My talk will explore the successes of psychopharmacology over the past 50 years and reflect on the challenges that face us over the next 50. I will explore how we can keep our discipline alive in the face of competition from growing scientific areas such as neuroscience genetics and imaging and work to reverse the profound reductions in new treatments being developed by the pharmaceutical industry. Finally I will call for a new approach to old drugs to fill the gap in our innovation and suggest majot changes in the the UN and WHO regulations to allow this.