Medibank Backs Emyria’s $20K+ Treatment-Resistant Depression Program

A New Chapter in Mental Health Funding

Emyria Limited (ASX – EMD), a pioneering mental health treatment developer, has announced a significant multi-year agreement with Medibank Private Ltd (ASX – MPL) to fund its Treatment-Resistant Depression (TRD) program at the Perth Clinic. This deal represents a landmark moment as it is the first time a major Australian private health insurer has committed to funding a psychotherapy-led program specifically targeting TRD.

Depression remains one of Australia's most pressing health challenges, affecting nearly 4.6% of the population annually. Among these individuals, approximately one-third suffer from TRD, a condition where conventional treatments fail to provide relief. This unmet need has long posed a challenge for patients and healthcare providers alike, making Emyria’s breakthrough approach particularly noteworthy.

Building on Proven Success

The new agreement builds on Medibank’s existing support for Emyria’s Empax program, which treats PTSD patients with promising sustained outcomes. By extending insurer funding to the TRD program, Medibank is effectively endorsing Emyria’s psychiatrist-led Empax Model, which integrates innovative, evidence-based therapies with direct clinical care.

Emyria’s Executive Chair, Greg Hutchinson, highlighted the significance of this partnership, emphasizing that it removes substantial financial barriers for eligible patients and complements the company’s expanding footprint, including its Brisbane expansion. Treatment courses under these programs typically range between $20,000 and $30,000, underscoring the importance of insurer backing to improve accessibility.

Implications for the Mental Health Landscape

This agreement not only validates Emyria’s treatment model but also sets a precedent for insurer involvement in funding advanced mental health therapies. With two insurer-funded programs now operational, Emyria is well-positioned to scale its services nationally, potentially transforming care delivery for patients with complex mental health conditions.

However, the agreement includes a standard termination clause with 90 days’ notice, introducing some uncertainty about its long-term stability. Additionally, while the treatments show promise, ongoing clinical evaluations continue to assess their safety and efficacy, particularly given the novel nature of psychedelic-assisted therapies involved.

Overall, this partnership signals a growing recognition within the healthcare sector of the need for innovative, insurer-backed mental health solutions, and it could pave the way for broader acceptance and funding of such programs across Australia.