In biological psychiatry, the biopsychosocial model is broadly supported. This does not mean a rejection of materialism, but of reductionism. Psychological (and social) psychiatry is deemed to be a necessary supplement to biological psychiatry.
This is one of the lessons made avalaible by Freud. In addition, there are other lessons to be taken from his work. From his view on the mind-body relationship a useful strategy for theory construction can be abstracted:
specify the relevant (neuro)physiologiocal mechanims,
specify the relevant mental mechanisms,
look for that output of the neurophysiological mechanisms that can also serve as the input of the mental mechanisms, and conversely. Especially the third directive will be of use for adherents of the biopsychosocial model.
We may also learn from Freud's mistakes. He rightly used his interactionistic but non-dualistic arguments for the vindication of a relatively autonomous psychological psychiatry. However, he wrongly delayed biological-psychiatric tasks to an indefinite future.