BAD VILBEL (dpa-AFX) - MediPharm Labs Corp. said that German pharmaceutical company STADA Arzneimittel AG has signed an exclusive medical cannabis supply agreement with a wholly owned subsidiary of MediPharm.
Canada-based MediPharm Labs is a provider of cannabis oil and concentrates.
Under the terms of the deal, MediPharm will supply Good Manufacturing Practice or GMP-certified medical cannabis products to STADA, as well as provide manufacturing, logistics, and regulatory support.
STADA will be responsible for commercializing the cannabis products, initially in Germany. The German company will also be responsible for marketing and medical education by utilizing a pharmaceutically-experienced field force.
MediPharm Labs said that details of the products that STADA will bring to market through the partnership will be unveiled in the coming months. The partnership also signals MediPharm's entry into the global pharmaceutical industry within a major European market.
'Working with MediPharm will meet the needs of pharmacists and patients and deliver on STADA's purpose of caring for people's health as a trusted partner. This partnership with MediPharm demonstrates STADA's ambition to be the go-to-partner for Generics, Consumer Health and Specialty Products,' said STADA CEO Peter Goldschmidt.
STADA and MediPharm will initially focus on Germany, and potentially expand to other European countries and territories later.
With over 83 million inhabitants benefiting from broad access to healthcare services, Germany is estimated to represent about three-quarters of the current EU medical cannabis market.
According to the Medical Cannabis Network, the medical cannabis market in Germany is currently valued at between 150 million euros and 175 million euros, despite only around 10 percent of the 20,000 pharmacies in Germany currently selling medical cannabis products.
In September 2019, MediPharm Labs said it entered the European medical cannabis market after it signed its first private label sales agreement with German pharmaceutical and medical cannabis distributor ADREXpharma GmbH. MediPharm noted that it is the first extraction-only company with a supply agreement for export to Germany.
Copyright RTT News/dpa-AFX