According to the report, more companies are exploring the possibility of offering psychedelic medications to their employees as a cost-saving and effective means of mental health treatment.
Recent research shows that common party drugs like MDMA [ecstasy]psilocybin [“magic” mushrooms] Ketamine has been legalized for medical use and is a useful alternative for treating many mental health issues such as depression, anxiety, and PTSD.
Jorge Yant, founder of Plexis Healthcare Systems, said: told the Wall Street Journal He said he has started offering employees coverage for psychedelic-assisted therapy through benefits startup Enthea.
“I’ve experimented with psychedelics myself, and I can see how they can help people,” Yount told the newspaper.
The businessman announced that he would target psychedelic therapy for the first time after an anonymous summary report on prescription drug use at his company revealed how many of his employees were prescribed drugs for their mental health. He said he has started considering it.
“The use of antidepressants among my employees and their families was outrageous,” he said.
Yount said he believes the U.S. health care system places too much emphasis on prescription drugs and that employees could benefit from alternative treatments.
Compared to expensive traditional therapy sessions, it saves money over time, makes employees happier and more productive, he told the Journal.
Entair offers insurance for ketamine-assisted therapy to its customers, and in the coming months will offer insurance coverage for psilocybin if you are based in or willing to travel to Oregon, where medical use of psilocybin is legal. It is planned that it will also be applicable.
The company said it would add MDMA to the list if approved by the Food and Drug Administration.
Enthea CEO Sherry Rais said more than a dozen companies signed up for coverage of the therapy last year alone, and another 50 signed consent forms.
Psychedelic therapy has become increasingly mainstream, especially among Silicon Valley and Wall Street elites, and is seen as a legitimate treatment for mental health.
Elon Musk, one of the world’s richest individuals, has been outspoken about using ketamine for health reasons, going so far as to say that the use of ketamine is beneficial to investors, saying that the drug is in a heated interview with Don Lemon last month.
Google co-founder Sergey Brin has said he has used psilocybin, and the late Steve Jobs was a vocal advocate of LSD.
Billionaire Peter Thiel put millions of dollars into ATAI Life Sciences, a company aimed at using psychedelics for medical purposes, and last year Mets owner Steve Cohen announced that he was a member of the Interdisciplinary Association for Psychedelic Research. Donated $5 million to MAPS.
Last year, 17% of employers reported investing in psychedelic therapy solutions for their employees’ mental health, according to a survey conducted by benefits consulting firm NFP cited by the Journal.
While many of Enthea’s new customers are looking forward to seeing how their employees will react, concerns remain among companies about the risks of employees using the drug in non-clinical settings.
Many doctors who are not trained as psychiatrists are now adding ketamine to their arsenal for patients to use at home, said Dr. Kadima, a psychiatrist at the Kadima Neuropsychiatric Institute in La Jolla, California. Chief Medical Officer David Pfeifel told the newspaper.
Deb Smolenski, head of wellbeing and engagement at NFP, said mental health has emerged as a top customer concern over the past three years.
“The rate of burnout is huge,” she told The Wall Street Journal.
The incredibly high cost of mental health drugs is also a burden for workers.
Ketamine is not approved by the FDA to treat depression, but doctors are offering patients off-label alternatives like Johnson & Johnson’s Spravato nasal spray, Wall Street said.・The Journal reported. The drug, a chemically similar drug, has regulatory approval for adults with depression and is covered by some insurance companies.
Spravato reported full-year sales of $689 million in 2023, an 84% increase from $374 million a year earlier, according to a company spokesperson.
Major insurance companies are beginning to realize that it is financially prudent to make exceptions and agree to cover off-label use of ketamine.
Smolensky predicted a broader movement targeting psychedelic-assisted therapy.
“It’s coming. I see the writing on the wall,” she said.
