Article by Shoshanna Solomon, Times of Israel
In a world first, Israel’s Teva Pharmaceutical Industries Ltd. and Tel Aviv-based Syqe Medical said they signed a distribution and cooperation agreement to market medical cannabis in an inhaler.
Under the agreement, Teva will be the exclusive marketer and distributor in Israel of an inhaler developed by Syqe Medical for the delivery of medical cannabis. The accord marks the first time that a major global pharma company has agreed to market a medical cannabis product, according to Syqe.
The Syqe inhaler has been used for more than a year at Haifa’s Rambam Hospital with the approval of the Health Ministry. This makes it the first hospital in the world to prescribe cannabis as a standard medical treatment.
As part of the agreement with Teva Israel, the Syqe inhaler is expected to receive Health Ministry approval for home use by next year.
Israel’s reputation as a high-tech hub and a lax regulatory environment has allowed the startup nation to become a leader in cannabis technology, with dozens of local firms focusing on the medical field.The international medical cannabis market is forecast to be worthapproximately $20 billion within a decade. About 1% of the global population are potential medical cannabis users at some point during their lifetime.