Medicinal Cannabis Industry Australia (MCIA) has released a roadmap that outlines opportunities for the sector and strategic levers that need to be addressed to enable the sector to capitalise on these opportunities.
The paper has been drawn from a larger piece of research undertaken by MCIA for the Victorian Government Department of Jobs, Precincts and Regions (DJPR), which reviewed the impact of the Victorian Government’s Medicinal Cannabis Industry Development Plan (IDP) and identified needs and drivers for future focus by the Victorian Government. The IDP Review included consultation with thirty, largely Victorian, stakeholders including licensed companies, R&D organisations, medical groups and prescribers, patient advocate groups and Government.
MCIA’s roadmap draws on stakeholder perspectives of how the medicinal cannabis landscape has changed over the past five years, and the opportunities and challenges for the industry, and captures insights on the current and future needs of the industry to inform policy and investment decisions to support the industry’s growth.
Mr Crock, MCIA Chair, said, “This report provides a great resource for the industry and will assist MCIA engagement around opportunities and challenges with state and federal Governments, the healthcare sector, industry stakeholders, and across the medicinal cannabis ecosystem. It will help inform the industry’s strategic planning and importantly identifies the strategic levers that will drive growth.”
The roadmap identifies opportunities for growth of the medicinal cannabis industry that will be driven by a combination of organic growth in the Australian market, access to export markets, and improved scale and commercialisation of companies.
“The industry requires a “patient first” focus”, said Mr Crock, “A demand-led approach requires improved patient access and developing export capabilities, but also importantly addressing the regulatory barriers for companies, healthcare professionals, researchers and patients to expand access, improve affordability and drive industry growth”.
“The recent reforms to ensure that all products meet GMP standards, along with ODC reforms to licences and permits, are critical steps to assist in delivering improved access for patients to Australian products, underpinned by Australian quality, in a timely and affordable manner”, said Mr Crock. “It is critical that, as an industry, we provide the stewardship and evidential support to see medicinal cannabis become part of mainstream healthcare options available to patients”.
MCIA looks forward to working with its members, the regulators and the healthcare sector to ensure that the strategic levers identified in the report are utilised to deliver real impact for the sector.
MCIA acknowledges the support of DJPR in releasing this roadmap.
To read the roadmap, download The Medicinal Cannabis Industry Opportunities and Future Direction
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MCIA is the peak industry organization and voice for Australia’s medicinal cannabis industry. Our focus is on building a legitimate industry that enhances wellbeing through facilitating access to quality Australian medicinal cannabis products for Australian and global patients. MCIA provides stewardship for an economically sustainable and socially responsible industry that is trusted and valued by patients, the medical community and governments. The Australian industry and its products are built on sound science and underpinned by industry processes and standards that ensure patients, the medical community and governments have confidence in the sector and its products.