cannabisnews.com: Medical Marijuana Could Cost Big Pharma
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Medical Marijuana Could Cost Big Pharma
Posted by CN Staff on May 28, 2017 at 05:24:59 PT
By Adam West
Source: Salon
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 WestPublished: May 27, 2017Copyright: 2017 Salon Website: http://www.salon.com/ Contact: salon salonmagazine.comURL: http://drugsense.org/url/NI2NvR2ECannabisNews Medical Marijuana Archiveshttp://cannabisnews.com/news/list/medical.shtml
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Comment #11 posted by afterburner on June 05, 2017 at 05:19:08 PT
Slightly Off Topic: US States & Cities Fight Back
US States & cities search for the real culprits behind the Opioid crisis instead of blaming cannabis.State sues drug makers over opioid epidemic. Saturday, June 03, 2017 by: Vicki Batts.
Tags: Big Pharma, Opioids, prescription drug addiction
http://www.naturalnews.com/2017-06-03-state-sues-drug-makers-over-opioid-epidemic.htmlLocal government is the contact point for action and caring about the voters.
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Comment #9 posted by Hope on May 30, 2017 at 11:35:07 PT
"Arch enemies of criminal justice reform"...
DOJ Turns Attention to Cannabis Enforcementhttps://www.leafly.com/news/politics/doj-turns-attention-cannabis-enforcementAssociated Press
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Comment #8 posted by Hope on May 29, 2017 at 21:00:18 PT
Those old pioneers....
that paved the way for this amazing situation probably don't like it... but they have reason to stand tall. They blazed the way.It would be nice if people like the two Steves, and Runruff, and many more like them could receive a part of the tax on cannabis in reparations for their losses in blazing these trails to freedom of the weed, the ending of the persecution, and the birth of these amazing new enterprises.
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Comment #7 posted by Hope on May 29, 2017 at 14:18:34 PT
I hope they stay our of the plant sector
and concentrate on distillates or something. But we've always known they wouldn't leave the pure plant alone... they have already created bad ju ju out of some of it. We knew that would happen much like it did with coca and opium. It seems to be a part of human nature. *sigh* That has always been the greatest danger. Not "Big Marijuana"... but bigger pharmaceuticals. The current heroin "epidemic" was brought to us through prescription medicines. Yet, misled governing types will lean to favoring the "Industry". Perhaps a big marijuana can bring a little buffer to the deadliness of the big pharma.It could. Unless one can only think in dollar signs. There really are dollar signs in both views, though. And work and jobs. Just a bit redistributed to the new agricultural phenomenon of a renewed cannabis and hemp industry.
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Comment #6 posted by Hope on May 29, 2017 at 13:39:23 PT
It says so further on... duh
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
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Comment #5 posted by Hope on May 29, 2017 at 13:36:35 PT
A different than usual kind of protectionism
is showing it's head here. Will the government protect the industries or the people? Does the government belong to the industries or the people?The industry of pharmaceuticals is necessary. It's a wealthy industry and it will do fine even with set backs and huge tax deductions.But people will suffer and die more if herbal freedom isn't realized through the legalization of a valuable and helpful herb. For heaven's sake!!! What is wrong with these people so afraid of the cannabis plant and those that use it that they declare freaking war on those that like it?Greed. It's got longer fangs than envy or jealousy. Fear and hatred are likely the worst, though. Vicious long fangs!
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Comment #4 posted by Garry Minor on May 29, 2017 at 02:15:33 PT:
Big pharmakeia
Since it's True.Imagine if the so called "Christian" church, a few billion people, learned of and accepted the fact that in order to be called worthy of the title "Christian," literally "Anointed One" .. .. that person must most certainly be Anointed with Holy Oil containing Kaneh Bosm, Cannabis!Imagine all of these folks using the most Useful Plant on the planet, the Mystical Tree of Life to its potential.Probably wouldn't be much need for the pharmakeia.It could be so easy!Just a little Knowledge and Oil!
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Comment #3 posted by HempWorld on May 28, 2017 at 09:34:02 PT
Just Remember!
Marijuana/cannabis/hemp was here 1st, guess what happened? Who's fooling who?
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Comment #2 posted by John Tyler on May 28, 2017 at 09:31:12 PT
it is all about the money
You better believe that the pharmaceutical companies will push their way into the medical cannabis market once they get a federal OK. If there is money to be made there they are going to be there to make it.
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Comment #1 posted by John Tyler on May 28, 2017 at 07:44:38 PT
Feed the hungry, heal the sick
Feed the hungry, heal the sick—and free the weed sounds liberal doesn't it? Well, there is more.We have been having a few bumps on the path to legal cannabis, but, as they say, “the Lord works in mysterious way his wonders to behold”, or it could just be plain old Karma, I don’t know. The result is the same, which is good. It seems that there is a growing group of Southern conservative Christians have taken a liking to medical cannabis. They have found justification for their new found interest in our favorite Biblical passage, Genesis 1:29, where “God said, Behold, I have given you every herb bearing seed, which is upon the face of all the earth, etc., etc..” Right there, God approved it and said it was so gooood. God made cannabis, man made it illegal. God is always right, right? Got to go with the higher power on this one. This would be for medicinal purposes only, of course. So, if you are stressed out, or if you are in pain, or if you are sad or “blue”, you should be good to go. So a tip of the hat to Country music, the Bible, and good old common sense, and maybe some future tax revenue.
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