College calls on world financiers to foster investment in mental health care
This week at the World Psychiatric Congress, the College presented the ‘Prague Agreement’, a coalition of national psychiatric associations and mental health charities that called on world financiers – including the World Bank, regional banks, capital markets and the International Monetary Fund (IMF), to incentivise national investment in mental health care.
Mental illnesses are predominantly conditions of the youth. Once a person has survived the infectious diseases of childhood, the most likely illness they will suffer from as a young person is a mental illness.
Without early intervention and timely access to evidence-based treatments, young people with poor mental health become adults with chronic, relapsing mental illnesses who are unable to achieve their potential – including being unable to complete education and being unable to work.
Young adults are the most productive members of society and drive economic growth.
For any country to maximise its potential to prosper, it must actively focus resources to reduce population-level prevalence of mental illness, while improving care for those living with poor mental health.
Global financiers should make their investments contingent on the development of a national cross-Government mental health strategy with an accompanying implementation plan.
Those present in Prague had the opportunity to co-sign the call to action, and the Agreement will be circulated with psychiatric organisations and mental health charities around the world for their support.
Speaking after putting pen to paper, RCPsych President Dr Lade Smith CBE said:
“It was incredible to be part of this historic moment – psychiatric associations and mental health charities from the four corners of the earth coming together to sign the call for action to change how mental health care is prioritised in our world.
“The economic imperative is clear. It is only logical to invest in mental health care, given the compelling evidence about return on investment. If not now, then when?”
The presentation of this paper follows months of research and engagement.
A seminar on the importance of investing in good mental healthcare with the World Bank earlier this summer was followed by the opportunity to attend the first United Nations High-Level Meeting on Non-Communicable Diseases and Mental Health, alongside Heads of States and Health Ministers, in New York.
Initial socialisation of the Prague Agreement was well received by all, and we look forward to continuing to promote the call to action alongside colleagues old and new.
Good mental health is no longer simply a human rights imperative, it makes economic sense.