Psychedelic Capitalism…
Psychedelic Capitalism: A Riddle Wrapped in Mystery
In the dynamic panel discussion titled Psychedelic Capitalism: A Riddle Wrapped in Mystery, held as part of the Entheogenesis Australis Garden States Conference in December 2022, facilitator Dr Prash Puspanathan guided a conversation that delved into the complex interplay between psychedelics and corporate interests.
Dr Puspanathan, a Melbourne-based psychiatrist and founder of Enosis Therapeutics, is known for his advocacy in integrating psychedelics into mainstream medicine. The panel featured Shaun Duffy, CEO of Reset Mind Sciences, who brings a corporate perspective to the development of psychedelic therapies. Joining him was Sam Banister, Chief Scientific Officer of Psylo, whose work focuses on innovative approaches in psychedelic drug development.
Providing critical insights were Lily Kay Ross and David Nickles, co-producers of the investigative podcast Power Trip, which examines the ethical and cultural dimensions of psychedelic experiences. Ross, a feminist victimologist, and Nickles, an underground researcher and harm reduction advocate, offered perspectives on the ethical challenges and societal implications of mainstreaming psychedelics. Rounding out the panel was Martin Williams, founder of PRISM, and a researcher with expertise in psychedelic science and policy, contributing to the discussion on the therapeutic potential and regulatory considerations of psychedelic substances in Australia.
Together, these experts engaged in a nuanced exploration of how the burgeoning interest from corporate entities intersects with the transformative ideals traditionally associated with psychedelics.
The Corporate Incursion into Psychedelics
Dr Puspanathan opened the discussion by reflecting on his experience at the International Conference on Psychedelic Research, where he challenged venture capitalists about their ethical commitments to the field. While financial investment has accelerated research and access, it has also introduced conflicts between scientific integrity and commercial priorities.
Panelist Sean Duffy acknowledged this tension, sharing his perspective as a corporate leader in the field. He emphasised that while scepticism toward financial motives is understandable, the corporate world can play a crucial role in legitimising and expanding access to psychedelic therapies.
Ethical and Research Considerations
Lily Kay Ross highlighted the ethical challenges in psychedelic research, critiquing the industry’s pattern of dismissing harmed participants. She called for higher research standards and greater transparency in clinical trials.
David Nickles provided a systematic critique of corporate capitalism’s impact on psychedelics. He warned against patent wars, monopolisation, and the commercialisation of naturally occurring substances. Nickles also raised concerns about the monetisation of personal biomedical data through wearable technology and smartphone applications linked to psychedelic therapy.
Drug Development vs. Therapy Innovation
Sam Banister discussed the disproportionate investment in drug development—$2.1 billion in 2021, with $1.8 billion allocated to new compounds—while therapy models remain underfunded. He emphasised the need for meaningful innovation beyond minor chemical tweaks to existing psychedelics.
The conversation also touched on non-hallucinogenic psychedelics and their potential role in mental health treatment. Martin Williams highlighted the debate over whether the psychedelic experience itself is necessary for therapeutic benefit. However, concerns were raised that such developments might dilute research into traditional psychedelic experiences.
Legalisation and Decriminalisation
A key discussion point was whether legalisation would stifle or accelerate psychedelic research. Ross advocated for full decriminalisation, arguing that removing legal barriers would reduce harm, increase access to information, and foster better research practices. Duffy countered that within a regulatory framework, corporate expertise is necessary to ensure compliance and safety.
The panel also debated at-home ketamine therapy models, such as those offered by North American startups. While these services expand access, concerns were raised about the risks of unregulated use and the potential for Big Pharma to dominate the psychedelic space.
The Missing Voices in Psychedelics
In response to an audience question, panelists identified gaps in expertise within the psychedelic industry. Ross called for more engagement with ethicists and independent researchers outside the advocacy bubble. Duffy and Williams emphasised the need for professionals with regulatory, financial, and risk management experience to stabilise the rapidly expanding field.
Conclusion
The panel closed on a reflective note, acknowledging the complexity of integrating psychedelics into mainstream systems without losing sight of their transformative potential. While corporate investment is accelerating innovation and access, ensuring ethical integrity and scientific rigour remains paramount.
As Dr Puspanathan aptly noted, “This conversation is far from over.” How the industry navigates the tensions between profit and purpose will shape its future.
