European pharmaceutical firm STADA has entered into a partnership with medical cannabis business MediPharm Labs.
STADA, which sells products in 120 countries, will work with MediPharm to provide medical cannabis products for the European pharmaceutical sector.
STADA CEO Peter Goldschmidt said: “This partnership with MediPharm demonstrates STADA’s ambition to be the go-to-partner for generics, consumer health and specialty products.”
Under the terms of the exclusive partnership, MediPharm will supply good manufacturing practice (GMP) certified medical cannabis products to STADA, as well as manufacturing, logistics, and regulatory support.
STADA will be responsible for commercialising the cannabis products, initially in Germany as well as marketing and medical education utilising a pharmaceutically experienced field force.
“This partnership is exactly the type of business MediPharm has been pursuing since its inception and a validation of our strategy to deliver GMP-certified cannabis products that can be used in multiple new products in multiple markets around the world,” said Pat McCutcheon, CEO, MediPharm Labs.
“This mandate has meaningful revenue potential for MediPharm Labs and we couldn’t be more excited to partner with a company that has the reputation and resources that STADA commands. As a powerhouse in sales and distribution of pharmaceuticals and non-prescription consumer health products, STADA has the ability to become a transformative force in European medical cannabis markets and we are thrilled to be their exclusive partner.”
The partners will initially focus on Germany, before potentially expanding to other European countries and territories.
The partnership also signals MediPharm’s entry into the global pharmaceutical industry within a major European market.
With over 83 million inhabitants benefitting from broad access to healthcare services, Germany currently represents an estimated three-quarters of the current EU medical cannabis market.
The Medical Cannabis Network reports the medical cannabis market in Germany is currently valued at between €150m and €175m, despite only around 10% of the 20,000 pharmacies in Germany selling medical cannabis products today.
Furthermore, only a limited number of doctors in Germany currently prescribe medical cannabis.
With greater awareness and education around the benefits of medical cannabis, the Medical Cannabis Network estimates that Germany’s dominance in the European cannabis market could expand to €1.5bn by 2025.
Details of the products that STADA will bring to market through this partnership with MediPharm Labs will be unveiled in the coming months, the companies say.
- European Commission must address ‘inequality’ in access to medicinal cannabis across EU
- 1 in 8 older US adults now use cannabis products, finds study
- 3 main contributors to the entourage effect for cannabis consumers to consider
- Medical cannabis doesn’t impair cognitive function – study
- Ukraine’s medical cannabis legalisation delayed by opponents
- Cannabis more ‘advantageous’ than conventional sleep aids
- News4 months ago
NHS approves major clinical trial on cannabis medicines and chronic pain
- News6 months ago
UK patient secures first NHS reimbursement for cannabis flowers
- Advocacy6 months ago
Inside a UK cannabis club: changing lives, tackling stigma, building community
- News4 months ago
UK research finds GP support for cannabis as an alternative to opioids for chronic pain
- Industry4 months ago
‘Landmark’ ruling gives hope for UK CBD flower businesses
- Industry6 months ago
New report calls for overhaul of ‘discriminatory’ UK cannabis driving laws
- News4 months ago
Malta: Advocates emphasise positive effects of cannabis reform amid ‘normalisation’ concerns
- Science4 months ago
Five new cannabis studies – ALS, epilepsy, Parkinson’s, chronic pain and blood pressure