Nationwide medical marijuana legalization could take a multi-billion dollar bite out of the pharmaceutical industry, according to the latest research.
In a study titled ‘From Prescription to Recommendation: How Cannabis Could Disrupt the Pharmaceutical Industry’, researchers write that if medical cannabis were legalized in all 50 states, pharmaceutical expenditures on the top nine conditions commonly treated by medical cannabis could fall an estimated $18.5 billion between 2016 and 2019.
States that have already legislated medical cannabis are already seeing the effects: prescription drug usage has decreased by an average of 11 percent. The National Academies of Science keeps track of the conditions most effectively treated with medical marijuana, and nearly all of them have high-profit prescription counterparts.
Among the conditions are glaucoma, chronic pain, nerve disorders/pain, post-traumatic stress disorder, anxiety, insomnia, and nausea/vomiting related to chemotherapy.
While $18.5 billion in losses over a 3 year period might appear massive, “medical cannabis would be a drop in the bucket when it comes to impacting the total pharmaceutical industry”, according to Giadha Aguirre De Carcer, creator and CEO of New Frontier Data.
Watch this video to see where marijuana is legal in the US: