This article was originally published on Microdose Psychedelic Insights and appears here with permission.
MagicMed is a Key Player in the Psychedelic Medicine Development Process
The current pharmaceutical regulatory process is, to say the least, inherently daunting for most drug development efforts. The drug discovery and development pipeline can take up to 15 years to complete. Even then, only 14 percent of drugs that make it to their respective clinical trials will gain regulatory approval, and a large amount of money is spent whether that drug reaches approval or not. According to a 2018 Johns Hopkins Bloomberg School of Public Health research team, just the final, pivotal clinical trials alone that support FDA approvals of new drugs have a median cost of $19 million, while a 2016 Tufts Center for the Study of Drug Development report estimated the average total cost of developing a new drug at $2 – 3 billion. The regulatory restrictions behind the high cost and high failure rate of drug approvals also apply to the emerging psychedelic medicine industry.
However, innovators at MagicMed Industries have significantly de-risked this process for stakeholders of psychedelic medicine. Through their unique approach to psychedelic drug development, MagicMed has addressed many of these aforementioned problems. From drug synthesis, testing, and licensing, MagicMed is employing problem mitigating approaches to the previously acknowledged drug development headaches.
MagicMed’s psychedelic medicine discovery and development model expedites products to the market for multiple partners at once, simultaneously creating a diversified revenue stream for the company and low risk model for investors. This has created an overwhelming interest in MagicMed, made evident by their recent $8.1 million closing to an oversubscribed and upsized financing deal.
Furthermore, the company’s signature psychedelic derivatives library, the Psybrary™ , has piqued the interest of the clinical and investor community alike. This vast library of novel, IP-protected drug candidates is particularly useful to the psychedelic pharmaceutical industry, enabling MagicMed partners to get their products to the market faster and smoother. Likewise, partners can search the Psybrary™ for molecules especially tailored for specific patient needs – allowing endless drug candidates to be capitalized on. Partners are therefore able to test such drug candidates and further tailor them to serve even the most niche purposes.
MagicMed’s approach is good for the industry, good for the company, and therefore, great for investors. In order to understand their approach, however, one must familiarize themselves with the current drug development pathway. Only then can we begin to ask – how will psychedelics become medicine?