Europe is reportedly set to have its first psychedelic drug trial firm opened in London to make the United Kingdom a leading region in the innovation and research of psychedelics.
Starting August, UK-based startup Clerkenwell Health intends to commence trials at its central London facility. It will initially focus on the usage of psilocybin to aid people in tackling anxiety related to a diagnosis of terminal disease and to support them through end-of-life care.
The development comes as policymakers and scientists come together for a one-day program In May 2022, dubbed the Agenda for Psych Symposium, to talk about the latest research in the psychedelics industry and its future in Europe.
Clerkenwell Health CEO Tom McDonald remarked that psychedelics could be a breakthrough therapy alternative for mental health treatment and after the Brexit, the United Kingdom is well-positioned to become a global leader in clinical trials.
McDonald added that the company aims to closely collaborate with drug developers and mental health experts worldwide to aid some of the most complicated mental health conditions.
Notably, drug developers are exploring psychedelic compounds as an alternative for treating mental health conditions like PTSD, mood disorders, and addictions. But these compounds are categorized as controlled substances, thereby making it expensive and bureaucratically challenging to progress them via clinical trials.
It is viable to perform these studies in countries like the UK where similar drug trials have already been approved, and regulators are familiar with the potential benefits and safety profiles of these drugs.
But foreign companies might need some assistance to complete the UK regulatory processes to prevent unnecessary delays. This is where organizations like Clerkenwell Health come in.
Instead of developing a single compound or a class of compounds for one condition, Clerkenwell Health will work with various drug developers to aid a range of complicated mental health conditions using different psychedelic agents.