Pharmacovigilance market to grow significantly via contract outsourcing, U.S. to be a major revenue generator over 2016-2024
In the face of the growing complexity in pharmaceutical domain, pharmacovigilance (PV) market stands to garner much popularity over the ensuing years, on virtue of its incredible potential to ensure drug safety. The procedure though being utilized fundamentally since many years, recent years’ stringency in safety documentation for drug approvals have somehow aided pharmacovigilance industry to establish its stance as an individual niche vertical now. The determinant behind it can be the ongoing chain of unfortunate events with regards to adverse drug reactions. This, in consequence, has made drug safety as one of the top issues for healthcare regulators.
India Pharmacovigilance Market, By Clinical Trial Phase, 2012 – 2024
Safety concerns have necessitated the requirement of more granular drug information and data transparency, a factor that vividly exhibits the growth scope of pharmacovigilance market. Pharmaceutical giants have been scrupulously planning to deploy advanced PV capabilities in order to provide a resource-intensive, transaction focused, and less reactionary drugs. Many companies are also shifting their focus to alternate delivery models, in a bid to increase efficiency and capacity. This range varies from internal redesigning to full-scale PV outsourcing. Not to mention a strict regulatory framework speaks volume and has much to contribute in the overall pharmacovigilance market share.
A concise insight into the regulatory landscape of pharmacovigilance market:
- The Pharmacovigilance Risk Assessment Committee of European Medicines Agency has recently recommended new measures to avoid valproate exposure of babies during pregnancy. Reportedly, the committee has mandated that the packaging of all valproate medicines should include a visual warning about the associated risk in pregnancy. For pharmacovigilance market players, this is a vital pointer to be taken into consideration.
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- In what can be touted as an attempt to proliferate regional pharmacovigilance market, the Indian Pharmacopoeia Commission recently announced its plan of organizing a series of workshops at Ahmedabad and Mumbai. As per experts’ opinion, with this sensitization of regional pharmacovigilance industry stakeholders, regulators would be prompted to implement stringent regulatory norms on pharmacovigilance.
- S. FDA was authorized to oversee the amendments related to pharmaceutical domain, by virtue of which pharmacovigilance market also comes under the jurisdiction of FDA. The entity imposes post-marketing controls on medicinal products to monitor manufacturing facilities after approval has been granted. Allegedly, the objective is to confirm ongoing compliance with both previously approved requirements, legislation and notifications.
It is thoroughly coherent that manufacturers partaking in pharmaceutical industry would have to meticulously follow the norms implemented by these regulatory bodies. Addressing pharmaceutical requirements would undeniably increase third party reliance on pharmacovigilance, which by extension would drive pharmacovigilance industry share. In fact, PV outsourcing providers are helping organizations to address the increasing volume of complex regulatory requirements. Add to it, with the support of pharmacovigilance, these players are also incorporating scalability in their product portfolio, against the backdrop of aggressive cost targets. Given the parade of innovations in PV outsourcing that has already started coming on board, what remains to be seen how this third-party reliance brings forth more opportunities for pharmacovigilance market. However, the profitability seems humongous affirmed by an estimation by Global Market Insights, Inc., claiming the business space to register double-digit growth rate of 10% over 2017-2024.
Author Name :Satarupa De