Pharmacovigilance Market Set to Grow as Companies Adopt Stricter Drug Safety Standard
Published On : May 26, 2015 | Category : IT & Telecom
Adoption of Good Pharmacovigilance Practice Guidelines to Stimulate Pharmacovigilance Market
In the last few years, the recall of some leading drugs has dented the reputation as well as profitability of pharma majors. This has prompted companies to make a concerted effort to follow Good Pharmacovigilance Practice (GPvP) guidelines for enhanced drug safety. This will fuel the demand for various pharmacological methods that are deployed across various phases of drug development.
In addition to this, a pressing need to detect adverse drug reactions early on in the drug’s market lifecycle will prove beneficial to the growth of the global pharmacovigilance market. The sheer rise in the number of pharmacovigilance centers is also expected to contribute substantially to the growth of the overall market.
Post-Marketing Surveillance Stirs Up Highest Demand for Pharmacovigilance
The need for pharmacovigilance arises at various stages of the drug development process, which are: Preclinical studies, clinical trial phases I, II, III, and phase IV which is the post marketing surveillance phase. The pharmacovigilance market earned the highest revenues from post marketing surveillance phase (or clinical trial phase IV) in 2013.
According to recent market research studies the demand for pharmacovigilance is growing robustly in the phase III of clinical trials. It is expected that by the end of the current decade, this segment would have posted a comparatively higher growth rate as compared to all other areas where pharmacovigilance is required. This phase is critical because it emphasizes on testing the efficacy of drugs and ensuring that they are safe for consumption without any serious side effects. This is also the stage where the development of the risk-benefit ratio takes place, thereby calling for the deployment of pharmacovigilance software and services.
Over the next couple of years, fixed sets of pharmacovigilance activities right from the early stage of drug development will be made mandatory in some countries. This imminent change will help manage high-risk medicines, and will also call for the use of pharmacovigilance support.
Contract Pharmacovigilance Providers Will be in High Demand as In-House Teams are Expensive Proposition
Pharmacovigilance activities are either conducted by in-house teams of companies or are outsourced to a service provider as a short-term or long-term contract. Not all companies have the resources and capabilities to develop in-house teams given the time and money the effort requires. This leaves companies with only one other option – outsourcing pharmacovigilance activities. The contract outsourcing segment will witness the highest rate of growth over the forecast period because most companies regard it as a cost-effective option without having to make compromises on quality.
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