Medical cannabis, which is commonly known as marijuana is having a transformative impact on the healthcare landscape. While it is often misunderstood as a byproduct of recreational drug use medical marijuana has demonstrated its effectiveness in treating conditions like chronic pain and epilepsy. Researchers are also exploring its benefits for issues such as anorexia, nausea, insomnia and depression. Exciting studies suggest that cannabinoids not serve as a powerful remedy for the adverse effects of chemotherapy but also possess direct anti cancer properties.
However despite its potential medical marijuana faces significant legal obstacles. The majority of US states still prohibit the use or prescription of cannabis or its derivatives like CBD. It may be surprising to learn why a substance that has been proven to offer treatment with fewer side effects than many pharmaceutical drugs remains outlawed. The answer, to this question might not be what you expect.
The Economic Implications of Medical Marijuana
A comprehensive study conducted by New Frontier Data examines the economic and industrial changes that could accompany the integration of marijuana into medicine. According to Giadha Aguirre De Carcer, CEO and founder of New Frontier Data their research reveals that "if cannabis were embraced on a scale patients would likely consider medical cannabis as an alternative or supplement to traditional pharmaceuticals."The researchers investigated the nine conditions outlined by the National Academies of Science that show positive response to medical marijuana treatment. These conditions include pain, PTSD, anxiety, nerve pain and seizures/epilepsy among others.
Could Medical Marijuanas Gains Mean Losses for the Pharma Industry?
A study published in Health Affairs in 2016 found that states where medical marijuana was legalized experienced an 11% reduction in sales of pharmaceutical drugs used to treat these conditions. Building on this data New Frontier Data projected the financial impact not only for individual states but also if medical marijuana were legalized across all 50 states. They estimated that pharmaceutical companies could face a loss of up to $18.5 billion between 2016 and 2019.
Implications for the Future of Healthcare
“The United States accounts for 35% of the pharmaceutical market making it the largest market worldwide and a significant driver of the U.S. Economy " says Aguirre De Carcer in New Frontier Data’s report. However certain sectors— those serving as lucrative sub markets for pharmaceutical companies such as treatments for chronic pain or chemotherapy symptoms—may experience a significant shift.
Given the billions of dollars at stake the legal status of marijuana and its potential impact on the pharmaceutical industry could play a crucial role, in delaying national legalization.
Resources:
https://www.fda.gov/newsevents/newsroom/pressannouncements/ucm611046.htm
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4791148/
https://www.leafly.com/news/cannabis-101/whats-the-deal-with-these-high-cbd-strains
https://www.practicalpainmanagement.com/meeting-summary/cannabinoids-versus-opioids-chronic-pain-care
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