Evaluating The Impact On Legalized Weed On The Medicine Market
Over the years, medicine has changed significantly. Pharmaceuticals have evolved and improved significantly over the years. Just remember that some new alternatives have entered the market as well. This is true about weed. Below, you’re going to learn about the impact legalized weed has had on the medicine market.
A Legitimate Alternative
Until recently, pharmaceuticals were the solution for pretty much anything and everything. When you had an ear ache, back ache or the flu, you were required to turn to pharmaceutical drugs. This wasn’t necessarily a problem until began learning about the harsh realities of these medications.
While they’re great, they also pose a wealth of risks. They have short-term and long-term risks. With that being said, many people have begun searching for a suitable alternative. While there are a few others out there, marijuana has become the most common alternative.
Legalized weed has filled the gap for people who are looking for a safer solution to the problems that they’re facing.
A Shift In Opinion
It is also pertinent to understand that public opinion is changing significantly. In the past, it was completely acceptable for consumers to reap the benefits of pharmaceutical drugs. Today, that has changed. Addiction problems have turned a lot of people away from these medications.
They’re afraid of taking them and they’re worried about the stigma associated with them. Simultaneously, attitudes are changing towards medical marijuana. More and more people are starting to see that medical marijuana is a legitimate solution to many peoples.
This is encouraging more people to make the switch from conventional drugs to medical marijuana. This trend will likely continue well into the future and it is going to have a big impact on the medical market.
Cannabis Market Will Grow
First and foremost, you should know that the cannabis market is set to grow larger in the coming years. Research from Zion Market Research claims that the current legal cannabis market was worth $16,710 million in 2017. It is expected to reach more than 62 million by the end of 2024 from other medication solutions. That will ultimately have a major impact on traditional medications.
Economic Growth As Well
Some people will be worried about the impact that marijuana is going to have on the pharmaceutical industry. After all, this industry employs a lot of individuals. They’re worried that workers are going to experience smaller demand when marijuana begins taking over.
The good news is that marijuana will pick up the slack to some degree. It has been estimated that the cannabis industry in the United States is going to add roughly 70 billion dollars to the United States economy each and every year. This is expected to begin sometime in 2021 and continue from there. In fact, the numbers will likely continue to grow larger after that.
The marijuana industry has evolved significantly. In the past, it was overrun by black market players or illegal dealers. Legalization of the drug has helped significantly. Now, more and more legitimate companies are getting involved. These legitimate sources are quickly wiping out those non-legitimate sources.
That is making marijuana more accessible and less risky. Not only is going to be an economic stimulant, but it is also going to be a viable medical solution for many consumers.
Reduction Of Costs
Over the years, consumers far and wide have argued about the expensive nature of healthcare. It is undoubtedly true that healthcare costs are a significant burden on United States residents. The state truth of the matter is that healthcare costs are way too high. This is a problem that could potentially be rectified by medical marijuana.
Legalized marijuana paves the way for an affordable treatment for many healthcare problems. In return, there is a possibility that people will not need urgent care or specialized treatments as much. This could potentially reduce the cost of healthcare significantly across the board.
People who begin making the transition to marijuana will ultimately see their healthcare costs dip. It could result in a decrease for everyone as well. This is one of the main reasons that so many pharmaceutical companies are opposed to the legalization of marijuana. They want to keep all of that money for themselves and that only harms the consumer in the long run.
For some in the healthcare industry, the legalization of marijuana is a frightening thing. After all, medical marijuana is a cost-effective solution to many problems. It can provide pain relief, insomnia relief and so much more. This is going to be immensely beneficial for consumers and medical marijuana dispensaries.
However, it is important to look at the other side of the equation. Big pharmaceutical companies make big money on their products. What is going to happen when those big pharma companies are no longer able to sell their products to the masses?
This is exactly what is going to happen when medical marijuana takes over. This will cause profits for these companies to shrink significantly. In return, it could result in major layoffs and even bankruptcies. These companies will be forced to embrace medical marijuana of their future might be limited.
Federal Costs Will Be Reduced
Finally, it is vital to understand that the legalization of medical marijuana is also going to decrease the cost of the federal government. Not only is the medical industry going to be impacted, but the federal costs will be reduced too. Over the years, the federal government in the United States have fought tirelessly to fight off drug abuse.
They’ve spent billions to fight marijuana. When marijuana is finally decriminalized, this is going to change. There will no longer be a need to fight this drug. In return, the federal government will save a lot of money and some of that can be used to support the research of new, safer pharmaceuticals.