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
Cognite and ABB Collaborate to Integrate Agentic AI into Industrial Applications to Deliver Faster Workflows21.5.2026 12:00:00 CEST | Press release
Aker BP joins as the first customer to scale agent-to-agent operations through a new generation of industrial agentic workflow applications Cognite, the leader in Industrial AI, today announced a collaboration with ABB to assess how advanced industrial AI and data capabilities can be integrated to solve key use cases in the energy sector. By adding an agentic layer to established industrial applications, including ABB Ability™ SafetyInsight™ and ABB Ability™ AlarmInsight™, using the Cognite Industrial AI and Data platform, the collaboration aims to enable "agent-to-agent" orchestration. Leading energy producer Aker BP has signed on as the first customer to implement this new generation of intelligent offerings as part of its strategy to further increase its current production efficiency of 96% and achieve a production growth target of 525,000 barrels of oil equivalent per day by 2028. Transforming Data into Actionable Business Value By breaking down traditional data silos and shifting
BeOne Medicines Sets the Pace in Oncology at ASCO and EHA 2026 with 60+ Abstracts21.5.2026 12:00:00 CEST | Press release
Long-term and real-world evidence reinforce BRUKINSA as the foundation of CLL treatmentThree oral presentations at ASCO highlight rapid acceleration of BeOne’s solid tumor pipeline BeOne Medicines Ltd. (Nasdaq: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced that more than 60 abstracts across hematologic malignancies and solid tumors have been accepted for presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting (May 29–June 2, Chicago) and the 2026 European Hematology Association (EHA) Congress (June 11–14, Stockholm). Continuing to raise the bar in CLL At ASCO and EHA 2026, BeOne will showcase its hematology leadership with data spanning foundational therapies and next-generation innovation across CLL, mantle cell lymphoma and other B-cell malignancies. The data emphasize impressive long-term outcomes, durability across patient populations, and a disciplined approach to advancing future regimens. Collectively, these data undersco
Cranium AI and ISTARI Forge Global Alliance to Drive Enterprise AI Security and Governance21.5.2026 12:00:00 CEST | Press release
The collaboration integrates Cranium’s AI security and governance platform with ISTARI’s global cyber-resilience expertise to provide enterprises with a comprehensive framework for AI risk management and compliance. Cranium AI, the leading end-to-end AI Security and Governance platform, and ISTARI, a leading cyber resilience advisory firm, today announced a strategic partnership to provide global organizations with an end-to-end AI security & governance solution. As organizations accelerate AI adoption, they face a critical challenge: implementing actionable, operational AI governance while keeping pace with the speed of the AI landscape. This collaboration bridges that gap by merging Cranium’s cutting-edge AI security and governance platform with ISTARI’s deep advisory expertise in cyber risk and operating model design. Together, the firms provide a powerful, end-to-end solution for enterprises navigating the complexities of AI transformation. A Unified Vision for Sustainable AI Gover
From Broadcast to OTT: Norsk Rikstoto Unlocks the Full Potential of NEP Mediabank Across its Media Ecosystem21.5.2026 11:00:00 CEST | Press release
NEP Europe today announced that Norsk Rikstoto has expanded its long-standing partnership with NEP Mediabank to support the launch of its new direct-to-consumer OTT streaming service, Play. NEP Mediabank now serves as the central media asset management (MAM) platform across Rikstoto’s entire media ecosystem, supporting content management and distribution for broadcast, its branded TV channel, digital platforms and OTT services. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260521866777/en/ With the launch of NEP Mediabank's 'Play' direct-to-consumer OTT streaming service, Rikstoto now brings all distribution, broadcast, TV channel, digital, and OTT, into a single environment. Left to right are Geir Lilleberg, Lena Pettersen, Maria Otterlei, Sondre Skandsen, Espen Stensrud and Frode Martnes at the launch of Rikstoto. Photo: Mari Bull/NEP The extension marks an important step in a partnership that began in 2008, when Rikstoto
Audiencerate: Riccardo Fabbri Joins as Chief Technology Officer—The AI-Driven Phase of the Platforms for SMEs and Media Agencies Begins21.5.2026 09:00:00 CEST | Press release
The co-founder and former managing partner of Nohup (acquired by Havas Group in 2021) will lead the development of the artificial intelligence infrastructure that integrates first-party and third-party data, powering the platform delivered with Postel and Microsoft to Italian SMEs and the platform with the DV360 offering for global media agencies. Audiencerate Ltd, one of the few globally certified Google Customer Match Upload Partners and a Microsoft IP Co-sell certified partner with MACC eligibility, today announced the appointment of Riccardo Fabbri as Chief Technology Officer. The appointment marks a phase of dual expansion: the Audiencerate–Postel–Microsoft platform for Italian SMEs, and the Data platform integrated with Google DV360 for Agencies and Data Providers — both evolving toward a model that natively leverages first-party and third-party data through AI and machine learning. This press release features multimedia. View the full release here: https://www.businesswire.com/n
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