Pharma getting high

: psychedelics as a novel treatment protocol in contemporary wellness and medicine

Abstract

This thesis examined psychedelics, a potentially transformative novel phenomenon in the multibillion dollar wellness and health care industry. A review of psychedelic research and relevant management theory informed a mixed-methods design for primary data collection. We triangulated qualitative expert interviews and a quantitative survey with the literature, dividing the market into a clinical track and an intentional track, which were found to have areas of overlap with each other, as well as with spiritual uses. Drivers for adoption of psychedelics included technological and research advances, political and legal shifts, and rising mental health needs. Many participants cited unmet needs and the absence of root-cause treatment protocols as an altruistic reason to promote psychedelics as a viable alternative. In the clinical track, technological convergence was likely to shape delivery models and soften disruption for incumbent neuropharmaceutical and mental-health providers. The intentional track might develop as a decentralized alternative that addresses a segmented share of demand. We found development stage-specific roles for all investor types in the clinical track, and primary reliance on philanthropy in the intentional track. We recommended future work that maps adjacent market segments in detail, measures longitudinal effects of industry external and internal events onto market capitalization, and tracks regulatory dynamics across jurisdictions.

Date of Award	13 Oct 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Peter V. Rajsingh (Supervisor)