San Francisco, California (PRWEB) November 26, 2014
Increasing incidence rate of adverse drug reactions (ADR) and stringent drug safety regulations are expected to be prime pharmacovigilance market growth drivers during the forecast period. Growing prevalence of acute and chronic ailments has resulted in a rapid rise in demand for new drug development. Moreover, growing adverse drug reaction related hospitalization rates, detecting and reporting about the same has become the need of the hour in the pharmaceutical industry. On account of these factors, the pharmacovigilance market is expected to experience a surge in demand during the forecast period.
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Drug development and pharmacovigilance entail high production and monitoring costs. Increased complexity of medical devices and drugs further accentuate these costs. In order to curb these expenses, manufacturers are seeking help from an outsourcing contractual firm for pharmacovigilance activities. Key benefits of outsourcing include resource flexibility, minimization of upfront investments and reduction in fixed overhead costs. An outsourced PV activity is potential of approximately 40% revenue generation. Outsourcing companies cater different services such as PV audits, development of product information, process design and SOP etc. Analysis and decision making are often kept in house. Customized pharmacovigilance services are also provided according to consumer needs. Emerging economies such as India and China are preferred outsourcing partners owing to cheaper cost of services. However, regulatory non compliance and quality issues are perceived as major concerns for off shoring to low cost countries.
In an attempt to upgrade or advance PV process drug makers and regulatory bodies are undertaking novel initiatives. One of such activity was carried out in the UK where increased rate of internet usage has prompted drug makers to explore its utility as an effective way to curb pharmacovigilance costs. In September 2014, MHRA (Medicines Healthcare products Regulatory Agency) of UK announced investing in three year project ‘WEB –RADR’. In this project, a mobile app will be manufactured for healthcare professionals and patients to report ADR to national EU regulatory bodies. Such initiatives are expected to drive growth of pharmacovigilance market during forecast period. Key players of this market include Quintiles Transnational Holdings, Inc., Cognizant Technology solution Corp., Covance Group Ltd., Accenture Plc., MDS Pharma Services, IBM Corporation and Parexel International Corporation.
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