Schizophrenia affects an estimated 21 million people worldwide, and bipolar disorder (BPD) is the sixth leading cause of disability. These are chronic psychiatric illnesses that require long-term care, and place significant health and economic burdens on patients and their families. In recent decades, the distinct separation of these two illnesses has weakened, and the medical literature now recognizes a partial genetic overlap between schizophrenia and BPD. Unfortunately, both schizophrenia and BPD are difficult to treat and are associated with substantial morbidity and mortality, particularly when sub-optimally treated. Lack of consistent adherence to treatment is a significant issue; however, newer formulations have recently been approved and emerging therapies are on the horizon.