One of the biggest factors in the success of any industry or company is eliminating competition. The US pharmaceutical industry has become an unstoppable behemoth that has successfully eliminated any competition through clever strategies and millions of dollars spent on lobbying politicians.
Statistics show that 48.4% of adults in the United States use at least one prescription drug for various ailments and medical conditions.
However, in recent years, big pharma has come under fire for putting profit before its customers. Some companies have even raised the prices of essential medications by 5,000% just for the sake of improving their bottom line. A report by the U.S. Government Accountability Office released in 2016 showed a 100% increase in the prices of 300 generic drugs between just 2010 and 2015!
So it comes as no surprise that an alternative that is effective, safe, and affordable—such as CBD—is set to become a significant part of the healthcare industry. It’s also no surprise that the big pharmaceuticals are so resistant to it.
Here are a few reasons why Big Pharma is running scared in the face of the exponential growth of CBD in recent years:
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A Decline in Prescription Medication
However, in states where medical marijuana is legal, the number has fallen, with more people opting for this safer and more effective option.
CBD oil is often used to manage health conditions such as pain, seizures, and nausea. As a result, people are relying less on expensive and addictive pharmaceutical drugs and are going with a natural substitute.
Increased Awareness Among Consumers
One of the major reasons for the surge of CBD oil usage for managing various ailments is increasing awareness around the side effects of pharmaceutical drugs.
Consumers are now more educated, and are thus exploring other options to avoid opioids and other prescription medications. Many have found a safer alternative in the form of CBD oil, which offers long-term results without minimal side effects.
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Loss of Control
People are becoming more comfortable with using CBD oil, and it’s becoming more difficult for pharmaceutical companies to instill fear in consumers.
The ease of growing, extracting, and processing it has led to a decline in the need for expensive and sophisticated laboratories. The loss of control over farming and producing CBD oil is one of the major areas of concern for Big Pharma, but great news for the consumers!
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