RYAH’s IoT Devices Can Deliver Psychedelic Medicines, Advance the Industry
Ryan Allway
September 30th, 2021
News, Top Story
In the emerging world of psychedelic medicine, there is an urgent need to document, quantify, and qualify the efficacy of treatments. The process is underway. This summer there were at least 56 clinical trials recruiting participants, with more already started and more to come. Conditions targeted by these trials range from depression to anorexia, from headaches to addiction. There is a lot to learn and a lot of data to be produced, collated, and analyzed. Market estimates vary, and future growth is certainly dependent on the success or failure of these clinical trials. According to analysts Research and Markets, the global psychedelic drugs market was valued at $3.8 billion in 2020 and is expected to nearly double to $7.58 billion in 2026, representing a robust 13.3% CAGR.
One company with an interesting angle into the market is RYAH Group, Inc. (CSE: RYAH). RYAH specializes in plant medicine without ever touching the medicine. Rather, the company makes smart delivery devices like inhalers and patches and pens that are capable of delivering all manner of medicines, including psychedelics, in precisely controlled doses. The devices are connected to the RYAH Cloud and patented AI-powered data engine, which can make treatment recommendations and create insights gathered from a vast amount of data. RYAH brings Internet of Things (IoT) technology to plant medicine.
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RYAH’s database, assembled by input from over 200,000 registered users, is already the world’s largest gathering of plant medicine data. The company’s devices are being used in medical cannabis trials around the world. Now, RYAH is investigating the utility of its system in the burgeoning realm of psychedelic research and so far it looks promising.
Data, Technology, and Psychedelics
Data and technology play such an important role in the development and acceptance of psychedelics as medicine that there is an upcoming industry conference dedicated to the subject. In advance of October’s PSYCH Investor Summit: Data and Technology, the organizers at Psych Capital interviewed RYAH Group CEO Gregory Wagner about the company’s IoT platform and its capabilities in the space.
In the interview, Wagner states, ‘A lot of our peers create brilliant devices, but do not offer related viable data analytics. Other data companies have great data analytics platforms that involve scraping large volume of data off of the web, but no devices to obtain specific patient activities and feedback. We pride ourselves on capturing captive patient session data and analytics. There is an old saying that you either mine for gold, or sell the pickaxes. We do both, we have the pickaxes (or devices), and we have the gold to mine. We believe that data is the gold.’
The ability for doctor’s and clinics to have the tools to create a customized and personalized precise dosing regimen is crucial to the application of psychedelics as medicine. The ability to easily track patient experiences and compare them to other patient experiences is crucial as well. The ability to gather and analyze data from a large variety of disparate sources can help move the industry forward more quickly and efficiently. RYAH’s platform does it all seamlessly.
And RYAH is liking what it is seeing so far in terms of compatibility with and interest from the psychedelic medicine space. “This is a space where the lines of ‘adult use’ (recreational) and medical lines are not blurred. The psychedelic space is expected to be a purely medical administration for quite some time. RYAH’s aspiration is a medical one, so we see our devices and data analytics becoming an integral part of alternative medicine therapies such as psychedelic treatment regimens.”
What to Watch For
RYAH has had great success in penetrating the medical cannabis industry, with international partnerships and studies feeding it’s constantly expanding database of patient experiences, dosing regimens, strain profiles, and treatment options. Consider the psychedelic medicine space as a parallel and complementary track for the company as it explores potential deals and partnerships in the space. RYAH has just started ‘dating’ in the psychedelic industry, but prospects for solid relationships look good at this point. Stay tuned.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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