Pheonix Research - Editorial Index
Editorial analysis anchored to industries, segments, and the market intelligence behind them.
Philanthropy, a defence appropriation and one undisclosed licence are the entire capital stack behind a USD 142.8 million market. Do the arithmetic on LAM and the absence of a second drug stops looking like neglect and starts looking like an equilibrium.
Generic apixabán reached Mexican pharmacy chains in 2026 at MXN 598 a box against MXN 2,205 for the innovator product, but an innovator amparo keeps the same generics out of public procurement. The result is two prices for one molecule, MXN 910.5 million a year left on the table, in a market that treats 76.7 per cent more patients by 2033 and earns 23.2 per cent less.
LAM has one drug, and the trial that got it approved had no placebo arm — it borrowed 43 patients from an academic study and down-weighted them to an effective sample size of 18. That manoeuvre explains the entire pipeline.
German medical cannabis imports went from about 19 tonnes to about 80 tonnes in a year while insured prescriptions rose single digits. That gap is a channel, not a patient population — and the October 2025 draft law legislates the channel back to the pharmacy counter.
