Teva, the Israeli pharmaceutical company, and Syqe Medical, based in Tel Aviv, have signed a distribution cooperation agreement to market medical marijuana inhalers, making it the world's first.
Under the agreement, Teva will become the exclusive marketer and distributor of medical marijuana inhalers developed by Syqe in Israel. According to Syqe, the agreement marks the first time that a large global pharmaceutical company has agreed to market medical cannabis products.
Under the terms of the agreement between Syqe and Teva, the Syqe inhaler is expected to be approved by the Israeli Ministry of Health for home use by next year. With the approval of the Israeli Ministry of Health, the Syqe inhaler has been in use at the Rambam Hospital in Haifa for more than a year, and the hospital has thus become the first hospital in the world to use cannabis as a standard drug treatment.
The value of the international medical cannabis market is expected to be approximately $20 billion over the next decade. About 1% of the world's population may use medical marijuana for the rest of their lives.
"Teva is entering the medical marijuana market with a strong commitment to those suffering from the disease, which is our core therapeutic area," said Avinoam Sapir, CEO of Teva, Israel. The advanced technology and groundbreaking medical equipment developed by Syqe is in full compliance with Teva's strategy.” Sapir is also the Director of Teva Africa and Middle East Marketing and Director of Innovation for Emerging Markets.
Sapir said Teva will fund or collaborate with local start-ups and Israeli pioneering projects to acquire innovative technology and advanced medical equipment. The newly signed agreement is consistent with Teva's investment strategies.
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November 15, 2024
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