NetworkNewsWire Editorial Coverage: The $58.6 billion global market for pain management drugs is on track to hit upward of $77.1 billion by 2023 on a 4 percent CAGR. North America was the largest segment of this massive market last year, and opioids were the biggest driver of growth due to their efficacy in managing severe chronic pain. However, this efficacy is dramatically offset by the enormous economic cost of what is now officially a nationwide crisis. Opioid abuse, addiction and overdose deaths cost an estimated 2.8 percent of GDP in 2015 alone (over $504 billion) according to the Council of Economic Advisers. This escalating public health crisis has thrown a bright spotlight on new pain management alternatives void of addictive components and reduced adverse side effects. The need for alternatives like cannabinoid-based therapies is generating significant market interest for prospective solution developers such as InMed Pharmaceuticals, Inc. (CSE: IN) (OTCQB: IMLFF) (IMLFF profile), a preclinical-stage biopharmaceutical company focused on developing its pipeline of novel therapies based on the integration of the pharmacology of cannabinoids and innovative drug delivery systems. InMed’s approach to the therapeutic potential of cannabinoids is what differentiates it from others in the biotech space, such as GW Pharmaceuticals (NASDAQ: GWPH), Zynerba Pharmaceuticals (NASDAQ: ZYNE), Cara Therapeutics, Inc. (NASDAQ: CARA) and Axim Biotechnologies (OTC: AXIM).
While most cannabis-focused biotechs funnel their resources and time into the development of medicines using the two most common cannabinoids — tetrahydrocannabinol (THC) and cannabidiol (CBD) — InMed Pharmaceuticals, Inc.’s (CSE: IN) (OTCQB: IMLFF) proprietary biosynthesis process has demonstrated capabilities that allows the company to...
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