It’s fascinating to think what the pharmaceutical industry’s reaction is to accepting the emergence of legal cannabis. It’s after all controversial and most people prefer to completely avoid or have unfounded and extreme opinions regarding.
Musk has issued subpoenas to Twitter whistleblower in battle to stop takeover negotiations
Is CBD actually an issue for drug companies? If it is or isn’t, how can we come up with a balanced and unbiased assessment of the extent to which CBD will affect the pharmaceutical industry? It’s easy to say that the market is comprised of numbers. Therefore, the most appropriate source to start with is the numbers.
CBD is a great option to revolutionize how we view the disease and how to treat it. It could be a one-stop solution to a variety of problems which the pharmaceutical industry hasn’t had the ability to come up with. In the midst of it everyone is facing a major change in the way we think about drugs. After a century of prohibition that was legalized in the year 2000, cannabis is likely to impact the economy and society that are far beyond anything we could imagined. It is clear that pharmaceutical giants play played a part in all these changes and will also be affected. There is no reason to worry about the market for cannabis that is legal? It’s a fascinating subject to think about for anyone who is willing to think out of the box.
Let’s Talk Money
Let’s forget about any ethical issues related to the story of cannabis and big pharma. Let’s talk about the financial aspect. These numbers are, at the very least, one of the biggest factors that influence this debate. Therefore, let’s determine if medical cannabis, including CBD particularly can leverage financial resources to take on pharmaceutical giants.
To understand the amount of money is being discussed when we speak about pharmaceutical companies, it is possible to examine their margins on revenue. In GEN’s ranking on the top selling pharmaceutical drugs in 2017 in which 6 out of 15 top most popular drugs were used to treat of cancer. If you don’t believe in conspiracy theories about this, it’s an impressive profits from the industry of pharmaceuticals in the fight against cancer. The total revenue from vaccines was estimated at $6 billion, while the top selling drug for rheumatoid arthritis brought in $18 billion to AbbVie.
For the majority of us reading this article, $18 billion is an amount of money which is difficult to process cognitively. Let’s examine the size of the cannabis industry. According to the latest statistics that the value of cannabis is expected to hit $1.7 billion by 2019. In California it is predicted that the value of sales from cannabis will be $5.1 billion at the end of the year. Some estimates predict that the cannabis market in the world will grow to a value of $32 billion in 2022.
It’s obvious that we’re speaking about cash-on-hand in this instance. The market for cannabis isn’t nearly as huge than the capitalizations of large pharmaceutical. However, this isn’t to suggest that CBD does not have the potential to contribute at a minimum in particular because one of the largest profits for the big pharma industry is cancer. One of the most important research being conducted around the globe concerns CBD’s potential to fight cancer and its symptoms.
Therefore, it’s pretty obvious that CBD has the potential to challenge the revenues of the big pharmaceutical. Based on how the cannabis legalization movement performs around the globe it could be a threat in a significant way. However, at present the pharmaceutical industry doesn’t need to worry about the loss of profits to CBD. At present.
The Opioid Crisis
If we’re discussing big pharma and cannabis, then we need to address the crisis of opioids. In reality, opioids are the only drug in the world that are under threat from CBD as well as other cannabis products. Cannabinoids aren’t able to completely eliminate the requirement for vaccinations as well as diabetes medications, or the medication for rheumatoid arthritis. However, they do possess the ability to reduce the necessity for the use of opiates.
In 2017 The Department of Health and Human Services declared an emergency for the entire nation in response to this opioid problem across the USA. The most recent data released by the Department of Health and Human Services is that 130 people die every day of an opioid overdose. The most popular reason for doctors to prescribe opioids? Chronic pain. To clarify things It is said that the top two reasons CBD users use include chronic pain as well as arthritis pain.
This is extremely important. In reality this is a situation in which CBD can help resolve a problem caused predominantly by pharmaceutical firms. When people are aware of an alternative that is healthier and less harmful alternative, wouldn’t they be more likely to choose the alternative?
Knowledge Is Power: The Biggest Threat Is Research
It could be a minor niggle from the principal issue (money) however this will impact the world in a significant way. As the cannabis revolution is spreading across the globe like wildfire it is evident that there is an opportunity to conduct research into cannabis. Cannabis isn’t as studied as other illicit substances due to the strict prohibition. While it is possible that cannabis has beneficial effects for health, it has been virtually impossible to research.
Research restrictions and the lack of funds has made it so that only the most brave scientists have had the pleasure at cannabis-related research. Actually, the majority of the cannabis that is used for research is controlled by NIDA. A quick look on their website will show that they’re more concerned with determining the harmful consequences of cannabis, rather than its potential positive effects. We all know, the public opinions are the most powerful of all opinions. The more people are aware, how informed their choices will be.
As we open our doors to medicinal cannabis studies, a wealth of information will be made accessible. This will naturally lead to a better understanding of the public about cannabis, its benefits, what it is able to be used for, and the best ways to make use of it. Naturally, this poses an opportunity for pharmaceutical businesses. A few people are afraid of cannabis since they aren’t aware of it, but they know more about the prescription opioid. If this shifts, it could affect the method of using the drugs.
An Alternative Outcome
The most difficult aspect of this subject, and in particular the sense that the majority of people agree on one possible outcome which is that there will be a conflict between these two industries. There must, however, be a different option. Sativex is a great illustration of how the pharmaceutical industry could collaborate together with CBD as well as medical cannabis. When we talk about health, it’s an enormous pie that everyone can take the chance to share.
Collaboration may be the best outcome of all. Both sectors have something each other. By cooperating, the risk can be reduced. It doesn’t need to be conflict and CBD isn’t a threat. CBD market does not have to be in danger. If the pharmaceutical industry is unwilling to work together, it’s evident that CBD could be a threat to the profits of big pharma. However, allowing them to come together even a little more, may be beneficial to all.