OTTAWA, April 02, 2024 (GLOBE NEWSWIRE) — PsyCan, the not-for-profit trade association for the legal Canadian psychedelic medicine industry, welcomes the expansion of insurance coverage for psychedelic-assisted therapy (PaT) led by the Alberta Blue Cross.
“We welcome Alberta Blue Cross as the first major provincial insurer to cover Psychedelic-Assisted Therapy in all of its forms,” said Philippe Lucas, PhD, President of SABI Mind, a psychedelic clinic group based in Alberta. “Psychedelic treatments such as ketamine-assisted psychotherapy are proving to be safe and cost-effective interventions for patients with poor treatment success with traditional mental health therapies, but they remain out of reach to many that could benefit. We hope the leadership shown by Alberta Blue Cross is the starting point to increased access for all patients all across Canada that could benefit from psychedelic-assisted therapies.”
In fall 2022, Alberta became the first province to regulate psychedelic-assisted therapy for mental health treatments, and in a recent FAQ to healthcare providers, the Alberta Blue Cross explained that claims for psychedelic therapy in Alberta are eligible for reimbursement under plan members’ drug and psychology benefits. As entities like FDA assess new drug applications for molecules like psilocybin, MDMA, LSD and DMT, PsyCan believes private payers should allow patients to access their existing drug and psychology benefits for the treatment of mental health disorders.
“With Alberta Blue Cross’ significant client base of first responders and healthcare practitioners, mental health conditions – especially coming out of the COVID-19 pandemic – are a huge concern,” said PsyCan Coordinator Liam Bedard. “Peer-reviewed health economic modeling indicates that MDMA-assisted therapy for Post-Traumatic Stress Disorder1 and Psilocybin therapy for Depression2 showed competitive, or improved, costing compared to front-line therapies. We call on other insurers, both in the public and private sector to follow the example set by Alberta Blue Cross.”
Incorporated as the Psychedelics Businesses Association, PsyCan is the not-for-profit trade association of legally operating psychedelic medicine and therapy companies in Canada. PsyCan is dedicated to working collaboratively to advance government regulation, scientific research, and the specific needs of the growing sector. Its member companies represent research, development, manufacturing, and clinic operations. At the time of incorporation, PsyCan was the first national-level trade association for the legal psychedelic medicine and therapy sector anywhere in the world.