Cannabis & Other Plants
Another big pharma player is making a move in the cannabis and botanical medicines space. This time around, it’s NYSE-traded Perrigo (PRGO), a manufacturer of over-the-counter health and wellness products valued at more than $7 billion.
According to information procured exclusively, the pharma giant is partnering with Witi, a company focused on the production of AI-powered, medical-grade vaporization devices – for cannabis and other botanical medicines. As per the agreement, Perrigo will license Witi’s hardware and software IP to apply in the development of a new product designed for people to quit smoking cigarettes and/or tobacco.
In an exclusive conversation, James Dillard, EVP and Chief Scientific Officer at Perrigo, explained that “seven out of ten smokers say they want to quit, but kicking the habit for good is not easy.”
In fact, current research suggests it can take up to 30 attempts for a person to quit smoking,. “However, a strong smoking cessation program yields success rates as high as 40%,” he added. “Perrigo is committed to help smokers who want to kick the habit through our diverse portfolio of cessation products and solutions designed to meet each individual's needs.”
“Seven out of ten smokers say they want to quit, but kicking the habit for good is not easy.”
As the CSO explicated, Perrigo’s relationship with Witi is based on their shared commitment to helping people quit smoking via solutions tailored for each one’s needs.
No Smoking Area
This is not Perrigo’s first foray into the Nicotine Replacement Therapy (NRT) arena. In fact, the company already offers a wide portfolio of smoking cessation solutions, including patches, lozenges, and gums.
See Also: Exclusive: One Of The Largest Pharma Companies In The World Has Made A Big Move In Cannabis
“Given the current controversies regarding ENDS [Electronic Nicotine Delivery System] products, we believe there is an opportunity for consumers to have access to an ENDS system that is safe and effective and has been approved by appropriate regulatory authorities,” Dillard explains in a press release that will hit the wire later today. “Perrigo is the right company to work with regulatory bodies like the FDA given our unique portfolio of NRT products. After diligent review, we are excited to partner with Witi’s technology to develop a device that addresses the unique needs of smokers and vapers who want to quit.”
By means of conclusion, Ramon Alarcon, founder and CEO of Witi, explicates how his products can help with smoking cessation: it’s all about support.
“Our smart technology, developed with dosing and safety protocols, is a natural fit for nicotine cessation because it takes into account highly-individualized factors such as lifestyle, timing and even ‘bad days.’ Rather than a one-size-fits-all prescription, Witi’s adaptive approach provides intelligent dosing capable of delivering a powerful solution to the gamut of nicotine consumption triggers.”
A Growing Trend
Perrigo is not the first big pharma company to make a foray into cannabis.
Earlier this year, Teva Pharmaceuticals (TEVA) signed a deal with medical cannabis company Canndoc to distribute its GMP products to pharma customers, including hospitals, health maintenance organizations (HMOs) and all pharmacies in Israel. In fact, Teva has been dealing with cannabis-realted ventures since 2016, when it agreed to distribute a medical marijuana inhaler in Israel – although it took more than two-and-a-half years for the device to clear all hurdles for launch, finally hitting the market in June of 2019.
Other pharma giants in the cannabis space include Novartis (NVS), which has a development and distribution deal with Tilray (TLRY); and Johnson & Johnson (JNJ), which has been getting its feet wet in the cannabinoid arena.
In 2017, the company’s incubator, JLABS @ Toronto, admitted a cannabinoid biotech research company into its program.
Beyond these deals, a few other pharma behemoths have registered cannabinoid-related clinical trials in the U.S. and Canada. Among leaders in terms of registered trials are Sanofi (SNY), Pfizer and Merck (MRK). As for cannabis-related patents in the U.S., Abbvie (ABBV) stands out as a front-runner.
