Weapon Stats questions "Magic Damage"

One thing I'm curious about, is the Magic Damage stat on our weapons in regards to healing.

Right now I'm using a level 41 weapon due to the fact the stats on it are very well itemized. But, as a result, the "magic damage" stat is relatively low even compared to vendor items at 50.

My question is, does this stat have ANY application to our healing to where it would be useful to purchase a regular item, rather than wait for this upgrade that next seems to drop for me :(

Yes, it's by far the most important stat for healing.