Wayne Isaacs, a leading investor in the local cannabis sector, says Jamaica must move to increase its clinical trials in the lucrative psilocybin and psychedelic (drug to alter mood) industry or miss multimillion-dollar opportunities to create wealth.
According to Isaacs, chief executive officer of Green Stripes, such a move will not only reduce the cost of clinical trials for stakeholders, but would also increase Jamaica’s credibility in the psychedelic sector.
“I think Jamaica could potentially have missed a golden opportunity with respect to clinical trials,”he told guests at the just-concluded CanEx Psychedelic Summit in Montego Bay. “One of the things I would like to see down here [Jamaica] is a framework or mechanism that can attract more clinical trials.” “If we can conduct clinical trials here, not only does it add value to the industry here, it will also give us the opportunity to conduct much more than we are doing now,” said Isaacs. “It’s much cheaper to conduct trials in Jamaica. That cost is very meaningful, because 30 to 60 per cent of the cost of your clinical trial is what it would cost here in Jamaica, as opposed to it being done in Canada, the US, or in Europe.”
Research scientist and biochemist Dr Lorenzo Gordon agrees with Isaacs that Jamaica is losing out on clinical trials, which could further stimulate the economy.