide such accredited training.
- Reimbursement of therapies will be a vital issue, otherwise, psychedelic healthcare risks becoming elitist – affordable only to some.
- Investors are interested in the sector but are hesitant due to the current economic climate and its impact on biosciences.
Ken Belotsky, Partner at Negev Capital, highlighted that the psychedelic sector has witnessed a significant milestone as 24% of all recent clinical trials for the treatment of depression are utilising psychedelic compounds: “This remarkable statistic highlights the potential of psychedelic therapy to revolutionise the mental health care system.
“Negev Capital continues to prioritise investments in leading companies operating within the psychedelics space.”
Dr Guy Goodwin, Chief Medical Officer at COMPASS Pathways, added: “It’s encouraging to see that discussion has shifted from understanding of these potential treatments and how they work, to the bigger questions around access and urgency as we continue to progress through the clinical trial process.
“Importantly, we’re now focusing on how we can ensure both broad and equitable access, for those in greatest need.”
Dr Amir Inamdar, Chief Medical Officer of Cybin, said of the event: “The great thing about the psychedelics industry is this sense of camaraderie. Everybody feels we are in it together. So, even though you may be competitors, we’re still working together.
“I do a working group and there’s the Society of Clinical Medicine which works on clinical trial methodology in psychiatry and is doing their own work with psychedelics, and we’ve got people from all the psychedelic companies – we’re are all there in a pre-competitive space, discussing and debating and helping each other out. So, that’s why it’s always great to be in a place like PSYCH Symposium where it’s focused on psychedelics.”
PSYCH Symposium: London 2023 was sponsored by Cybin, Shortwave Pharma, COMPASS Pathways, Negev Capital, Clerkenwell Health, Beautiful Space and FTI Consulting.
Psychedelic Health will be bringing you more detailed coverage of panels and discussions at PSCYH Symposium over the next few days – stay tuned!
