- Mydecine was founded in 2020 as a response to the lack of innovation addressing mental health treatment and the therapeutic possibilities represented by psychedelic compounds and other novel molecules
- The world is experiencing a shortage of mental health resources, while faced with an increase in mental health issues on the heels of the pandemic
- Mydecine is leveraging the psychedelic drugs market, the PTSD market, and healthcare IT markets – with potential growth across all avenues
In the first year of the COVID-19 pandemic, the prevalence of anxiety and depression worldwide increased by 25%, according to a World Health Organization (“WHO”) brief released in March 2022 (https://ibn.fm/NIX0U). The brief also highlights who has been most affected and summarizes the pandemic’s effect on the availability of mental health services. Data compiled by the WHO, including statistics from the latest Global Burden of Disease study, identifies young people and women as the most vulnerable populations for mental health disorders at the hand of the pandemic – with young people carrying a disproportionate risk for suicide or self-harming behavior.
The WHO pointed out in their brief that there is a shortage of mental health resources globally which extends to the present. The most recent WHO Mental Health Atlas shows that in 2020, governments worldwide spent an average of 2% of their health budgets on mental health, with low-income countries reporting less than one mental health worker per 100,000 people.
Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) was founded in 2020 as a response to the lack of innovation addressing mental health treatment. Mydecine is currently developing innovative first- and second-generation novel therapeutics to treat the unmet need in mental health and addiction disorders. The company focuses on psychedelic compounds and other novel molecules with therapeutic potential.
There is increased focus on the therapeutic potential of psychedelic drugs, as the market is expected to gain momentum and expand from an estimated value of $2.82 billion in 2022 to approximately $7.57 billion by 2028. Driving factors of growth in this market include the rising prevalence of mental depression and anxiety, in addition to the availability of off-label drugs, which have propelled the demand for psychedelic drug options within the market (https://ibn.fm/c0rfm).
Mydecine also targets mental health disorders like Post Traumatic Stress Disorder (“PTSD”). In 2020, the global market for PTSD therapeutics was valued at $2.3 billion. By 2027, this market is expected to grow to $3.1 billion, growing at a CAGR of 4.3% over the forecast period (https://ibn.fm/H6UF2). The company’s current pipeline consists of drug candidates that provide a variety of enhancements and are part of psychedelic-assisted therapy programs which are in clinical trial or pre-trial stages as potential treatments for PTSD and smoking cessation.
Mydecine’s wholly-owned subsidiary Mindleap features a platform that is the first international virtual health platform that includes psychedelic integration. Mindleap provides features for introduction and post-care integration, including:
- Fact-based education
- 1:1 video coaching
- Trustworthy content
- Wellness guidance
- Built-in health journal
Mindleap is leveraging a global healthcare IT market valued at $74.2 billion in 2020. This market is expected to grow at a CAGR of 10.7% over the forecasted period (https://ibn.fm/UqtsZ). The increased adoption of preventative care, more funding for health startups, growing network coverage, improved infrastructure, and advancements in technology, are all contributing market growth factors. The Mindleap healthcare platform is available for iOS and Android download today in the app store (www.Mindleap.com).
For more information, visit the company’s website at www.Mydecine.com.
NOTE TO INVESTORS: The latest news and updates relating to MYCOF are available in the company’s newsroom at https://ibn.fm/MYCOF
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