Medigrowth, Deakin Uni partner for medicinal cannabis centre
The Medigrowth Centre of Excellence will become a hub for accelerating medical cannabis research, as well as undertaking research projects to explore new areas where plant-based medicine can improve the quality of life for all people. This purpose-designed facility is said to have already sparked interest from international companies with interests in cannabinoid pharmaceuticals research and strong university alliances.
The announcement follows the launch of Medigrowth’s direct-to-consumer telehealth platform, Haiku Health. Providing pathways for Australians to access potentially life-altering medication more quickly, the platform is offering Australians affordable and trusted advice from practising Australian GPs or Authorised Prescribers.
While it remains a restricted, prescription-only plant-based medicine, demand for medical cannabis in Australia is high with prescriptions for the product increasing by 295,515 from 1011 between 2016 and 2022, according to the Therapeutic Goods Administration.
Progression towards construction of the Medigrowth Centre of Excellence will be partially funded by an equity crowdfunding campaign via Birchal. The funds will be used to accelerate this project, as well as further its research, clinical trials and product development pipeline, and position Medigrowth as a global leader in medical cannabis.
With the Australian cannabis market forecasted to reach AU$1.4bn by 2032 and a worldwide estimate of US$127bn, Medigrowth aims to bridge the gap between supply and demand, providing patients with both prescriptions and products and working towards TGA-registered medicines for global markets.
“Australia has the potential to become a major player in the world of medical cannabis from exporting to research to training, but right now we’re overwhelmingly reliant on overseas imports,” said Adam Guskich, CEO and Co-founder of Medigrowth. “About 78% of our products are manufactured overseas, which raises costs for Australian patients and forces them to choose between their medicine and their budget.
“There is an opportunity for us to not only distribute Australian-made products to local patients, but to further develop our clinical work to extend our reach overseas. Smart companies will see the value of pursuing clinical trials and following the traditional pharmaceutical pathways towards TGA approvals and registered medicines. Ultimately this will help patients and differentiate Medigrowth with unique offerings.
“The industry is young in Australia, but ready to explode onto an international stage,” Guskich said.
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