Pharmacovigilance Outsourcing Market: An Overview
The global pharmacovigilance outsourcing market is expected to rise at a significant pace in the near future, thanks to the stringent regulation imposed by regulatory authorities on the drug manufacturing companies.
Pharmacovigilance has been fundamental to pharmaceuticals industry; however it has been monitored and followed seriously by authorities and companies. This could be one reason behind the unprecedented growth of the pharmacovigilance market. The growing number of drug patient approval has made it tough for pharmacy companies to monitor pre and post effect of each and every drug on the human. That is a prominent reason behind the splendid growth of the pharmacovigilance outsourcing market.
Owing to increasing number of drug failure cases, drug safety and patient safety has moved limelight. Outsourcing is a common practice in the pharmaceutical market, while it has grown massively over the last decade. It has majorly helped multinational pharmaceuticals companies to develop global sourcing programs. The outsourcing of pharmacovigilance offer flexible solutions to various companies in health care industry.
Pharmacovigilance Outsourcing Market: Notable Developments and Competitive Landscape
Some of the prominent industry players operating in the pharmacovigilance outsourcing market are Bioclinica, Accenture, Clintec, Covance, Cognizant, Ergomed, IBM Corporation, Genpact, ICON, iGATE Corporation, Infosys, iMED Global Corporation, and Medpace Holdings. These players are actively indulged in several strategic initiatives including mergers and acquisitions, business partnerships and collaboration to strengthen foothold over the market and capitalize on market opportunities.
This can be related with a recent development in the pharmacovigilance outsourcing market. In June 2018, Genpact, a prominent player acquired Commonwealth Informatics, a leading provider of cloud-based drug safety analytics services. This move is expected to help Genpact strengthen its hold over pharmacovigilance AI and cloud computing capabilities. Thus ensure a strong hold over drug safety thereby fostering company’s growth.
Pharmacovigilance Outsourcing Market: Key Trends
The global pharmacovigilance outsourcing market is likely to witness a substantial growth in the coming few years. This is mainly attributed to the increasing emphasis of players in the healthcare sector regarding efficient treatment of diseases. Apart from this, rise in prevalence of chronic diseases is a prominent factor expected to offer a positive impact on the growth of the pharmacovigilance (PV) outsourcing market.
The need for pharmaceutical companies to focus on several pharmacovigilance activities including monitoring, analysis and evaluation and approvals of clinical trials and quality assurance of new drug development methods is another factor expected to offer a significant impact on the global pharmacovigilance outsourcing market.
Moreover, it is not cost effective for most of the pharmaceutical company to set up an in-house PV department. High cost of maintenance, difficulty in training resources with appropriated and updated methodologies and non-availability of appropriate infrastructure are some factors that are shifting players towards pharmacovigilance outsourcing
Pharmacovigilance Outsourcing Market: Regional Outlook
The global pharmacovigilance outsourcing market is divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The global pharmacovigilance outsourcing market in North America region is likely to grow at a highest pace during the forecast period. This is mainly due to the presence of major pharma and medical device companies in the region. Apart from this, rising number of drug development activities in the U.S. is likely to drive the pharmacovigilance outsourcing market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.