MGC takes aim at medical cannabis affordability with new line of products
Health & Biotech
Health & Biotech
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Special Report: MGC Pharma is launching a new line of medical cannabis products in order to target affordability and patient access.
With affordability the key issue around access to cannabis medications, MGC Pharmaceuticals (ASX:MXC) is launching a new line of economical products for Australia and New Zealand.
The Europe-based ‘seed to pharmacy’ bio-pharma is launching a new proprietary affordable prescription medicine line to be branded as Mercury Pharma.
Mercury Pharma 100 is the first product, a 100mg/mL cannabidiol (CBD) solution available via prescription and distributed by Cannvalate and Health House International.
The company says it already has purchase orders worth over $270,000 for around 2000 units to be delivered in January and February, which it expects to have an immediate and positive impact on the company’s Q1 revenue.
“The Mercury Pharma brand brings an alternative affordable high CBD prescription medicine to the Australian and New Zealand markets only, as well as adding a new product line to MGC Pharma’s offering,” cofounder and managing director Roby Zomer said.
“Without competing with our existing EU GMP Pharma grade medicines, we believe we will be a serious competitor for already available cannabis derived products, and look to disrupt the market.”
Products ordered to date are expected to be supplied within the next 30 days, pending the granting of import permits by the Australian Office of Drug Control.
MGC says MP100 was developed following feedback from patients and prescribing physicians that one of the biggest hurdles to accessing and continuing as patients is the cost of phytocannabinoid-derived medication.
The majority of cannabis products in Australia today must be imported.
A few companies have begun manufacturing from home-grown cannabis or intend to in the coming year, but it will take time for operations to ramp up to bring down prices.
Cost is also one of the three areas a Senate inquiry, due to report back on February 12, is looking into.
Zomer says more affordable products are expected to drive a significant increase in patient and prescription numbers in Australia and New Zealand, as well as new formulations under the Mercury Pharma brand.
“The launch of Mercury Pharma brand and “MP100” so early in 2020 bodes well for the year ahead as MGC Pharma continues to follow its agenda to provide cost effective affordable standardised phytocannabinoid based medicines to patients globally,” he said.
Cannvalate COO Darryl Davies said the company is “delighted to introduce MGC Pharma’s latest range across our network”.
“MP100 is a high-quality, cost effective medication option that we expect to be extremely well received by both prescribing physicians and patients. MXC continue to work towards lowering barriers for Australian patients and we expect this will be the start of significant growth in patient numbers for 2020,” he said.
>> NOW WATCH: 90 Seconds With… Roby Zomer, MGC Pharmaceuticals