J&J's $1.7 Billion Drug Ushers in Age of Psychedelic Medicine

Summary

This Bloomberg documentary explores how Johnson & Johnson's ketamine-derived nasal spray Spravato became a blockbuster treatment for treatment-resistant depression, overcoming a difficult launch, regulatory hurdles, and the need for in-clinic administration. It features patient stories and a clinician's perspective on the drug's effects and the evolving market for psychedelic-adjacent therapies.

• Spravato is a nasal spray for treatment-resistant depression, requiring in-clinic administration and monitoring.
• J&J initially targeted large university medical systems but later expanded to psychiatrist offices.
• Sales have more than doubled since 2023, with Wall Street expecting over $2.3 billion in 2026.
• AbbVie acquired rights to a similar depression treatment in 2024, signaling growing interest in the space.
• The drug's psychological effects are not fully understood, but it offers rapid onset versus traditional antidepressants.
• Patients describe the experience as dissociative, with floating and detachment sensations.
• Clinicians emphasize strict patient screening – only about a third of patients qualify.
• The treatment model is compared to aggressive cancer care, aiming for remission rather than gradual improvement.