MGC Pharma Reaches New Prescription Milestone

Prescriptions have increased more than 25% since November, fuelled in part by the increasing number of returning patients.

MGC Pharmaceuticals (ASX:MXC) announced today that is has reached over 1,800 prescriptions of its standardised, affordable cannabinoid medicines.

This increase in patient numbers has been driven by the increasing uptake of MGC Pharma products in the Australian and UK markets, which has seen the company record an average of 30 new prescription orders per business day.  

This has strengthened the company's considerably, while its recent entry into the Irish market is expected to fuel further product uptake during 2020.

I'm confident that in 2020 we'll be able to deliver our phytocannabinoid derived medicines in even more jurisdictions as we continue to gain momentum. Co-Founder and Managing Director of MGC Pharma, Roby Zomer

Additionally, MGC has received its first purchase order from Brazil, which is being conducted under its distribution agreement with ONIX Empreendimentos e Participações. The company's arrival in the Brazilian market was facilitated by the recent passing of key legislation which approved the use of medicinal cannabis, which will boost patient growth in the coming year.   

The order is currently being manufactured and the company expects to begin shipping to Brazil in December 2019.

According to the Co-Founder and Managing Director of MGC Pharma, Roby Zomer, the ongoing commercialisation of its portfolio of phytocannabinoid derived medicines is in line with its strategy of becoming a world-leading bio-pharma company through international distribution agreements.

"First prescriptions in Ireland signify another milestone for MGC as we expand our product offering to new territories and thereby gain access to more potential customers."

"We continue on an upward trajectory, as we've increased our prescription numbers by more than 25% is just a few weeks," Zomer said.

Source: Company Presentation

There are also a number of other patients who are currently being treated by MGC Pharma products via participation in a variety of clinical research trials.     

The company has confirmed that it will continue to work closely with its distribution partners to ensure that additional clinics are onboarded.

Independent medical professionals in each market will also be targeted by MGC Pharma as part of its ongoing efforts to strategy to increase market share.  

To learn more about MGC Pharma visit their Company HQ here.

Disclaimer: Past performance is not an indicator of future performance.

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Hugo Gray
Hugo Gray

Hugo Gray is a Melbourne-based journalist with a body of work that covers a diverse range of topics, including immigration law, sex technology, and now the rapidly expanding cannabis industry.

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