Pharmacovigilance Market - Outline
Pharmacovigilance has evolved considerably thanks to strict monitoring in place jointly by the pharma consortium and regulatory bodies in several parts of the world. The phenomenal growth of the pharma sector in the past few decades with extensive clinical trials leading to increasing patient drug approvals and large pipeline drugs has burdened pharma companies. This makes it practically impossible for pharma companies to monitor pre and post effect of each and every drug on humans, thereby necessitating outsourcing of pharmacovigilance for the large part.
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With the increasing number of drug failure cases, law for drug safety and patient safety have been further tightened that pharma companies need to adhere to. To ease the burden on in-house processes, pharma companies, both large and small outsource pharmacovigilance to companies that are experts in the field. This has led to the emergence of a multi -million dollar pharmacovigilance outsourcing market.
Companies in the pharmacovigilance outsourcing market offer service in flexible formats as required by the client. Bundled end-to-end service, ad hoc service, and hybrid service are available that pharma companies are choose that best suits them. Initiatives to incorporate cloud-based drug safety analytics, especially by some leading companies, which is further attractive for pharma companies for cost-effective solutions cements growth in the pharmacovigilance outsourcing market.
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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.
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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.
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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.
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