Press ReleasesDr. Reddy's Laboratories And MediCane Health Announce The Launch...

Dr. Reddy’s Laboratories And MediCane Health Announce The Launch Of Medical Cannabis Products In Germany

-

  • DR REDDY’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY, along with its subsidiaries together referred to as “Dr. Reddy’s”) and MediCane Health Inc. (along with its subsidiaries together referred to as “MediCane”) today announced the launch of its medical cannabis product in Germany.

As part of a collaboration between Dr. Reddy’s and MediCane that started in 2021, MediCane will supply the medical cannabis products to Dr. Reddy’s from its EU-GMP-certified facilities in Portugal along with providing logistical and regulatory support. As the exclusive distributor of the products in Germany, Dr. Reddy’s will provide access to MediCane’s medical cannabis products under its own brand supported by a specialized field force that can provide education on the use of the products and guidance on the health insurance reimbursement process to healthcare professionals.

The launch marks MediCane’s entry into the pharmaceutical sector of a major European market. For Dr. Reddy’s, the launch reinforces its presence in Germany’s growing medical cannabis market, building on its recent acquisition of Nimbus Health GmbH that specializes in the distribution, registration, sales and marketing of medical cannabis.

With over 83 million inhabitants benefitting from broad access to healthcare services, Germany already represents more than half of the current European Union medical cannabis market, thanks to developed regulations and reimbursement from sick-funds to medical cannabis under certain circumstances1. The demand for medical cannabis has increased over the past years, driven by the German Parliament’s (Bundestag) legalization of medical cannabis in 2017. The medical cannabis market in Germany is valued at ~122 Mio. € with growth of ~25% in 2021 compared to 2020 and a CAGR of ~55 % since 2017. Around 150,000 German patients benefit from medical cannabis for their otherwise unmet health needs2, according to the reports3 especially in the area of pain management, spasticity, anorexia, vomiting, depression.

Dr. Reddy’s and MediCane have also signed an agreement for the co-funding of a phase II clinical trial for a cannabis product aimed at symptom relief of Behavioral and Psychological Symptoms of Dementia (BPSD). Dr. Reddy’s will hold exclusive sales and marketing rights for such product in Europe (except Russia and CIS countries) upon completion of such trial. The parties expect to commence the clinical trial of the product during the second half of 2022. BPSD refers to the spectrum of commonly observed non-cognitive and non-neurological symptoms of dementia, such as agitation, aggression, psychosis, depression, and apathy.

Patrick Aghanian, Head of European Generics, Dr. Reddy’s, said: “This collaboration with MediCane Health demonstrates Dr. Reddy’s commitment to take a leadership position in Europe’s rapidly growing medical cannabis market. With MediCane, we join forces with a unique and differentiated research-based partner in the medical cannabis field. We are very pleased about the strategic, multi-dimensional collaboration with MediCane, which further complements our mission to accelerate access to medical cannabis to meet unmet patient needs and improve the quality of life of patients.”

Yossi BenAmram, co-founder and Group CEO, MediCane, said: “This collaboration articulates MediCane’s strategy to develop evidence-based medical products and partnering with leading pharmaceutical companies to maximize the potential of these drugs for patients. This collaboration is a very important step for MediCane, for the short, medium and long term and we couldn’t be more excited to partner with a reputable and resourceful company like Dr. Reddy’s. With MediCane’s agrotechnical and biological cannabis-specific R&D resources and know-how, and Dr. Reddy’s proven sales, marketing and distribution capabilities, with wide geographic access in line with our strategy, as well as powerful regulatory and R&D capabilities for generic drug development, I believe this synergistic partnership can be at the forefront of the European medical cannabis market makers in the foreseeable future.”

Latest news

British People Open To Using Medical Cannabis – Yet Majority Unaware They Can Access It On Prescription 

A NEW national survey of 4,000 people has highlighted the need to improve awareness of cannabis as a medicine.  Key...

As US Hemp Cultivation Levels Plummet The Established European Industry Continues To Flourish 

DESPITE a huge decline in US hemp industry’s footprint the European industry will continue to grow, say the continent’s...

Chrystal Capital Acts As Exclusive Advisor To Change Agronomy On £9.6m Fundraise

CHRYSTAL Capital Partners LLP, is an entrepreneurial corporate finance and investment house with an established global network of Single...

European Cannabis Stocks Review: ‘End’ Of US Cannabis Bear Market Rallies European Stocks 

FOLLOWING last week’s rally there has seen something of a lull with little movement for European cannabis stocks. Last week’s...

Business of Cannabis Conference Returns to New York City on November 3rd

In this second summit, the most influential business leaders, investors and politicians gather to discuss social equity, policy and...

Curaleaf Takes Majority Stake And Forms Strategic Partnership With Germany’s Four 20 Pharma In €20m Deal

CURALEAF Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), a leading U.S. provider of consumer products in cannabis, announced that Curaleaf International...

Must read

As US Hemp Cultivation Levels Plummet The Established European Industry Continues To Flourish 

DESPITE a huge decline in US hemp industry’s footprint...

European Cannabis Stocks Review: ‘End’ Of US Cannabis Bear Market Rallies European Stocks 

FOLLOWING last week’s rally there has seen something of...

You might also likeRELATED
Recommended to you