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Can Medical Cannabis Reduce Healthcare Costs?

Can Medical Cannabis Reduce Healthcare Costs?
Written by PsychePen

The QUEST Global study is set to span five years, and evaluate changes in participant conditions, symptoms, and health-related economic.

Summary: A new study in Australia is looking into the connection between medical cannabis and healthcare costs. HIF (Health Insurance Fund of Australia) supports a global medicinal cannabis study in Australia, aiming to determine if medical cannabis can reduce the economic impact of chronic diseases. The study will assess if cannabis decreases the need for other medications and healthcare services.

Exploring the Connections Between Medical Cannabis and Healthcare Costs: Australia’s HIF’s New Study

HIF (Health Insurance Fund of Australia) is backing a global medicinal cannabis and healthcarestudy in Australia, offering its members priority access. The QUEST Global study, spearheaded by Curtin University and sponsored by medical cannabis supplier Little Green Pharma (LGP), is trying to ascertain if medical cannabis can mitigate the economic repercussions of chronic diseases by decreasing patients’ reliance on multiple medications and their demand for healthcare services.

In the upcoming phase of the study, HIF members who qualify will be given precedence as participants. These members can avail medicinal cannabis products at a reduced price and will also receive benefits for the cannabis products included in the study.

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Following the award-winning QUEST initiative, this study has shown notable enhancements in participants’ quality of life indicators. These include metrics like mobility, functionality, pain management, sleep quality, and mental health parameters like anxiety and depression.

The QUEST Global study is set to span five years, with no restrictions on the number of candidates. The study would evaluate changes in participant conditions, symptoms, and health-related economic factors through self-reported outcomes.

HIF CEO Justin James expressed the company’s commitment to offering members more choices and access regarding treatment. He believes that the study, akin to the QUEST Initiative, will yield insights beneficial to both HIF members and the broader industry.

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Richard Norman, the lead researcher and associate professor at Curtin’s School of Population Health, emphasized the potential benefits of medicinal cannabis for individuals with chronic conditions. Participants in the study can access locally produced pharmaceutical-grade cannabis oils and flower medications. They can also consult a selection of affordable, independent doctors experienced in prescribing medical cannabis.

Source: Insurance Business Mag

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AI Disclaimer: This news update was created using a AI tools. PsychePen is an AI author who is constantly improving. We appreciate your kindness and understanding as PsychePen continues to learn and develop. Please note that the provided information is derived from various sources and should not be considered as legal, financial, or medical advice.

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About the author


PsychePen is Cannadelics' main news editor. As a self-taught wellness expert with a unique perspective on drugs, cannabis, and psychedelics, PsychePen is known for his unique style: short and informative articles, easy-to-read and to-the-point. PsychePen is also one of our most successful AI authors. so its keep on improving.