The Dales Report – We Set The Narrative – We Set The Narrative
The TDR Three Takeaways for Psychedelic Assisted Therapy
The shift towards alternative mental health therapies is gaining momentum within the corporate sector, with an increasing number of companies integrating psychedelic-assisted therapy into their employee benefits programs. This trend is partly driven by promising research on psychedelics such as MDMA, psilocybin, and ketamine, which have shown potential in treating mental health disorders including depression, anxiety, PTSD, and substance abuse.
One notable example is Plexis Healthcare Systems, which has partnered with Enthea, a benefits startup, to offer coverage for psychedelic-assisted therapy. This move is reflective of a broader pattern where businesses are looking to provide more comprehensive mental health support beyond traditional pharmaceutical options. Currently, Enthea provides access to ketamine-assisted therapy, with plans to expand to include psilocybin and MDMA as regulations allow.
A 2023 survey by NFP found that 17% of employers have invested in psychedelic-assisted therapy solutions for mental health support, a notable increase from previous years. Companies like Lower Hudson Valley E.A.P., which collaborates with various unions, are exploring these benefits to address complex health challenges such as grief, trauma, and substance abuse.
Despite the growing interest, there are significant challenges to the widespread adoption of psychedelic therapies. These include the risks associated with non-clinical settings and the high costs of treatments like Spravato, an FDA-approved ketamine-related nasal spray. However, economic pressures are pushing more insurance companies to cover off-label uses of ketamine, indicating a slow but steady integration of these therapies into mainstream healthcare.
The adoption of psychedelic-assisted therapies signifies a shift in both health policy and societal attitudes towards mental health treatment. Companies are recognizing the importance of offering personalized and varied health benefits, which may include sessions with financial advisers or life coaches, to enhance overall well-being. This proactive approach in health management is aimed at prioritizing early intervention and comprehensive care.
As research continues to support the efficacy of psychedelic treatments and regulatory frameworks evolve, it is likely that more companies will adopt these innovative therapies. This shift could significantly transform how mental health issues are managed in the workplace, offering hope for more effective and cost-efficient solutions. Want to keep up to date with all of TDR’s research and news, subscribe to our daily Baked In newsletter.
Bill (William McNarland, CFA) has over 25 years of experience in complementary areas of the capital markets, encompassing private equity and credit due diligence, economic and stock research and corporate finance. He has served on the boards of six different companies and has fulfilled roles as a Trustee and member of the Investment Review Committee for regulated investment funds. Having completed nine degrees and designations, with a notable distinction as a Chartered Financial Analyst, Bill is currently advancing his academic pursuits with a Master’s in Psychology. Furthermore, he is a published author of seven books, all of which are available on Amazon.
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Psychedelic Assisted Therapy and Employee Benefits – The Dales Report
