Two Epidiolex along with the Challenge for Your Medical CBD Market – Prohibition Partners
A vital indicator of this trend could be observed in Denmark, in which recently released information highlights the sales of medicinal cannabis products for the 4th quarter of 2020.
Manufacturers of CBD and providers of blossom used to create CBD may say that the introduction of Epidiolex precipitated a decrease in the value sales of other CBD products, largely finished products and magistral preparations manufactured in pharmacies.
Epidiolex was introduced to Denmark through the 3rd quarter of 2020, following the European-wide endorsement of the medicine by the European Medicines Agency (EMA) at 2019. Epidiolex is approved by the EMA for use in rare types of epilepsy: Lennox-Gastaut syndrome along with Dravet syndrome. Before the introduction of the Epidiolex, finished CBD products offered by physicians represented 55 percent of the current market, with sales in Q2 of approximately $530,000. In Q4, this had dropped to $143,000 or only under 10 percent of the complete market while sales of Epidiolex grew to $710,000 or 48% of all medicinal cannabis sales.
It is not known exactly how many patients made the switch but it’s clear that there has been a change from buying of various finished CBD products to Epidiolex. It is fairly possible that lots of new patients also obtained cannabis drugs for the very first time during Q3 and Q4 of 2020.
There is a huge and expanding market for magistral and over-the-counter CBD. The compound has a large range of uses, also Epidiolex does not challenge a number of these domains e.g. in makeup, health or in supplements. CBD was demonstrated to be quite a effective anti inflammatory and antibacterial compound, with a fantastic safety profile and also the listing of possible uses is growing quickly. In the future, the compound might well be qualified for use in new conditions and formats that would also reinforce physician and consumers’ trust in the item.
CBD can also be produced relatively cheaply and marketed without processing, which means that the end product could be offered at very affordable prices while maintaining profit margins. Epidiolex on the other hand is expensive, roughly US$32,500 a year per individual, meaning sales rely on individuals, national health or insurance providers to select up the price that might deter some uptake.
Additionally, many view CBD as an alternative to conventional pharmaceutical products. Prohibition Partners’ poll of tens of thousands of consumers suggests that CBD is observed by many consumers and patients as a natural, plant-based option to pharmaceutical products, which might dissuade some from accepting Epdiolex. Ultimately, patients are always advised to look for out advice on usage of CBD from their doctors when treating medical conditions.
Prohibition Partners is going to likely soon be diving deeper into those issues and the wider distribution chain of Europe within their forthcoming 6th version of the European Cannabis Report.