According to the World
Health Organization (WHO), pharmacovigilance is defined as a series of actions
performed to assess, detect and prevent any possible adverse effects of
pharmaceutical products, and minimize the medication risks. It majorly focuses
on the assessment of adverse drug reactions, which are lethal responses to drugs
that occur at the doses used for treatment of a disease or used in the
modification of physiological functioning. Medication issues such as drug
overdose and drug abuse are also checked for, as they too may lead to some
adverse drug reactions. Pharmacovigilance aims at ensuring optimum patient care
and safety with respect to the usage of medications and also provides reliable
information about efficient evaluation of the possible hazard and benefit
profile of drugs.
The market for
pharmacovigilance has a huge demand as all pharmaceutical license holders need
to understand and comply with its guidelines. This market can be segmented
based on the different technologies including drug safety database systems,
signal detection systems and others. Regulatory guidelines for the same are
stated by the U.S. FDA, EMA and other regulatory bodies. These regulations and
guidelines provide a framework for the companies to follow in order to carry
out pharmacovigilance activities.The major factors driving growth of this
market are need for efficient drugs, continuous technological upgradations,
increased focus on patient care and patient safety, and intensification of
safety regulations by various regulatory bodies. These factors boost the uptake
of pharmacovigilance systems by pharmaceutical companies. Reluctance of
companies towards adoption of new technologies, lack of proper education and
training to the resources, and lack of awareness about prevailing
pharmacovigilance systems might hamper the growth of the market. Currently,
majority of the companies are outsourcing their pharmacovigilance operations
for the purpose of cost effectiveness. The scope of these systems can be
further enhanced by integrating them with other data sources such as clinical
databases and medical records. These advanced and novel approaches further
enhance the decision making on safety and efficacy of drugs, and provide
relevant and reliable information.
Global
Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,"
the global pharmacovigilance market was valued at USD 2,147.3 million in 2012
and is estimated to reach a market worth USD 5,008.2 million in 2019 at a CAGR
of 12.9% from 2013 to 2019. A rising tide of regulatory expectations, tougher
inspection regime and instant need of patient reporting has provided the much
needed impetus for the growth of the pharmacovigilance market. An upsurge in
number of acute and chronic diseases has consequently led to a rise in number
of drug consumption, which has also elicited a growth in the number of adverse
drug events and drug toxicity cases. Moreover, several high-profile safety
issues, regulatory warnings, large volume of events to be reviewed along with
negative media coverage have compelled the pharmaceutical players to take
support of various outsourcing services. There are two major outsourcing
services opted by these pharmaceutical players i.e. traditional CROs and BPOs. These
outsourcing services not only provide cost savings but also help in bringing
process efficiency. Pharmaceutical companies are now forming long term
partnership with the CROs and BPOs to share the costs involved in PV process
right from drug discovery to post marketing approvals. In addition, PV requires
skilled resources with excellent language skills and strong knowledge
pertaining to case reporting.
The
research report on pharmacovigilance provides detailed analysis of the global
market and helps in understanding the driving forces responsible for the growth
of this market. The report discusses the market of pharmacovigilance market on
the bases of clinical trials phases i.e. Phase I to III and post marketing
surveillance (PMS). We have also mapped the trend for preference of the
pharmaceutical players for in-house and outsourcing in our chapter by type of
service.The global pharmacovigilance market has been segmented based on all the
above mentioned parameters and market size estimates and forecasts for the
period of 2011 to 2019 have been provided for each of the segments, in term of
USD million, considering 2012 as the base year for calculations and 2011
representing as the historical year. The CAGR (%) of each market segment for
the forecast period 2013 to 2019 has also been provided along with market size
estimations. The report exclusively studies the aforementioned segments
with respect to geography. Under geographic section we have covered four
regions, namely, North America, Europe, Asia-Pacific and Rest of the World
(ROW).
The
market overview section gives a detailed qualitative analysis of the factors
responsible for driving and restraining the growth of the global
pharmacovigilance market. The section also covers opportunities and market
attractiveness analysis of the geographical regions.The report concludes with
the competitive landscape and company profiles of major market players. These
market players have been profiled on the basis of various attributes such as
company overview, financial overview, business strategies, product portfolio
and recent developments. Some of the major players profiled in this report
include PRA International Inc., Covance Inc., Synowledge LLC, OptumInsight
Inc., iMedGlobal, TCS, iGATE Corporation, Cognizant Technology Solutions,
Quintiles and others.