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last updated Sep 26, 2017 at 03:21 AM EDT

The Jane News


Posted: Jul 30, 2015


Medical Marijuana coverage could be possible

Health Canada's new rules allowing for the sale of Cannabis oils has market analysts believing this could help pave the way for insurance coverage for the medicine.

The new regulations allow Health Canada's Licensed Producers sell their medicine in oil and gel capsule form, much more similar to traditional medicines. The ability to have more precise dosing and traditional forms of ingestion will have insurance companies slowly start creeping into the sector, according to Khurram Malik, analyst with Jacob Securities Inc.

Experts believe the key to major changes is legitimizing Medical Marijuana in the eyes of the doctors and insurers. However Medical Marijuana does not currently have a Drug Identification Number, known as a DIN. Wendy Hope, spokeswoman for the Canadian Life and Health Insurance Association Inc. believes that if Medical Marijuana was issued a DIN by Health Canada it would be far more likely to be covered by health insurance. To obtain a DIN Medical Marijuana would have to go through Health Canada's full approval process like any new medicine.

Analysts find the lack of rigorous clinical research is the reason why Medical Marijuana does not have a DIN number. "The evidence is very circumstantial - not your typical 10-year, double blind study that doctors and big pharmaceutical companies like to see," Malik said.

Malik believes this will change as Canadian companies potentially partner up with overseas universities who are more progressive in this sector and will drive research forward to legitimize Medical Marijuana and get DIN numbers issued.

Tags: medical, marijuana, insurance coverage