The UK’s cannabis market is getting a boost from one of the world’s largest cannabis company through one of its subsidiaries for the development of a real-world evidence (RWE) system. Spectrum Biomedical UK (SBUK), the biopharmaceutical arm of Canopy Growth Corporation, has announced a new partnership with Emerald Clinics Ltd in which the latter will design and deliver this system based on the safety and clinical outcomes of the cannabis-based medicines produced by SBUK. This has been great news for cannabis investors, as the company’s stock has been soaring since then.
Emerald will take care of gathering the data originating from de-identified patient information, use of concomitant medicines, prescribed usage and diagnoses, as well as a range of patient-reported outcome measures. All this data will be shared with SBUK for the company to guide and strengthen its treatment development programs. For Emerald, the growing cannabis industry is in need of its RWE and technology so the best treatments for patients can be determined.
“Cannabinoid based medicines continue to be an important alternative for patients who have exhausted conventional therapies and through careful monitoring, remain a significant source of real-world data for exploration of novel interventions for a range of clinical indications including pain, insomnia and PTSD,” said Dr. Alistair Vickery, Emerald’s medical director.
This is a great expansion opportunity for Canopy Growth as an industry analysis from Prohibition Partners predicted that by 2024, the medical cannabis market in the UK could reach almost $1.3 billion, with more than 340,000 patients seeking these cannabis-based medicines.
“We are honoured to embrace this opportunity to work with Spectrum Biomedical UK and the Canopy growth team to realise the potential for a real-world evidence asset which will help to progress the commercialisation and regulatory acceptance of its medicinal cannabis products,” said Emerald CEO Dr. Michael Winlo. “The evidence and data gathered by Emerald [are] of exceptional quality and depth, and therefore relevant to licensed producers, regulators, prescribers and importantly, the end patient.”