A pharmaceutical company that donated half a million dollars to combatting a ballot measure that would legalize adult-use cannabis in Arizona is concerned about losing business to natural cannabinoids found in marijuana.
Insys Therapeutics, which gave $500,000 to Arizonans for Responsible Drug Policy on Aug. 31, is developing a synthetic cannabis product called the Dronabinol Oral Solution to help chemotherapy patients fight nausea and vomiting.
In a 2007 filing with the U.S. Securities and Exchange Commission, the company wrote that marijuana legalization could cut into its profits from Dronabinol, the Intercept reported Monday.
“Legalization of marijuana or non-synthetic cannabinoids in the United States could significantly limit the commercial success of any dronabinol product candidate,” the Arizona company said in its filing. “If marijuana or non-synthetic cannabinoids were legalized in the United States, the market for dronabinol product sales would likely be significantly reduced and our ability to generate revenue and our business prospects would be materially adversely affected.”
That was included in a lengthy SEC filing dated Aug. 17, 2007, and it stands in contrast to Insys Therapeutics’ claim to reporters that its donation to Arizonans for Responsible Drug Policy was motivated by concern for citizen safety, “particularly children.”
Arizona is already home to one of the largest medical marijuana markets in the country, with roughly 100,000 registered MMJ cardholders.
So it is not about the patient it’s about making more money in marking up their product. I guess they want to eliminate competition to give us another epi pen $2 dollars to make then charge $600 for people in desperate need.
Shame on them
Well duh!
What about them as competition for other Big Pharma that are developing or have developed synthetic cannabinoids ? Their “Marketing” or non compete argument requires some rethinking.
This sounds like an internal business problem. Why recreate a product that already exists in nature, then expect ppl to pay for a script, then pay pharmacy prices?
The ppl that require this med typically benefit from other properties MJ or the CBD oils offer anyhow. Btw, the CBD oils help with nausea. That’s already legal in all 50 states.
This company took a gamble. They are counting on MJ to fail in the medical industry. They need to pull their big boy pants up, and accept the patients that don’t want to use MJ, legal or not. There will always be ppl who either cannot tolerate it, or will always have some reason they won’t use it. They need to stop being pigs and share the market.