A scientist claims that Australia is ‘missing out’ on a global "renaissance" of research into use of psychedelic drugs to treat mental health problems.

Dr Stephen Bright, vice-president of Psychedelic Research in Science and Medicine says the drugs in psychotherapy could treat depression, anxiety, addiction, post-traumatic stress disorder and social anxiety among those with autism.

However Dr Bright said many researchers were "nonchalant" or "scared to enter the space" as that lack incentive for pharmaceutical companies meant little to no fund research.