Australia Looks Primed For The Top Spot In The Global Cannabis Market
A word from Ron Lipsky, Manager of Business Development and International Relations at MGC Pharmaceuticals
The last twelve months have seen a lot of exciting changes and advancements for MGC Pharmaceuticals, particularly our research collaboration with RMIT, the unveiling of CannEpil™, and the introduction of our new dermatological product — TopiCann. 2017 also saw the legalisation of Medical Cannabis importation and distribution for approved Australian companies earlier in the year.
2018, however, is already proving to be yet another historical timestamp in the quest for more Phytocannabinoid-inclusive global health solutions. The federal government’s recent decision to allow medicinal cannabis exports looks set to add even more momentum to Australia’s growing dominance in the international medicinal cannabis market.
Our Australian Health Minister, Greg Hunt, believes that the move will not only assist overseas markets, but also help grow the developing market here on Australian soil.
“By helping the domestic manufacturers to expand, this, in turn, helps to ensure an ongoing supply of Medicinal Cannabis products here in Australia,” Says Hunt.
Armed with a well-developed agricultural sector, high environmental standards, world class pharmaceutical manufacturing standards, a like-minded government, and grassroot support for the industry, there can be no doubt that Australia is poised to become a Medical Cannabis powerhouse.
For MGC Pharma, this means that our place in both the local and international market puts us in a position of leadership. Our extensive real-world, technical and professional experience is increasingly making MGC Pharma a brand of influence in global public health.
One barrier in the way of our country leading a $55 billion global market, however, is the national system of regulation for Medical Cannabis. Currently in Australia there is very limited patient access, firm restrictions on production and an arduous prescription process in place for medical professionals. As a result, these formal roadblocks have opened the industry up to black market operators who are now profiting from the unlicensed sale of Cannabis oil. All of this is money that could funneled back into the research and development of Cannabis-based medications.
Right now, however, our focus is on navigating the current national regulatory system, developing advanced biopharmaceutical solutions and improving patient access and results. Our number one priority is and always will be improving the lives of patients all over the world.
It’s a climactic time for the Medical Cannabis industry. We’re excited to be leading the charge in CBD-based patient treatment within Australasia and we can’t wait to watch its growing role in delivering global health solutions.