The drugs may work. The science is advancing. Nobody has built the infrastructure to deliver them.
The subject of this memo—48 pages, primary sources throughout, written by someone who spent two decades operating inside the last major regulated-substance market to commercialize—is that gap. Last month’s $2.8 billion Eli Lilly acquisition of a psychedelic drug portfolio bought the molecules, the IP, and the team. It did not buy a single room, clinician, or operating business capable of getting an approved drug to a patient. Neither has anyone else.
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