The company at the forefront of the cannabis sector has also ventured into the psychedelic therapy treatment industry, demonstrating a commitment to offer alternative treatments to Little Green Pharma (ASX: LGP) and its subsidiary Reset Mind Sciences, who announced a fresh alliance with Health Insurance Fund Australia (HIF). Joining forces to tackle mental health, the two parties have a groundbreaking proof-of-concept treatment facility that will offer psychedelic assisted psychotherapy.

Reset has obtained approval from the Human Research Ethics Committee (HREC) for its clinical trial on psilocybin-assisted therapy, and plans to use this knowledge and expertise as a basis for the treatment centre.

As part of the strategic partnership, HIF has pledged $250,000 towards the initial setup of the proof-of-concept clinic to establish and begin operations. Once they get the ball rolling with patients coming through the facility, HIF will utilise health economics study data to research and develop new insurance products for HIF members.

Gaining access and authorisation to treat patients with psychedelic medications in Australia is a lengthy and complex process with the industry in its infant years. Psychiatrists must first complete an approved training program and apply for Authorised Prescriber status from the Therapeutic Goods Administration (TGA) and gain approval from a Human Research Ethics Committee. The application is similar to a resumé and requires evidence of their qualifications, experience, and knowledge within the psychedelic world.

Fortunately, to reduce the complex authorisation process, the new facility will provide psychiatrists with all the necessary features and protocols to gain authorisation in a streamlined manner.

While it is too soon in terms of when patient treatments commence, the two parties have planned and negotiated a joint agreement with the aim to expand operations across multiple facilities offering the same psychedelic treatment.

In addition, Reset and HIF are also in the midst of undertaking a health economics study, as mentioned earlier, that is intended to provide insights into real world data to extend or implement potential insurance product coverage for these types of treatments.

To keep the alliance between the parties tight, part of the agreement states an exclusivity period where neither party can enter a similar arrangement with another private health insurance provider for 18 months, between the time when the first patient is treated and 31 December 2024.

With the partnership shaking hands today, it highlights the approach regulators and companies riding the growing psychedelic wave are taking to ensure a robust system with protocols every step of the way – ultimately achieving patient treatments with MDMA medications considered Schedule 9 drugs here in Australia, right next to cocaine and heroin, but I don’t see those getting dished out by your local doctor anytime soon.