Inappropriate comparator and high pricing in MDMA-assisted therapy for PTSD: A critique of the Lykos cost-effectiveness analysis

Abstract

This commentary examines a recent Lykos Therapeutics-funded cost-effectiveness analysis of MDMA-assisted therapy for PTSD following FDA's 2024 decision to decline approval. While methodologically rigorous in its use of empirical trial data, the study has two critical limitations that undermine its relevance to healthcare decision-makers: an inappropriate comparison to placebo-based therapy rather than to standard-of-care treatments, and a problematic pricing strategy ($36,000 for the three MDMA doses) that threatens accessibility. Alternative modeling suggests that at a more reasonable price point of approximately $10,500, MDMA therapy could be extremely cost-effective, around $160 per quality-adjusted life year (QALY), or even cost-saving. For meaningful policy impact, future research should incorporate realistic treatment comparators, comprehensive healthcare utilization data (beyond PTSD-specific costs), and pricing models that balance economic viability with public health goals.