Australia's Thriving Medical Cannabis Market: A Booming First Half Of 2023

By Author: Sativa Bliss Canabis
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Australia's medical cannabis industry is experiencing a robust surge in growth during the first half of 2023, demonstrating the sector's resilience and potential. This encouraging trend comes as a result of data collected by the Therapeutic Goods Administration (TGA), Australia's regulatory agency for medicines and therapeutic products. Let's delve into the remarkable developments and insights shaping the landscape of medical cannabis down under.

A Skyrocketing Rise in Medical Cannabis Approvals

The most striking revelation from the TGA's data is the staggering increase in medical cannabis approvals through Authorized Prescribers (APs) in the first half of 2023. The numbers paint a remarkable picture:

In the first half of this year, medical cannabis approvals through APs reached approximately 304,000, representing a remarkable 120% increase compared to the same period in the previous year when approvals stood at 137,000.

Behind this remarkable surge lies a growing number of authorized prescribers who are now permitted to prescribe cannabis products in various formats, falling into five distinct categories.

The ...
... number of medical practitioners approved under the AP scheme has seen exponential growth, skyrocketing from 175 in 2020 to 636 in 2021 and surging to an impressive 1,454 in 2022.

A Closer Look at Prescriptions by Category

These approvals offer just a glimpse into the thriving Australian medical cannabis market, and when we break down the prescriptions by category, the diversity becomes even more evident:

Approximately 58,000 prescriptions featured cannabis products with at least 98% CBD.
The 60%-98% CBD category accounted for 38,000 prescriptions.
40%-60% CBD products secured 40,000 prescriptions.
For products containing 60%-98% THC, 18,000 prescriptions were issued.
A significant portion of the market, with over 145,000 prescriptions, was attributed to products containing more than 98% THC.
Beyond APs: The SAS-B Route

Medical cannabis approvals via the Authorized Prescriber route provide only part of the story. Another crucial regulatory pathway is the Special Access Scheme (SAS-B), which allows patients to access medical cannabis.

In 2021, SAS-B patient approvals soared to almost 122,000, but in 2022, a shift towards APs was evident, resulting in 117,000 SAS-B approvals.

In the current year, 2023, the SAS-B pathway has seen approximately 87,000 approvals, highlighting its enduring significance.

The most favored SAS-B "dosage form" in 2023 thus far has been oral liquid, with 44,345 approved applications. Dried herb and inhalation follow closely behind, with 32,461 and 6,073 approved applications, respectively.

Challenges in Gauging Market Size

Unlike Statistics Canada, the Australian Bureau of Statistics does not provide data on medical cannabis sales, making it challenging to quantify the total market value. However, Rhys Cohen, a global partnerships and engagement adviser at the Victoria-based Penington Institute, estimated that Australian patients spent approximately 250 million Australian dollars (approximately $167 million USD) on prescription medical cannabis products in 2022, underlining the market's substantial economic significance.

As Australia's medical cannabis industry continues to evolve and flourish, it is evident that this burgeoning sector is set to make a lasting impact on both healthcare and the economy. The dynamic growth in medical cannabis approvals reflects the increasing recognition of the plant's therapeutic potential and sets the stage for further developments in the months and years ahead.