Intense medicinal cannabis product competition keeps downward pressure on prices as patient numbers grow by a factor of 15x over the past 2 years
SYDNEY, NSW, AUSTRALIA, March 31, 2021 /EINPresswire.com/ — FreshLeaf Analytics is excited to once again release Australia’s most comprehensive medicinal cannabis Patient, Product and Pricing Analysis.
The last 6 months were defined by intense medicinal cannabis product competition, keeping a downward pressure on prices – which is good news for patients.
This report will be the sixth major publication from FreshLeaf, which is the leading source of information, data and analysis on the sector.
KEY HIGHLIGHTS:
– Medicinal cannabis revenue expected to exceed expectations in 2021, hitting A$200m+
– Patient numbers have grown by a factor of 15x over the past two years
– Significant increase in “Authorised Prescribers” after long period of stagnation
– Intense product competition continues as new products flood the market, keeping downward pressure on price
– Average daily dose and average monthly spend stabilise
– Slow-down in delivery format innovation with only 1 new format introduced in last 6 months
– Sizeable patient cohort expected to migrate to the pharmacy channel once low-dose CBD products become available over the counter in pharmacies
– 2021 will bring evolution in the regulatory landscape, a greater emphasis on product quality, growing investment in R&D, and further industry consolidation
Cassandra Hunt, Managing Director of FreshLeaf commented: “The Australian medicinal cannabis market continues its strong growth trajectory with revenue expected to more than double in 2021 from around $100m last year. There’s good news for patients too, with the price of medicine continuing to fall.”
Tim Drury, CEO of Southern Cannabis Holdings: “While we’re excited by the continued growth in the industry, the fact that the illegal market is still more than 10 times larger than the legal market means that we still have a long way to go before we can consider that Australia has the right ecosystem for helping patients”.
The report has also been welcomed by the sector, with key players commenting:
Dr Mark Hardy, Addiction Specialist and CA Clinics Medical Director commented: “When you consider that there were only about 3,000 active patients just two years ago, and that FreshLeaf projects that active patient numbers may climb to 75,000 by the end of 2021, clearly more people have been able to gain access to legal medicinal cannabis. It is of the utmost importance that patients have treatment options, and these figures suggest that cannabinoid medicine is increasingly being accepted as a viable option by the mainstream.”
Clare Barker, GM of Entoura said: “The proliferation of medicinal cannabis products to a total of 190 now available for Australian physicians to prescribe seems like a positive for patient choice on the surface, but it also makes it harder for doctors to differentiate between them. This means that product and delivery format innovation is more important than ever. We brought the only new format in the last 6 months to market in the form of chewable tablets, which are proving to be convenient for active patients and may be more palatable for those who dislike the taste of oils or for children”.
And Peter Crock, MCIA Chairman added: “The report shows that the industry is maturing and local product is coming on stream. This will improve with regulatory reforms currently being worked through. The increase in patients also demonstrates the valuable role for medicinal cannabis and reinforces how important it is that the evidence base catches up, and we can bring products through the registration pathway”.
A full copy of the report can be downloaded for free from the FreshLeaf website.
Available for interview:
– Cassandra Hunt, MD FreshLeaf Analytics
– Dr Mark Hardy, Medical Director CA Clinics
For Media Enquiries: AJD Media on contact@ajdmedia.com.au or call 0422238809
About FreshLeaf Analytics:
FreshLeaf Analytics, part of the Southern Cannabis Holdings group, is Australia’s leading source of data and information about the medicinal cannabis industry.
FreshLeaf provides strategic consulting services to industry and government clients. For more information:
info@freshleaf.com or info@freshleafanalytics.com.au (+61) 2 8203 8741 @FreshLeafA
About Southern Cannabis Holdings:
SCH specializes in building and operating cannabis businesses in markets where cannabis is regulated as a pharmaceutical product. SCH
companies include CA Clinics, Applied Cannabis Research and FreshLeafAnalytics. To find out more about SCH, please visit www.southerncannabisholdings.com.au info@southerncannabisholdings.com.au
Nisha Sreenivasan
AJD Media
422238809 ext.
nisha@ajdmedia.com.au
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