MGC Pharmaceuticals (MXC), a developer, of plant-inspired medicines, has noted the news that Australia has becomes the first country to permit psychiatrists to prescribe psychedelics as a treatment option for patients suffering with depression or post-traumatic stress disorder (PTSD).
Australia’s decision adds MDMA and Psilocybin to the Therapeutic Goods Administration’s list of approved medicines, making it the first country to do so at a national level. Authorised prescribers will need to pass an ethics test and source the drugs, good news for MGC which has been actively engaged in the scientific research and development of psilocybin, a naturally occurring psychedelic compound found in various fungi and mushrooms.
MGC now plans to expand its sales channels within Australia to ensure broader accessibility to psilocybin for individuals seeking this novel treatment option. The company recently obtained permission from the Slovenian Ministry of Health, enabling them to explore further advancements in psilocybin research to deliver pharmaceutical-grade products.
Roby Zomer, Managing Director, and CEO of MGC Pharma, commented: “"We are excited by the new regulation that enables psychedelics to be prescribed to patients in Australia. MGC has positioned itself at the forefront of this industry with its ability to reach patients in need via companies dealing with Psilocybin and backed by pharmaceutical standards."
A growing body of research suggests that psychedelics may hold promise in the treatment of various mental health conditions, such as treatment-resistant depression, anxiety, post-traumatic stress disorder (PTSD), and addiction.
However, critics including the Australian Medical Association suggest that psychedelics shouldn’t be considered a “miracle cure”, and that further large-scale studies are required to further test their benefits and understand potential side effects.
Again, that’s good news for MGC, which recently appointed a contract research organisation to run clinical trials in Australia, as well as working in partnership with leading academic researchers to optimise the development of targeted plant inspired medicines, which will be produced in the Company's EU-GMP Certified manufacturing facilities to ensure pharmaceutical grade.
The company currently has two drugs in clinical development and a further 5 in its development pipeline. Its cannabinoid based CannEpil to target drug resistant Epilepsy was recently made available to patients in the UK by Named Patient Request, meaning it can be prescribed by clinicians on the GMC Specialist Register. The treatment is also now fully covered under Ireland's Primary Care Reimbursement Service, further indication of MGC’s significant capability in getting drugs addressin important unmet needs to market.