Future of Pharmacovigilance Market

According to the World Health Organization (WHO), pharmacovigilance is an activity aimed at promoting safe management and administration of drugs. Severe government regulations, drug inspection rules, and the patient’s need to immediately report illnesses have propelled the global pharmacovigilance market. Innovations in medical products that promote faster and more accurate treatment of various diseases will enable rapid development of the global pharmacovigilance market during the forecast period.

Intensifying regulatory expectations, tougher inspection system, and instant need for patient reporting boost

the adoption rate of pharmacovigilance among pharmaceutical companies. Rise in the prevalence of

acute and chronic diseases has consequently led to an increase in the incidences of drug consumption, thus leading to growth in the number of adverse drug events and drug toxicity cases. Furthermore, safety regulations, risk of high-profile safety issues, large volume of post-market events to be reviewed along with negative media coverage have bound the pharmaceutical players to take support of various outsourcing services for drug monitoring. Two major outsourcing providers preferred by pharmaceutical manufacturers for pharmacovigilance services are namely, traditional CROs (e.g. Covance, Inc., Quintiles Transnational, INC Research, etc.) and BPOs (e.g. Capgemini, Cognizant, Infosys Ltd., Tata Consultancy Services Limited, etc.). Outsourcing services do not only help in cost saving, but also support process efficiency. Pharmaceutical companies are now entering into long-term partnerships/service agreements with CROs and BPOs to reduce the pharmacovigilance process related expenditure, incurred right from drug discovery to post-marketing approvals.

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In addition, pharmacovigilance requires skilled resources with excellent language skills and strong knowledge pertaining to case reporting due to which pharmaceutical companies are opting for outsourced pharmacovigilance services in order to reduce the burden of clerical functions as well as capital expenditures.

Pharmacovigilance is a key component of an effective drug regulation system for monitoring and evaluating adverse drug reactions (ADRs). Pharmacovigilance activities are an important part of clinical research and are growing at a significant pace. At present, the global network of pharmacovigilance centers, harmonized by Uppsala Monitoring Centre, are operating on the global level for appropriate functioning of the process of drug safety monitoring across the world. Large volume of international ADR reports collected in a central database would serve as a contributing factor to the effort of national drug regulatory authorities, thus improving the safety profile of drugs that would help avoid drug related disasters.

However, the pharmacovigilance market is facing several hurdles and challenges to develop a better health care system. Challenges that are acting as major restraining factors for pharmacovigilance market are web-based drug information and sales, perceptions to harm and benefit, high risk associated with data security and unavailability of skilled professionals.

Browse Report: Pharmacovigilance  Market