Dr. Radowitz said he sees “no difference” between esketamine and ketamine, contrary to FDA assessments. Still, he doesn’t think two hours are “necessary.” He acknowledges that Nushama’s practices differ from FDA protocols for administering esketamine, but said he’s not concerned about potential risks or legal liability. “It doesn’t concern me,” he said. “I have no problem using this medication.”
Whats Next?
For some patients, the promise of ketamine’s benefits overshadows its risks, legal status, and cost. Maria Kennedy, 30, who works in public relations, took the first of her six “trips” to Nushama in October 2021. She had previously tried talk therapy and selective serotonin reuptake inhibitors for anxiety and depression. depression, she said, but during the pandemic she felt herself spiraling, isolated and anxious in a studio. Her therapist, who knew Dr. Radowitz, referred her to Nushama.
Ms. Kennedy said that during some treatments she felt as if she was floating in space, curled up under the comfortable eye mask and floating beyond her body. In others, ketamine triggered precise and specific visions: she once saw her mother wrapping presents before her birthday party.
By the time the IV was removed, Mrs. Kennedy said she would almost feel back to normal. She would stay in Nushama, taking her time getting unstuck from the “cozy” chair. “The only thing I can compare it to is waking up after a really amazing dream,” she said. Afterward, she would take her dog to a cafe and read over coffee or beer.
Across the country, ketamine clinics have seen increased interest. Since SoundMind opened in August 2021, more than 100 people per month have registered on average. The Boise Idaho Ketamine Clinic is booked through the end of April for ketamine-assisted psychotherapy treatments. In San Diego, a clinic called South Coast TMS and Ketamine had a waiting list of 40 people for months, until the center raised its prices to $1,500 a session, a representative said.
Dustin Robinson, one of the founders of venture capital fund Iter Investments, which focuses on the psychedelic space, estimated that a typical ketamine clinic with, say, five rooms earns between $75,000 and $100,000 per month, and potentially the double if full. Profit margins, he added, can be more than 30 percent, which according to industry reports it is much higher than most health care services. “There is not a lot of staff and medicine is very cheap, almost negligible, staff is the main cost,” he said.
Robinson knows Godfrey, but he is not an investor in Nushama, which charges $4,500 for seven sessions; insurance rarely covers ketamine for mental health, but it might if there is also a diagnosis of pain. Nushama does not provide individual sessions. “It’s hard to get in shape by going to the gym once,” Mr. Meloff said.
