News

Medical Marijuana Could Cost Big Pharma

By: Joshua, May 30, 2017

USA — Once the federal government finally allows medical marijuana to become a legitimate part of the healthcare industry, Big Pharma could suffer the loss of billions of dollars, a new report finds.

It seems the pharmaceutical trade has more than enough reasons to fear the legalization of marijuana, as an analysis conducted by the folks at New Frontier Data predicts the legal use of cannabis products for ailments ranging from chronic pain to seizures could cost marketers of modern medicine somewhere around $4 billion per year.

The report was compiled using a study released last year from the University of Georgia showing a decrease in Medicare prescriptions in states where medical marijuana is legal. The study, which was first outlined by the Washington Post, was largely responsible for stirring up the debate over how a legitimate cannabis market might be able to reduce the national opioid problem. It found that medical marijuana, at least with respect to those drugs for which it is considered an alternative treatment, was already costing pill manufactures nearly $166 million annually.

Researchers at New Frontier identified nine key areas where medical marijuana will do the most damage to the pharmaceutical market — castrating drug sales for medicines designed to treat anxiety, chronic pain, epilepsy, post-traumatic stress disorder, sleep disorders, nerve pain, chemotherapy-induced nausea and vomiting, Tourette syndrome and glaucoma.

By digging deep into each condition, researchers found that if cannabis was used an alternative treatment in only a small percentage of cases, it could strip in upwards of $5 billion from pharmaceutical industry’s $425 billion market.

Although that may not sound like much of a dent, John Kagia, executive vice president of industry analytics for New Frontier, said, “The impact of medical cannabis legalization is not going to be enormously disruptive to the pharmaceutical industry.”

The report specifically calls out drug giant Pfizer Inc, suggesting that medical marijuana could suck a half billion dollars from its $53 billion in annual sales revenue.

It is distinctly possible that the latest report paints an accurate portrait of the impact medical marijuana could have on the pharmaceutical trade — that is, unless the drug manufactures decide to get in on the cannabis business.

GW Pharmaceuticals and Insys Therapeutics are already developing cannabis-based medications that are set to come to market in the near future. Depending how medicinal cannabis regulations eventually shake out with the federal government, it is conceivable that the medical marijuana programs that we have come to know would disappear, with the pharmaceutical companies being the only ones profiting from this alternative medicine.

Some experts say federal legalization would change the cannabis industry in ways that would be unsatisfactory to most in the business.

Be careful what you ask for.

Source: Salon.com (US Web)
Author: Adam West
Published: May 27, 2017
Copyright: 2017 Salon
Website: http://www.salon.com/
Contact: salon@salonmagazine.com
URL: http://drugsense.org/url/NI2NvR2E

CannabisNews Medical Marijuana Archives
http://cannabisnews.com/news/list/medical.shtml

Share this article Linkedin Pinterest

Read more

F
News

Those seeking employment may find a job with medical marijuana

By: Joshua, July 26, 2017

LITTLE ROCK, Ark. (KTHV) – While the health of patients is the main reason supporters are excited about medical marijuana in Arkansas, a growing...

— Read More
F
News

On Marijuana, Jeff Sessions is Facing a Tougher Opponent Than Trump

By: Joshua, July 25, 2017

Jeff Sessions is not having an easy ride at the moment. The attorney general’s boss, President Donald Trump, threw Sessions under the bus in...

— Read More
F
News

In The Era Of Legal Cannabis, CO Law Enforcement Is Reevaluating The Use Of Drug-Sniffing Dogs

By: Joshua, July 24, 2017

Drug-sniffing dogs have been an invaluable asset to law enforcement agencies across the country, but legal cannabis is beginning to change the way that...

— Read More
F
News

The University Of Vermont Is Offering Cannabis Education

By: Joshua, July 24, 2017

As the US government and various institutions across the country butt heads over the future of cannabis, the educational sector is set on improving...

— Read More
SoftSecrets nu ook online

Soft Secrets now also available online

High-profile interviews and current news. Items that strike you and images to inspire you. But also sections on beauty, fashion, food, TV, music, art and film.

All magazines