SciSparc Granted Patent From The Australian Patent Office For Its Reduction Of Opioids Use In Pain Management Technology
Portfolio Pulse from Benzinga Newsdesk
SciSparc Ltd. (NASDAQ:SPRC) has been granted a patent by IP Australia for its technology that reduces opioid use in pain management. The patent is for a combination of opioids and N-Acylethanolamines for pain treatment. The global opioid market, valued at $22.8 billion in 2022, is expected to grow at a CAGR of 1.4% from 2023 to 2030. The company's technology allows for effective pain treatment with significantly lower opioid concentrations.
October 31, 2023 | 11:57 am
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SciSparc's new patent for a technology reducing opioid use in pain management could potentially give it a competitive edge in the growing opioid market.
The patent granted to SciSparc could potentially allow it to capture a significant share of the growing opioid market by offering a unique solution to pain management that uses lower concentrations of opioids. This could lead to increased revenues and profitability for the company, positively impacting its stock price.
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