Pharmacovigilance market worth USD 11.64 billion by 2026

The global Pharmacovigilance market size is expected to reach $ 11.64 billion by 2026 and it is projected to expand at a CAGR of 13.3 during the coming years.

Pharmacovigilance is the science and activities involved in the detection, understanding, assessment, and prevention of adverse drug effects or other drug-related problems. Adverse drug reaction (ADR) is an undesirable and unwanted effect of a medication that occurs during its clinical use. The rising number of Adverse Drug Reaction (ADRs) is a major concern of the pharmacovigilance field and will contribute to a significant increase in the demand for data management services over the forecast period.

The U.S. Food and Drug Administration (FDA) received approximately 253,017 serious adverse events (SAEs) and 44,693 deaths associated with Adverse Drug Reaction (ADRs) in 2015. Rising demand for continuous pharmacovigilance for effective surveillance of ADRs will render several growth opportunities for market expansion.

The pharmacovigilance industry size witnessed remarkable developments owing to the rising number of adverse drug reactions, side effects coupled with potential threats to the consumers. Pharmacovigilance was implemented in developed nations earlier in the 1970s, including the U.S. and UK, following numerous consumer health protection acts. An increasing number of pharmaceutical companies, as well as global harmonization practices, will render advancements in the market. Furthermore, the emergence of personalized medicines should spur industry size in the coming future.

Pharmacovigilance has long been fundamental to the industry, but events of the last decade, including more thorough safety documentation and reviews for the drug approvals and increased warnings and awareness about adverse drug reactions (ADRs), have made drug safety one of the top issues for consumers and regulators. Safety concerns have prompted global mandates for submitting significantly more granular product information, as well as demands for new levels of clinical and safety data transparency.

India is the preferred destination for Pharmacovigilance outsourcing considering low cost, high skill set, and fluent English language users. The major advantage of pharmacovigilance outsourcing in India is the extensive availability of educated professionals and a large pool of doctors and pharmaceutical professionals. Over the past decade, many prominent pharmaceutical companies have set up pharmacovigilance centers in India.

For the past few years, CROs involved in Pharmacovigilance services are performing well in India, Thereby making India a favored choice for Pharmacovigilance outsourcing among the pharmaceutical companies. India provides a cost-effective and reliable option for Pharmacovigilance outsourcing for large to small pharmaceutical companies. Apart from commonly outsourced pharmacovigilance functions such as case processing and data entry, it is the other high-end niche activities like signal management and regulatory reporting that will drive the future growth of Pharmacovigilance outsourcing in India.

ProRelix Research is one of the leading pharmacovigilance (PV) service providers. ProRelix Research has a 20-year collective experience of their experts and a history of handling complex and sensitive interactions in the life sciences industry. From basic medical inquiries to complex adverse event intake, case processing, and aggregate reporting, we provide an end-to-end solution for all of your Pharmacovigilance or safety services needs including product safety, medical information, and regulatory compliance leveraging our global multi-channel, multi-lingual contact centers.

Whether you’re a large pharmaceutical manufacturer or smaller biotech with a single emerging compound, Prorelix Research is the perfect addition to your safety strategy. At Prorelix Research we offer an end to end pharmacovigilance services including medical contact centers, Individual case safety reports, medical reviews, Serious Adverse Events (SAE) narrative, Adverse Drug Reaction (ADR) analysis, Regulatory compilation, and submission.

We have a team of highly educated and experienced employes which includes Pharmacists (M Pharm, MD- Pharmacology and Pharm D), and Doctors to manage each aspect of the pharmacovigilance service that we provide. Our pharmacovigilance Managers and Medical lead keep detailed track of every key metric of the project so that any issues and gaps can be addressed beforehand and the delays to the project delivery can be avoided. Our team has experts in case processing, individual case safety reports writing, narrative writing, SAE reports, triage, medical review, signal detection, risk management and report submission to the regulators.

Prorelix Research manages a fully functional and comprehensive signal detection process, literature management, safety case processing. Our pharmacovigilance experts perform comprehensive adverse event data intake via multiple channels including the traditional channels. We deliver a specialized safety environment or pharmacovigilance setup implementation for India, USA, Europe, and UK.

https://www.grandviewresearch.com/press-release/global-pharmacovigilance-market