I'd say that there do exist cures for brain chemistry-related depression, but they only work well for a limited segment of the population. While anecdotal hearsay is always more than a bit suspect, I've heard stories of people who've been more or less depressed for as long as they could remember and whose entire lives have turned to the better after getting the right medication.

In general, though, I agree that psychopharmacology still needs a lot of work. (Or the delivery methods for the medicines do, at least - there are already lots of ideas for better medicines, if only they could be targeted at specific parts of the brian.)