Medibank expands landmark deal with WA’s Emyria by funding use of psilocybin to treat depression

Australia’s biggest health insurer is expanding its landmark deal with WA biotech Emyria by announcing it will fund the use of psilocybin to treat treatment-resistant depression. The news comes just three months after Medibank announced eligible WA customers suffering from post-traumatic stress disorder would be able to access Emyria’s MDMA-led program with no out-of-pocket costs. The Medibank deal — part of the insurer’s $50 million investment into mental health — is believed to be the first time anywhere in the world that a major private health insurer had agreed to fund a psychotherapy-led PTSD program. Emyria on Monday announced another multi-year agreement with Medibank that would provide full funding to eligible WA customers accessing the biotech’s treatment-resistant depression program at the Perth Clinic. The cost for treatment ranges from between $20,000 and $30,000. Depression affects 4.6 per cent of the Australian population each year, and for one-third of these individuals symptoms persist despite standard care. Emyria said the new deal meant it now offered two insurer-funded programs, for PTSD and TRD. “This landmark agreement between Emyria and Medibank means eligible patients will now have insurer-funded access to a world-class model of care for treatment resistant-depression, complementing the funding already in place for Emyria’s PTSD treatment protocol,” Emyria executive chair Greg Hutchinson said. Emyria said it marked the first time a major Australian health insurer would fund a supportive psychotherapy treatment program for TRD. Emyria executive director Michael Winlo told The West Australian in July it was in talks with other major Australian insurers to expand access to effective and fully-funded mental health care locally and nationally. Emyria recently announced it had signed an initial three-year agreement with mental healthcare provider Avive, marking its entry into Queensland. The latest deal provides exclusive rights to deliver Emyria’s PTSD and treatment-resistant programs at Avive’s 63-bed mental health hospital in Windsor, Brisbane.