There is a large issue big pharmaceutical companies are facing in the coming years. Many people are choosing marijuana to treat their conditions rather than opioids and many other prescription drugs.
Former professional athletes from the NFL and NBA have come into the spotlight stating that the leagues should let them at least give cannabis a shot to manage their constant pain, given the ongoing opioid epidemic.
There is a myriad of studies underway proving the health benefits of medical marijuana for pain management in addition to other conditions. It wasn’t until recently that a study conducted found what the massive switch to natural medical marijuana away from large pharma could do to the latter industry.
The study done by New Frontier Data, a Washington, D.C. – based date analysts company focused on the legal marijuana industry, decided to research the effects of people using marijuana as opposed to prescription drugs for the nine illnesses most commonly treated by cannabis.
Their findings showed that Big Pharma could lose almost five billion dollars per year. This is a staggering number, but it does have a catch. The study is based on the assumption that marijuana will become legal across all fifty states.
This may seem highly unlikely with our current leadership, but it still proves what is at stake for the medical marijuana industry and what Big Pharma could lose.
The group then considered a twenty-sixteen study which found that the amount of prescriptions for drugs dropped by eleven percent among older patients in the states that medical cannabis is legal.
New Frontier gathered data on the amount of money spent on prescriptions for the following conditions; Chronic pain, PTSD, Sleep disorders, Anxiety, Nerve pain, Chemotherapy— induced nausea, Tourettes Syndrome, Glaucoma, Seizures/epilepsy. The analysis showed that medical marijuana could take away between four and five billion dollars a year from pharmaceutical sales.
This study is dependent on the idea that marijuana may find its rightful legalization in the upcoming years across the nation. If this occurs, people could have access to a preferred medicine with less side effects, and a lessened chance of addition than the opposing prescription drugs.
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