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Opinion: Working with Indigenous allies is the ethical way to develop psychedelic-based pharmaceuticals
Psychedelic medicine is having a moment of tremendous growth and innovation as researchers rediscover its potential mental health benefits. Although numerous biopharmaceutical companies are aiming to capitalize on these age-old therapies, many of them are leaving behind the Indigenous communities that pioneered the use of these medicines, have successfully used them for generations, and continue to have significant expertise in the area.
Research increasingly suggests that psychedelics may be able to help treat addiction, post-traumatic stress disorder, depression, and anxiety — to name just a few conditions — and that they may facilitate personal growth. In the United States alone, at the start of 2022, more than 50 publicly traded companies were focused on the development or administration of psychedelics. The U.S. market for psychedelics is already $2 billion and is projected to grow to $10.75 billion by 2027.
