The global pandemic has been a trying and horrendous time for all. However, some good is coming out of it. There has been a shift of perspective and concerns regarding the importance of mental health. This readjustment is not just happening at a personal level - governments worldwide are also revising priorities to benefit their populace and economies.
It has been a long time coming. A study published by Deloitte estimated that depression alone cost the global economy US$210.5 billion each year. Another survey by CDC revealed suicide rates increased 35% between 1999 and 2018. The rise in mental health problems has long been an ongoing concern, but the pandemic has brought these issues into focus.
A lot of the funding has shifted toward research and development concerning physical and mental health. After all, the COVID-19 outbreak has considerably impacted people's psychological well-being as well as their health. According to a WHO survey, 90% of Member States "reported that mental health and psychosocial support were included in the COVID-19 response plans".
In the US, President Biden is requesting an extra $13.5 billion for R&D, bringing the total to $171 billion. $2.5 billion is budgeted specifically to address mental illness. Biden said the budget "proposes historic increases in funding for foundational R&D across a range of scientific agencies" and that this is "the biggest increase in non-defense research and development spending on record."
This is not just occurring at a governmental level - it is happening across the board and has been accelerated by the pandemic. Private finance is pouring money into digital health apps and new pharmaceutical mental health products. The shift in global attention has been of particular benefit to numerous mental health-related companies who, in normal times, might have struggled. Now, they find themselves in the right place at the right time.
Technology
In the first half of 2020 alone, US digital health startups raised $5.4 billion in funding, with $588 million going to digital behavioral startups.
These include internet-based support groups such as Big White Wall, where individuals can discuss and research issues while remaining anonymous. These sites often provide resources and round-the-clock help.
Another popular innovation has been Telehealth services, where people can consult with a health care worker via phone or video chat. This is advantageous in terms of cost, availability and accessibility.
Applications are also becoming incredibly popular and combine a lot of these resources in one place.
For example, the Modern Health platform combines licensed therapists, coaches, digital resources, assessments and more. CEO Alyson Watson said that the company was doing well before the pandemic, but since COVID-19, there has been "a seismic shift across the industry". The platform has raised $170 million and, in February 2021, became a unicorn valued at over $1 billion.
Biotech and pharmaceuticals
A similar shift is happening in the pharmaceutical companies that deal with mental health. The sector has seen a surge in funding that has benefitted existing organizations. Some of these are relatively new startups that, thanks to increased funding, have leveraged the situation to conduct more research and bring considerably more products to market than would otherwise have been possible.
A perfect example of this is Cybin (NEO:CYBN) (OTCQB:CLXPF), a Canadian biotech company that develops innovative pharmaceutical products that help mental health. CEO Doug Drysdale said, "We founded Cybin in 2018 after witnessing the suffering of close friends and family who had mental issues but weren't able to access the necessary medicines they needed. We knew we could help others, and this began our mission to revolutionize mental health."
They set out to create and enhance effective pharmaceuticals to combat issues such as depression and anxiety. Drysdale explained, "We gathered an amazing team of experts and scientists. We were making good progress and developing some incredibly innovative proprietary molecules. But this is an expensive industry, and progress was consequently limited.
"Then COVID-19 happened," he said. "Funding for what we do rose dramatically, and we were able to raise C$88 million and go public in 2020 just two years after we began." Cybin was able to make partnerships with several multibillion-dollar pharmaceutical companies to manufacture its molecules.
"The pandemic made people realize how big the mental health crisis was and how bad things could become. Thanks to the increased levels of funding, we will be able to help a lot of people. We now have a robust pipeline with around ten patent applications and 50 different molecules," Drysdale said.
The global coronavirus outbreak has caused mental suffering at unprecedented levels. One upside to the otherwise dire situation has been a realization at all levels of the importance of mental health. The funding being channeled into the sector has meant certain companies have benefitted from being in the right place at the right time. The extra investment has allowed them to accelerate their products and their missions to help people in need. Thanks to changes at governmental and large investor levels, these changes and financial investments are here to stay. They will benefit society for a long time to come.
* This is a contributed article and this content does not necessarily represent the views of sciencetimes.com
!['Cosmic Glitch' in Einstein's Theory of General Relativity Could Be Explained in This New Scientific Tweak [Study]](https://1721181113.rsc.cdn77.org/data/thumbs/full/53435/258/146/50/40/cosmic-glitch-in-einsteins-theory-of-general-relativity-could-be-explained-in-this-new-scientific-tweak-study.jpeg)
