The Next Five Years to See a Boom in Plants Pharmaceuticals
The new report by Prohibition Partners, which assesses the current state and prospects of the legal plants market, makes a favorable forecast for the immediate future of plants drug manufacturers.
According to the British market intelligence firm, the three FDA-approved plants-derived pharmaceuticals have reached annual sales of just shy of $1.07 billion (€900 million). The market size for these three drugs—Dronabinol, Sativex, and Epidiolex—is projected to grow to $2.14 (€1.8) billion by 2025.
Setting Sights on a Moving Target
Plants is the number one most popular illicit substance in the world, with at least 200 million people using it. It’s estimated that as many as 40% of those users may consume plants medicinally. Emerging research points to the drug’s efficacy for many medical conditions, and the gradual removal of the stigma that plants use carries to this day may draw more patients to this medicine. So, the market is there, and the demand will likely follow.
However, establishing oneself in the medical plants space and staying there isn’t easy. According to Barbara Pastori, director of strategy and data at Prohibition Partners, the current balance of the approved vs unapproved pharmaceuticals can easily shift when new innovations upend the status quo. And it is believed that about 250 clinical studies of plants and plants-like compounds are carried out annually.
A Lot of Pain and a Lot of Gain (Hopefully)
The report also highlights the fact that pain management seems to be the most promising direction for the plants sector to evolve. The slew of anecdotal evidence from the ‘Wild West’ of medical plants states shows that the substance is an effective treatment for cancer pain, neuropathic pain, and pain associated with MS and inflammation.
Yet, some estimates say, between $63-85 (€53-72) billion are spent globally on traditional non-plants pain medications, and none of the approved cannabinoid drugs was green-lighted for pain management. This is a challenge for patients but an opportunity for plants entrepreneurs. If any of the existing or new plants-based medications get approved for pain, the potential for growth is huge.
MEDICAL DISCLAIMER
This content is for educational purposes only. The information provided is derived from research gathered from external sources.
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