HIF is partnering with Reset Mind Sciences to establish the first West Australian clinic with the capability to deliver psychedelic assisted psychotherapy.
The partnership will enable the not-for-profit health insurer to invest in a proof-of-concept mental health treatment facility in Perth, owned and operated by Reset Mind Sciences, a 100% owned subsidiary of WA-based medicinal cannabis manufacturer Little Green Pharma.
HIF and Reset will also undertake a concurrent health economics study to provide real-world data to inform potential member coverage for the treatment and enter an 18-month exclusivity period to negotiate joint development of further treatment clinics.
HIF CEO Justin James highlighted that mental health is one of the fastest growing healthcare issues facing Australia.
“More than 44% of Australians aged 16-85 are estimated to have experienced a mental disorder at some time in their life treatments,” he said.
“Prescription rates for anti-depressants have doubled in the past 10 years with around one in seven Australians now taking anti-depressants daily.”
There is an increasing body of research into the use of psychedelic medicines to treat mental health conditions, most notably psilocybin and MDMA, with encouraging results being reported, as well as increasing corporate interest and discussion regarding the classification of psychedelic drugs by regulators.
“We believe Reset is the best placed company in Australia to start this journey with.”
Mr James said the impact of the mental health crisis on the Australian hospital system was significant. Mental illness and suicide are estimated to cost Australia a conservative $200-$220 billion a year or $600 million a day.
“Many people with acute mental health issues require hospitalisation, face long waiting times for admission to mental health wards, and people are being discharged prematurely due to lack of resources,” he said.
“If we want to turn the current mental health crisis around, we simply can’t afford not to explore every legitimate avenue.”
Reset has stated that clinical research conducted to date demonstrated that psilocybin disrupts pre-existing brain communication, and brain function is less constrained, with patients appearing to experience a period of ‘neuroplasticity’ in the weeks following a dosing session.
“This altered brain activity when combined with a thorough psychotherapy regime provides the potential for lasting patient benefits. The outcome is frequently referred to as a ‘reset’ of the brain, hence the name of the Company.”
Reset Mind Sciences was incorporated on 28 May 2021 in WA as a wholly owned subsidiary of Little Green Pharma to focus on psychedelic medicines and the company’s CEO, Mr Shaun Duffy, said that their vision was to help provide a meaningful new treatment option for the mental health epidemic using psychedelic medicines.
“As an industry, we have to think ahead when it comes to the treatment of mental health conditions. We commend HIF for their foresight and look forward to a long and productive relationship with them.”
In 2020, HIF became the first major Australian health fund to publicly declare support for medicinal cannabis treatments for people suffering from numerous debilitating health conditions and provide its members with rebates through Little Green Pharma.
Reset has been able to capitalise on Little Green Pharma’s knowledge, infrastructure, and regulatory approvals to pursue a business in the field of psychedelic medicines, with Reset to have exclusive access to LGP’s Schedule 9 licenced production facility for psilocybin production.
Up to 100 HIF members will be given priority assessments for treatment at the facility.