DR.-REDDY'S
1.4.2022 14:02:03 CEST | Business Wire | Press release
Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY, along with its subsidiaries together referred to as "Dr. Reddy's") and MediCane Health Inc. (along with its subsidiaries together referred to as "MediCane") today announced the launch of its medical cannabis product in Germany.
As part of a collaboration between Dr. Reddy's and MediCane that started in 2021, MediCane will supply the medical cannabis products to Dr. Reddy's from its EU-GMP-certified facilities in Portugal along with providing logistical and regulatory support. As the exclusive distributor of the products in Germany, Dr. Reddy's will provide access to MediCane's medical cannabis products under its own brand supported by a specialized field force that can provide education on the use of the products and guidance on the health insurance reimbursement process to healthcare professionals.
The launch marks MediCane's entry into the pharmaceutical sector of a major European market. For Dr. Reddy's, the launch reinforces its presence in Germany's growing medical cannabis market, building on its recent acquisition of Nimbus Health GmbH that specializes in the distribution, registration, sales and marketing of medical cannabis.
With over 83 million inhabitants benefitting from broad access to healthcare services, Germany already represents more than half of the current European Union medical cannabis market, thanks to developed regulations and reimbursement from sick-funds to medical cannabis under certain circumstances1 . The demand for medical cannabis has increased over the past years, driven by the German Parliament's (Bundestag) legalization of medical cannabis in 2017. The medical cannabis market in Germany is valued at ~122 Mio. € with growth of ~25% in 2021 compared to 2020 and a CAGR of ~55 % since 2017. Around 150,000 German patients benefit from medical cannabis for their otherwise unmet health needs2 , according to the reports3 especially in the area of pain management, spasticity, anorexia, vomiting, depression.
Dr. Reddy's and MediCane have also signed an agreement for the co-funding of a phase II clinical trial for a cannabis product aimed at symptom relief of Behavioral and Psychological Symptoms of Dementia (BPSD). Dr. Reddy's will hold exclusive sales and marketing rights for such product in Europe (except Russia and CIS countries) upon completion of such trial. The parties expect to commence the clinical trial of the product during the second half of 2022. BPSD refers to the spectrum of commonly observed non-cognitive and non-neurological symptoms of dementia, such as agitation, aggression, psychosis, depression, and apathy.
Patrick Aghanian, Head of European Generics, Dr. Reddy's, said: "This collaboration with MediCane Health demonstrates Dr. Reddy's commitment to take a leadership position in Europe's rapidly growing medical cannabis market. With MediCane, we join forces with a unique and differentiated research-based partner in the medical cannabis field. We are very pleased about the strategic, multi-dimensional collaboration with MediCane, which further complements our mission to accelerate access to medical cannabis to meet unmet patient needs and improve the quality of life of patients."
Yossi BenAmram, co-founder and Group CEO, MediCane, said: "This collaboration articulates MediCane's strategy to develop evidence-based medical products and partnering with leading pharmaceutical companies to maximize the potential of these drugs for patients. This collaboration is a very important step for MediCane, for the short, medium and long term and we couldn't be more excited to partner with a reputable and resourceful company like Dr. Reddy's. With MediCane's agrotechnical and biological cannabis-specific R&D resources and know-how, and Dr. Reddy's proven sales, marketing and distribution capabilities, with wide geographic access in line with our strategy, as well as powerful regulatory and R&D capabilities for generic drug development, I believe this synergistic partnership can be at the forefront of the European medical cannabis market makers in the foreseeable future.”
About Dr. Reddy's Laboratories :
Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Dr. Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy's operates in markets across the globe. Our major markets include – USA, India, Russia & CIS countries, and Europe. For more information, log on to: www.drreddys.com
About MediCane Health Inc. :
Founded in 2019, MediCane's seed-to-costumer business model allows comprehensive monitoring and control of the cultivation process, along with subsequent medical and pharmaceutical R&D. This model includes genetic seed development, plant propagation, and cultivation, manufacturing, pharmacological development, medical research, and distribution of the final products to end-users. Our genetic bank contains a verity of strains that are cultivated in our state-of-the-art greenhouses and then processed in post-harvest and manufacturing facilities under GACP and GMP quality standards. The distribution of the final products to end-users is carried out through a global BTB and BTC partner network. MediCane's major markets include Israel, Europe, and Australia. MediCane operates global multi-site pharmaceutical and medical R&D consists of preclinical and clinical trials in various therapeutic areas. MediCane's R&D activities are carried out in-house by its experienced team and through collaboration with world-renowned scientists and leading research institutions, which provide the analytical, biological, and medical expertise. Using a patient-centric approach to clinical trials, MediCane aims to provide potent cannabis-based pharmaceutical products to treat inflammatory and neurological diseases.
