SEATTLE, WA--(Marketwired - Jun 29, 2017) - CFN Media Group ("CannabisFN"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article that covers Tetra Bio-Pharma Inc.'s (
Many traditional pharmaceutical companies have built up solid businesses in the veterinary market. For example, Pfizer Inc. spun off its veterinary business into Zoetis Inc., which has since reached a valuation of more than $30 billion. The cannabis industry may still be young compared to traditional pharmaceutical companies, but some advanced cannabis companies are starting to target canines and other animals.
Sizing Up the Market
Americans spent more than $66 billion on their pets last year, according to the American Pet Products Association (APPA), and that figure is expected to reach nearly $70 billion this year. Of the $66.75 billion spent last year, $15.95 billion was spent on veterinary services and $14.71 billion was spent on supplies and over-the-counter medications. Mordor Intelligence predicts that veterinary spending will continue to grow at an 8% CAGR to nearly $40 billion by 2021.
At the same time, the medical cannabis industry has been gaining traction. Cowen & Co. analysts believe the cannabis industry will exceed $50 billion in size, driven by the ongoing legalization of medical marijuana and the growing body of research supporting its usage across a wide range of medical conditions. Not surprisingly, the popularity of cannabinoid therapies for pets has also been on the rise as these two trends converge.
Tetra Bio-Pharma hopes to capitalize on both of these trends by developing cannabinoid therapies for the veterinary market. To this end, the company recently announced its intent to develop novel cannabinoid-based formulations for the treatment of pet conditions. These efforts may involve a significantly shortened development cycle compared to human pharmaceutical compounds while still providing enormous upside potential over the long run.
"After carefully studying the veterinary pet market and potential partnerships, the company decided to expand its development activities in order to tap into this lucrative market," said CEO Andre Rancourt in a recent press release announcing the company's move into the veterinary market. "In addition, Tetra is very fortunate to have Dr. Chamberland who has considerable experience navigating the regulatory affairs in the veterinary industry."
Strong Background
Tetra Bio-Pharma's Chief Science Officer, Dr. Guy Chamberland, M.Sc., Ph.D., Master Herbalist, has a strong background in veterinary medicine that supports the company's move into the veterinary space. By leveraging this experience, the company hopes to maximize its odds of success as it enters into the relatively new industry. Very few individuals have experience in both the cannabinoid industry and the veterinary industry.
Dr. Chamberland has a Masters of Science in Veterinary Anatomy and Physiology from the University of Montreal, where he also earned a Ph.D. in Biomedical Sciences, and worked for six years as a Co-Chair and Member of Health Canada's Expert Advisory Committee for Veterinary Natural Health Products and Low Risk VHP. This experience not only helps him understand the pet industry, but also the regulatory approval processes.
The company also intends to create a Veterinary Advisory Board that will consist of veterinary specialists in the fields of ophthalmology, oncology, and pain. This board will help guide product development activities to ensure that the company focuses on unmet veterinary needs for domestic animals while setting it apart from other companies that have simply taken over-the-counter cannabinoids and repackaged them for the pet market.
With Tetra already conducting clinical trials on humans, the main business advantage is that it is the same GMP and manufacturing file for both humans and dogs. The clinical files are different. With a partnership approach Tetra can wisely expand its revenues in the pet field with minimal investment.
Please follow the link to read the full article: http://www.cannabisfn.com/tetra-bio-pharma-expands-25-billion-veterinary-market/
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