Pharmaceutical companies will reportedly lose billions of dollars as medical marijuana advances
Thousands of good scientists dedicate their lives to research for large pharmaceutical companies. Even so, Big Pharma remains one of the business sectors considered most suspect by the public. Many believe that this industry is only about making the rich richer, without really caring about the benefits of the products it markets. Fortunately for many, Big Pharma can now be replaced by Big Marijuana, the plant being the main competitor thanks to the therapeutic benefits it has to offer to the world’s population.
The “green fever” that can be translated into the legalization of cannabis has begun to threaten the Big Pharma companies. If the legislative moves continue to become a reality, they could lead the value of pharmaceutical stocks to drop by billions of dollars. Several studies and surveys have shown that a large portion of the population prefers cannabis over opioids.
The University of New Mexico and California State Polytechnic University researchers took a closer look at this scenario. According to the findings published by the experts, “US cannabis laws are projected to cost generic and branded pharmaceutical companies billions.”
Just a little more than a week after an event promoting the legalization of cannabis, stock market returns had dropped between 1.5 and 2%. Studies reveal that increased access to the plant means that drugs such as opioids are no longer part of the daily routine for many patients.
Cannabis has the benefit of not promoting side effects, making it a favorite of many. In addition, it is not attributed to a specific condition, as it can treat both mental and physical conditions.
Added to all this is the high cost of many pharmaceutical-created drugs, which restricts access for many Americans currently facing the consequences of global inflation. Marijuana is undoubtedly the biggest new competitor in the drug markets and according to the authors, it is estimated to reduce conventional pharmaceutical sales by almost 11%