One of their biggest challenges is overcoming stereotypes about hallucinogens.
More polished entrepreneur than kaleidoscopic hippy, Burtenshaw was a corporate lawyer before pivoting to psychedelic healthcare.
It was an uncommon career switch with a familiar root: seeing loved ones struggle with their mental health.
Burtenshaw thought psychedelics could provide a better remedy.
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Her timing proved prescient.
Within weeks, the world was being plunged into a mental health epidemic.
Already understaffed and underfunded, mental health services were pushed beyond their limits.
Inevitably, a surgingdemand for medicationsfollowed.
But that was merely accelerating the prevailing trend.
In Europe, antidepressant consumption has more than doubled in the last 20 years.
The medication can be life-saving, but the benefits arent equally distributed.
Over athird of patients are resistantto the treatments mood improvements.
Others can suffer fromside effects, dependence, or withdrawal symptoms.
Its about developing the blockbuster drugs of tomorrow.
Psychedelic treatments offer an alternative.
While conventional antidepressants are taken regularly over extended periods, justone tripalongside therapy can have lifelong benefits.
That transformative potential offers big business opportunities.
The global mental health market wasalready valuedat $380bn (356bn) in 2020.
By 2030, its projected to reach $538bn (503bn).
The chunk that Burtenshaws targeting will come frompsychedelic drug development a sub-sector thatEurope is leading.
The riches, Burtenshaw hopes, will emerge after patenting the intellectual property.
Thats how you see your return on investment, she says.
Its about developing the blockbuster drugs of tomorrow.
Breaking taboos
The blockbuster drugs of tomorrow wont be ready overnight.
Analysts predict that the psychedelic healthcare industry will be worth$6.9bn (6.4bn) by 2027.
But before the sector reaps those rewards, it must first convince the sceptics.
Once regulators approve a drug, it moves from an illicit substance to a recognisedmedicine.
But the route topsychedelics is long and perilous.To earn their backing, the sector needs to win clinical arguments.
But we need to take a data-driven, evidence-based approach to looking at these treatments.
In onestudyNeo supported, veterans were given controlled doses of MDMA.
Over two-thirds (68%) experienced complete remission from PTSD.
The other 32% felt significant relief.
That was completely unheard of in psychiatry we dont see results like that, says Burtenshaw.
Promising results have also emerged atCompass Pathways, a startup that was listed on the Nasdaq in September 2020.
Notably, the biggest impact came a day after receiving the treatment.
Standard antidepressants, by contrast, take several weeks to reach maximum effect.
Both treatments are now targeting regulatory review which would open them up to the market.
Burtenshaw believes they can push psychedelic healthcare more broadly towards the mainstream.
The power of stories
Like Burtenshaw,Clerkenwell HealthCEO Tom McDonald isnt the archetypal lover of hallucinogens.
The career change definitely raised eyebrows from friends and family, says McDonald.
Theres still a lot of stigma around, but everyone in the space is trying to normalise it.
And data speaks as do emotive stories.
Such stories are powerful tools for changing perceptions, but the most effective narratives are localised.
In the UK, meanwhile, the impacts on patients with terminal illnesses have garnered more public sympathy.
That sympathy could bring the benefits closer to home.
In the UK, for instance, politicians from across the political spectrum are rallying support for the treatment.
Blunt said the substances will help address the miserable dependence of too many on antidepressants.
The science highlights their immense potential.
His plea echoes recent petitions in the EU.
Millions of Europeans are in need of better treatments, said Czech MEP Mikulas Peksa.
That immense potential doesnt only appeal to politicians.
Relaxing rules would also create diverse openings for tech and startups are poised to capitalise.
Tech targets for psychedelics
Europes psychedelics startups have already explored extensive digital applications.
They range fromApril19s AI drug discovery platform and Beckley Psytechsbiomarkersfor tracking patients toHomecomingsapp for therapists andWavepathspersonalised music for treatment.
With such breadth of opportunities, the sector has grounds for optimism.
But startups will have to play the long game and attractpatient capital.
What were expecting to see is this dovetailing of destigmatisation alongside a rollout of these treatments.
The route to market, however, appears long and treacherous.
But in the crucial fight for hearts and minds, the prospects of victory are growing.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
