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
Nanochon Receives Regulatory Approval from Panamá’s Ministry of Health to Initiate First-in-Human Clinical Study of Chondrograft™17.8.2026 21:44:00 CEST | Press release
Nanochon, a medical device company developing Chondrograft™, a novel patented implant for the treatment of articular cartilage defects of the knee, today announced that it has received regulatory approval from Panamá’s Ministry of Health to initiate its First-in-Human (FIH) clinical study in Panamá. The study will evaluate the safety and performance of Chondrograft™ in patients with focal chondral defects of the knee and represents a major milestone in the company’s clinical and regulatory development strategy. The trial will be conducted at The Panama Clinic in Panamá City under the leadership of Drs. Juan Osorio and Emilio Tufiño, experienced sports medicine surgeons, with Dr. Osorio serving as Principal Investigator for the study. Dr. Osorio stated, “I am pleased to be the Principal Investigator for this important study, and we look forward to contributing the data that will support a larger clinical study and subsequent market entry.” Nanochon selected Panamá for its growing reputa
TOURISE and Oxford Economics Release New Global Report on Tourism Resilience in an Era of Permanent Disruption17.8.2026 16:33:00 CEST | Press release
New analysis shows destinations that assume risk will recover up to 1.5 times faster with global rehabilitation times dropping from 24 months to as little as 10 TOURISE, in collaboration with Oxford Economics, today released a new report, “Resilience in a World that Doesn’t Reset: Redesigning Tourism for an Era of Permanent Disruption.” The analysis of 85 major crises over two decades shows a clear pattern: in a world defined by continuous shocks, destinations that act before disruption hits recover up to 1.5 times faster than those that wait. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260817880835/en/ “In a world that does not reset between crises, disruption is a constant feature of the global tourism landscape,” said His Excellency Ahmed Al-Khateeb, Minister of Tourism of Saudi Arabia and Chairman of TOURISE. “The real test for destinations measures how they prepare for volatility, protect traveler confidence, and mai
The Expensify Visa® Commercial Card Brings New Proactive Spend Controls to 14 Countries17.8.2026 15:00:00 CEST | Press release
New admin-defined spend rules let businesses control how, where, and when every card is used, stopping the wrong spend before it happens instead of cleaning it up after. Expensify, Inc. (Nasdaq: EXFY), the easiest way to manage expenses, travel, and corporate cards, today expanded the reach of Expensify Card spend rules, the market-leading way for businesses to control corporate card spend before it happens. Available to businesses in 14 countries, spend rules let admins decide exactly how, where, and when each Expensify Card can be used, so only compliant transactions go through. Unlike traditional corporate cards that rely on after-the-fact expense review, the Expensify Card enforces policy at the point of purchase. Admins set the rules once, and the card handles the rest. With Expensify Card spend rules, admins can: Lock a card to a subscription. Give each recurring SaaS tool its own virtual card, so a vendor can only ever charge what it should. If the card owner changes teams or le
Riskified Analysis Finds Travel Fraudsters Are Adapting Faster Than Traditional Signals Can Keep Up, With May Flight Risk Up 32%17.8.2026 14:30:00 CEST | Press release
New Travel Industry report reveals sophisticated fraud rings are exploiting trusted customer behaviors across flights, hotels, and travel platforms Riskified (NYSE: RSKD), a global leader in ecommerce fraud and risk intelligence, today released new findings from its Travel Industry Insights report, revealing how sophisticated fraud rings and AI-enabled fraudsters are evolving their tactics across airlines, hotels, and online travel platforms. Riskified’s analysis shows that fraudsters are increasingly adapting their behavior to resemble legitimate travelers, making traditional fraud indicators less reliable and creating new challenges for travel merchants. Riskified’s analysis of hundreds of millions of travel transactions across flights, hotels, and land transportation found that flight fraud risk increased through the first five months of 2026, with May 2026 marking the sharpest year-over-year increase at 32% compared to May 2025. The findings show that sophisticated fraud activity i
PIF Delivers Strong Revenue and Profit Growth in 202517.8.2026 13:54:00 CEST | Press release
Revenue rose 9% to $120 billion while net profit more than doubled to $17 billionCumulative domestic investments reached more than $199 billion since 2021PIF has contributed more than $342 billion to Saudi Arabia’s real non-oil GDP between 2021 and 2025Assets under management exceed $900 billion, up from around $530 in 2021 and $150 billion in 2015 PIF today published its 2025 Annual Report demonstrating strong financial performance and continued progress against its long-term objectives. As a long-term investor with a unique mandate to drive the economic transformation of Saudi Arabia and deliver sustainable financial returns, PIF maintained a diversified portfolio in 2025, balancing returns with national impact and long-term resilience. Maintaining Financial Discipline In 2025, revenue rose 9% year on year to $120 billion, while net profit more than doubled to $17 billion, supported by stronger contributions from maturing portfolio companies. PIF retained over $900 billion in assets
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