Big Pharma Stands To Lose $18.5 Billion If All 50 States Legalize Medical Marijuana

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Having been confirmed as a successful medical treatment by many studies, medical marijuana is taking the world by storm. It can treat diseases and conditions such as chronic pain, epilepsy, cancer, and many more.

Many more studies are being experimented to test marijuana benefits for treatments of anorexia, pain, nausea, insomnia, and depression.

The findings of these studies show that cannabinoids could relieve the negative effects of chemotherapy and also have a direct effect on fighting cancer on the body.

Cannabis has over 100 active components, and one of them is THC (tetrahydrocannabinol).

THC is a chemical that gives the psychedelic feeling when consuming the cannabis plant. CBD is another chemical in the cannabis plant, and usually, the CBD-dominant strains contain little to no THC.

Medical marijuana is most commonly used for pain control, especially for chronic pain since it has been confirmed that it is very effective of the illness that millions of Americans suffer from.

Also being safer than any other opiates, medical cannabis can also replace NSAIDs like Aleve or Advil in case people with GERD, kidney issues, or ulcers cannot use them.

Many people benefited from the CBD for relieving anxiety, insomnia, spasticity, pain, depression, and even epilepsy.

This plant has also been confirmed as being a big muscle relaxant as it can relieve tremors in Parkinson’s disease.

Many scientists research the effects of cannabis with treating fibromyalgia, interstitial cystitis, endometriosis, and many other conditions that have chronic pain as a symptom.

With all this proof of marijuana, we can conclude that it has a greater medical relief, however, you cannot prescribe it anywhere in the United States since in the majority of the states it is still illegal.

Legalization of this natural substance should be a reasonable thing to do in this country since this substance can treat illnesses with less bad side effects than any common pharmaceutical drug.

However, there is a bigger reason why this plant still remains illegal, and that is money.

New Frontier Data, an analytics firm has finished a study of what will happen to medicine if marijuana is made to be legal and it impacted two things besides health, and those are the economy and the industry.

The founder and the CEO of New Frontier Data, Giadha Aguirre De Carcer, stated that if cannabis is legalized nationally, many of the patients at the moment will turn to medical cannabis substituting any other complement pharmaceutical drugs.

Marijuana treats many illnesses and conditions, but the top 7 of them are PTSD, epilepsy, anxiety, glaucoma, chronic pain, nerve pain, and chemotherapy-induced nausea and vomiting.

A study in 2016 from Health Affairs concluded that states which legalized marijuana had an 11 percent decrease in drugs that pharmaceuticals used to treat these conditions.

By using these statistics, New Frontier Data revealed the overall monetary impact if the cannabis was legal in all 50 states.

The total amount of money that the pharmaceutical companies would lose could be up to $18.5 billion from 2016 to 2019.

The U.S. funds 35% of all the market for pharmaceuticals in the world, being the biggest market globally.

Medical cannabis cannot compare to the impact the pharmaceutical industry can bring because it is the largest international industry in the entire world.

However, the CEO of New Frontier Data believes that medical cannabis will have a big impact on the sub-markets for pharmaceutical companies like chronic pain and chemotherapy symptoms.

But will Big Pharma stall the legalization of the cannabis plant or will they adapt it into their market and try to benefit from selling it?

 

Sources www.health.harvard.edu

 

 

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