A new dawn in psychedelic research seems to be upon the pharmaceutical industry as we are witnessing partnerships between drug-development companies and contract research organizations. The partnerships are intended to speed up the drug-development process.
For example, a partnership between Transpharmation and Clerkenwell Health will facilitate the advancement of psychedelic research in Europe as it will enable both clinical and preclinical trials to run simultaneously. It will also offer opportunities to drug developers working to bring psychedelic-inspired drugs to the market. In addition, such partnerships will provide coordinated and integrated methodology and support for every stage of psychedelic research. The objective of this particular agreement is to offer a clear pathway for this research to be translated into better outcomes for patients with different indications.
Most companies that develop psychedelic therapies are turning to contract research organizations to help them compete in this burgeoning industry and bring new medications to the market. CROs, or contract research organizations, are organizations that are hired by drug companies to manage their clinical trials and carry out other tasks to bring medical devices or medications to the market. Good examples of CROs include Clerkenwell Health and Transpharmation.
Estimates show that by 2026, the market for the services provided by contract research organizations will have grown to roughly $87 billion. The market is currently valued at $53 billion.
Many universities, foundations and governments usually outsource their research to these organizations as they have the expertise needed to carry out trials in an efficient and safe way. The aforementioned CROs, for instance, have extensive experience in the psychedelic research space in Europe. Contract research organizations conduct various activities, including making submissions to regulatory agencies like the FDA.
Transpharmation is based in United Kingdom and specializes in preclinical neuroscience with labs in Poland, Ireland and the UK. The organization has worked in partnership with Compass Pathways on preclinical trials with psilocybin and ketamine. Compass Pathways is a mental healthcare company that is dedicated to discovering new psychedelic therapies that can be used to treat various mental health conditions. Currently, the wellness company is studying the therapeutic potential of psilocybin-psychedelic therapy in treating treatment-resistant depression.
On the other hand, Clerkenwell Health has worked with some drug developers in Europe and Canada, and was the first contract research organization to specialize in psychedelic research. Both companies are hopeful that this partnership will build on Europe’s position as a global leader in clinical trials and a psychedelic medicine hub. This development is likely to trigger a new wave in the way psychedelic drugs are developed, not just in Europe but around the world.
As even more companies such as Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) conduct their own studies on the therapeutic potential of psychedelics, patients will be the ultimate winners as more approved remedies will be available to them.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN
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