1
Source: Federal Office of Statistics Germany (Statistisches Bundesamt)
2
INSIGHT Health - Green Line NPI (Sell in/Pharmacy purchase)
3
Bfarm Companion Survey
View source version on businesswire.com: https://www.businesswire.com/news/home/20220330005542/en/
Link:
Social Media:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Kubota Vision Inc. Signs Supply and Licensing Agreement with Laboratoires KÔL for Stargardt Disease Treatment Candidate Under Compassionate Use4.5.2026 17:16:00 CEST | Press release
Kubota Vision Inc. (“Kubota Vision”), a wholly-owned subsidiary of Kubota Pharmaceutical Holdings Co., Ltd. (Minato-ku, Tokyo, Japan) announced signing of a Supply and Licensing Agreement with Laboratoires KÔL (Clermont-Ferrand, France) for the provision of a Stargardt disease (STGD1) treatment candidate under compassionate use authorization. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260414590785/en/ The purpose of this Agreement is for Kubota Vision and KÔL to collaborate on providing “Emixustat” for treatment of Stargardt Disease (STGD1) through compassionate use authorization in France. Kubota Vision will exclusively manufacture and supply Emixustat final products to KÔL and KÔL will have exclusive rights to distribute Emixustat in France under compassionate use access. Ryo Kubota, Chairman, President, and CEO of Kubota Pharmaceutical Holdings, stated, “We are extremely pleased to enter into this Agreement with Labor
Incentive Market Set to Surpass $80B by 2030s — IMA Launches Tools to Help the Industry Keep Pace4.5.2026 16:28:00 CEST | Press release
With combined business spend on loyalty, employee recognition, and channel incentives projected to exceed $80 billion by the 2030s, the incentive industry is entering a period of rapid scale and strategic pressure. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260422729016/en/ In response, the Incentive Marketing Association (IMA) launched a new suite of resources designed to help incentive professionals navigate an environment that’s becoming more specialized, fragmented, and central to business performance. “It’s not just more money coming in—it’s more complexity,” said Vince Chiofolo, President of the Incentive & Engagement Solution Providers (IESP). “Buyers are demanding programs that evolve fast, integrate deeply, and feel personal at scale. These new tools were built for that.” IMA’s Suite of Tools Includes: New Industry Report — Inside the Incentive Buyer’s Mind Drawn from insights of 50+ program owners, the report f
Tigo Energy Breaks Global Growth Benchmark; Boosts U.S. Energy Feature in Predict+4.5.2026 15:00:00 CEST | Press release
Advanced energy prediction platform adds real-time energy pricing for North American Independent System Operator (ISO) customers, accelerates meters-connected growth. Tigo Energy, Inc. (NASDAQ: TYGO) (“Tigo” or “Company”), a leading provider of intelligent solar and energy solutions, today announced that the Predict+ platform now offers integrated real-time spot market pricing for ISO customers in the United States. Predict+ provides utilities with deep insights into grid demand, renewable generation, and energy market dynamics, enhancing the precision, scalability, and robustness of energy forecasting to up to 97.5% accuracy through machine learning and artificial intelligence. For energy providers, Predict+ helps streamline operations, reduce volatility, and maximize performance. Predict+ empowers utility operators to adapt to real-world demand challenges when balancing renewable and baseload generation sources, particularly during extreme weather events and market disruptions. On th
Airship Announces 2026 Elevate Customer Experience Award Winners4.5.2026 15:00:00 CEST | Press release
Southwest Airlines, The Economist, and OneFootball among brands recognized at Elevate’26 Customer Experience Summit for setting the standard in mobile-first and AI-centered customer experiences Airship, the mobile-first customer experience company, today announced the winners of the 2026 Elevate Customer Experience Awards. Global brand leaders from The Economist, Southwest Airlines, and OneFootball were among those honored at the Elevate’26 Customer Experience Summit. The Elevate Awards spotlight global companies that have developed exceptional mobile-first customer experiences for their customers, created innovative campaigns, leveraged AI agents to reach new levels of productivity, and achieved real business results. "Evolving mobile-first consumer behaviors and unprecedented advancements in AI are driving a seismic shift that is reshaping how brands interact with their customers," said Brett Caine, CEO, Airship. "The 2026 Elevate Award winners aren’t just adapting, they’re leading t
Alnylam to Present New Analyses at Heart Failure 2026 Underscoring Consistent Clinical Profile of Vutrisiran in ATTR-CM4.5.2026 14:30:00 CEST | Press release
Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics company, today announced it will present new data analyses for vutrisiran in patients with the cardiomyopathy of wild-type or hereditary transthyretin-mediated amyloidosis (ATTR-CM) at Heart Failure 2026, a scientific congress of the European Society of Cardiology, taking place May 9-12, 2026, in Barcelona, Spain. ATTR-CM is a heterogeneous and rapidly progressive disease, and patients often present with complex clinical profiles. At Heart Failure 2026, Alnylam will present multiple new analyses from the Phase 3 HELIOS-B study of vutrisiran, which continue to support its use as a first-line treatment for patients with ATTR-CM, and further characterize its clinical profile across patients with a high disease burden, and in the context of concomitant therapies. Vutrisiran is the first and only transthyretin (TTR) silencer for ATTR-CM that delivers rapid knockdown of TTR at the source. Additional analyses being pr
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom