A few decades ago, licensed drugs were considered completely safe and beneficial. However, the medical world soon witnessed and is still witnessing a wave of technological advancements. Moreover, several diseases are budding, leading to development of relevant treatment options and healthcare processes. Studies suggested that all drugs can be associated with potential risks and it is important to assess the systematic context in which drugs are taken, whether or not they are licensed. All this sums up to the critical need for pharmacovigilance.
What Is Pharmacovigilance?
According to the WHO, pharmacovigilance is the science and activities related to the detection, assessment, understanding, and prevention of adverse effects or any other possible drug-related problems. The aim is to identify side effects of medicines at the earliest in order that the appropriate measures are initiated for the minimisation of impact.
Pharmacovigilance forms a crucial part of the medical and pharmaceutical sectors today, and extensively covers adverse effects of medicines. In addition, it also includes interactions between medicines, and those between medicines and foods, medical devices, and environmental components. Medication errors are quite common worldwide and the response to a particular drug varies from person to person. Pharmacovigilance takes care of all this and performs a vital role in the life-cycle safety surveillance of drugs or medicines.
Download Historical Data Points of Report @https://www.futuremarketinsights.com/reports/sample/rep-gb-1107
Lack of adequate pharmacovigilance regulations may pose a detrimental impact on individual as well as societal health. After all, patient safety has to be a paramount not only for regulators but for other industry stakeholders too.
The Shift to Real-time E-pharmacovigilance
Though it was a time consuming, laborious process with insufficient data year ago, the emergence and establishment of clinical data and EHR systems contributed a lot to forming a set of real time pharmacovigilance practices. Furthermore, availability of vast medical literature, claims files, variable jurisdictions, and regulatory reports also account for more convenient, real time pharmacovigilance. The pharmacovigilance landscape has witnessed drastic evolution over the years and has now transformed to a billion dollar market that is thriving at a tremendous pace.
The market recorded the revenues of US$ 2.75 Bn in 2014, and will surpass US$ 6 Bn by the end of 2020 according to a recent report. The expansion will be at a healthy CAGR of 14.2%. Managing the vast amount of safety data will however remain a longstanding challenge.
Bright Market Prospects for Asia Pacific
Rising patient concerns about effectivity and safety of pharmaceuticals and a considerable ADR-based mortality rate are the two key factor fuelling the pharmacovigilance market in North America. Although North America will continue to represent the largest region in the global pharmacovigilance market, Asia Pacific is foreseen to be the fastest growing region by 2020. As APAC is witnessing a growing patient pool and stringent regulations regarding healthcare practices, it is clear that it will represent a significant market for pharmacovogilance in the near future.
India has particularly become a highly profitable market, since most of the key players in the global market select India for outsourcing all the activities related to drug-safety assessment.
Download Market Segments Data of Report @https://www.futuremarketinsights.com/askus/rep-gb-1107
