Researchers are making headway in the effort to demonstrate ketamine’s ability to battle mental health conditions, eschewing its once insurmountable reputation as merely a party drug.

Earlier this year, a study published in The New England Journal of Medicine showed that ketamine was just as effective as electroconvulsive therapy (ECT) in treatment-resistant depression (TRD). ECT has often been a go-to treatment for patients who don’t respond to antidepressants, but the head-to-head comparison suggested that intravenous ketamine not only performed as well in keeping symptoms at bay, but could be an easier option to administer. 

Many clinicians also believe intravenous ketamine is more effective than dosing patients nasally, which is how J&J’s Spravato — the FDA-approved TRD drug made from ketamine — is used. Could applying ketamine topically on the back of the neck also provide relief? A startup called Psycheceutical is on a mission to find out. 

In our lead story today, we spoke with one of the company’s advisers about why he sees so much promise in its topical delivery tech, and why it could have much wider implications for pharma. 

We’re also taking a look at Roz Brewer’s announcement that she’s stepping down as CEO of Walgreens — news that just broke this morning. 

Thanks for reading. 

Editor’s note: We will be off Monday in honor of the Labor Day holiday but will be back in your inbox on Tuesday.