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Title: Legalising marijuana for medical purposes : costs and benefits
Authors: Grech, Francesca
Keywords: Marijuana -- Therapeutic use -- Malta
Marijuana -- Therapeutic use -- Law and legislation -- Malta
Quality of life -- Malta
Drug legalization -- Malta
Cost effectiveness
Issue Date: 2018
Citation: Grech, F. (2018). Legalising marijuana for medical purposes : costs and benefits (Bachelor’s dissertation).
Abstract: This dissertation assesses the net economic benefits or otherwise of a policy improving patients’ quality of life, through a Cost-Benefit Analysis. The policy comprises of legalising marijuana for medical purposes in Malta. This study makes use of high-level expert advice, international studies and local secondary data to estimate the costs and benefits of the policy suggested. Consequently, this study calculates threeseparate economic benefits namely improved quality of life for three groups of patients – Cancer, Pain Conditions and Tourette’s Syndrome. An exercise to analyse the regulatory and patient-incurred-costs was carried out in order to obtain a comprehensive Benefit-Cost comparison. The results achieved indicate an outstandingly positive Benefit-Cost ratio.This implies that the legalisation of marijuana for medical purposes would be valuable for society. In general, the average improvement in quality of life, mainly obtained from patients suffering from pain conditions, outweighed the costs associated with treatment costs and the regulation of the market. A sensitivity analysis was conducted in the case of a negative shock on the most significant benefit and it was concluded that the model under considerationis robustenoughto significant shocks. This furthermorejustifiesthe legalising of medical marijuana. Health status as well as quality of life are both major determinants for a society to prosper and are becoming increasingly important with economic growth and development. This dissertation is based on this premise and shows howthe policy under considerationisbeneficial to society at large since significant economic benefits result in comparison to costs incurred. Thus, it is important for Government to focus on the increasing society’s economic benefits rather than stopping at Financial Net Present Value calculation which would limit the actual return on investment and social implication of any emerging requirement.
Appears in Collections:Dissertations - FacEma - 2018
Dissertations - FacEMAEco - 2018

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