Psychedelics and Global Wellness Industries and Change in Associated Strategies in International Business
Kavita Sharma, Tarun Kumar Makhija
International Journal of All Research Education & Scientific Methods January 1, 2024 Peer reviewed DOI: 10.56025/ijaresm.2024.1204243732 via OpenAlex
Summary
The paper discusses how the growing psychedelics industry is impacting the global wellness sector, leading to significant changes in business strategies. As psychedelics become more accepted in therapeutic settings, they challenge existing norms in wellness and pharmaceuticals, prompting companies to rethink their approaches to product development and marketing. This shift could result in various economic, therapeutic, and societal benefits.
Study at a glance
| Key finding | The evolving legal and cultural landscape around psychedelics is driving a transformation in business strategies within the wellness and pharmaceutical industries. |
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Abstract
This paper delves into the relationship between the burgeoning psychedelics industry and the broader global wellness sector. As psychedelics gain traction in therapeutic contexts, there has been a notable shift in international business strategies. The evolving legal, cultural, and commercial landscape around psychedelics has necessitated this shift, challenging the norms of both the wellness and pharmaceutical industries. These substances, once marginalized, are now at the forefront of holistic health conversations, prompting businesses to rethink product development, marketing, and global distribution efforts. This transformation promises potential economic, therapeutic, and societal benefits.