GEELONG’S Deakin University campus will host a medicinal cannabis research centre to respond to Australia’s growing appetite for the product.<\/p>\n
Biotech company Medigrowth this month revealed it had struck a deal with the university to build a centre of excellence in the city.<\/p>\n
The new hub will accelerate medicinal cannabis research and explore new areas where plant-based medicine can improve quality of life.<\/p>\n
Therapeutic Goods Administration (TGA) data indicates medicinal cannabis use is growing rapidly in Australia.<\/p>\n
The TGA reported 322,196 patients started treatment from the drug in 2022 \u2013 up from just 153 during the first full year of data in 2017.<\/p>\n
Medigrowth chief executive officer and co-founder Adam Guskich said he was thrilled to announce the Geelong venture, which he said had already attracted interest from international and research bodies.<\/p>\n
“Australia has the potential to become a major player in the world of medical cannabis from exporting to research to training, but right now we’re overwhelmingly reliant on overseas imports.<\/p>\n
“About 78 per cent of our products are manufactured overseas, which raises costs for Australian patients and forces them to choose between their medicine and their budget.<\/p>\n
“There is an opportunity for us to not only distribute Australian-made products to local patients, but to further develop our clinical work to extend our reach overseas.<\/p>\n
“Smart companies will see the value of pursuing clinical trials and following the traditional pharmaceutical pathways towards TGA approvals and registered medicines.<\/p>\n
“Ultimately this will help patients and differentiate Medigrowth with unique offerings.<\/p>\n
“The industry is young in Australia, but ready to explode onto an international stage.”<\/p>\n","protected":false},"excerpt":{"rendered":"
GEELONG’S Deakin University campus will host a medicinal cannabis research centre to respond to Australia’s growing appetite for the product. Biotech company Medigrowth this month revealed it had struck a deal with the university to build a centre of excellence in the city. The new hub will accelerate medicinal cannabis research and explore new areas […]<\/p>\n