The global — pharmacovigilance outsourcing market is increasingly gaining momentum with companies, both large and small, as well as pharmaceutical regulators seeking ways to safeguard consumers from unsafe medical products. Pharmacovigilance (PV) outsourcing mainly involves handing over certain drug safety-related processes, like detection, assessment and prevention of adverse effects caused by potentially harmful medicines, to a third-party service provider or vendor. It also helps communicate possible risks and benefits associated with newer drugs to support decision at various levels of the healthcare system.
Certainly, a well implemented PV outsourcing program can offer a significant benefits to an organization including saving of resources to recruit, manage or train PV workforce, improving on-demand access to unique expertise and intellectual property, increasing business model and flexibility, and improving efficiencies and Return on Investment (ROI) to drug makers. In addition, third-party providers also offer process frameworks, know-how from executing similar services for different customers, and help accelerate the delivery of value-based pharmacovigilance outsourcing services more efficiently. The associated benefits largely help firms to focus more resources on core strategic objectives like R&D, in turn providing a substantial impetus to pharmacovigilance outsourcing market growth.
How has pre-marketing pharmacovigilance supplemented market growth lately?
Pre-marketing pharmacovigilance can potentially help optimize the benefit associated with regulated clinical products. The process mainly comprises undertaking trials associated with evaluating safety and efficacy of a new compound drug for humans. It also focuses on reducing risk associated with newly developed drugs prior to being marketed commercially. Reportedly, some of the benefits offered by pre-marketing PV include commencement of clinical testing in a controlled environment, following of strict inclusion/exclusion criteria, generation of clinically confirmed data and more.
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With effective pre-marketing PV outsourcing processes, companies can attain information concerning adverse drug reactions from the pre-clinical screening and phases I to III clinical trials. The pre-marketing pharmacovigilance market, as per reports, held a considerable service segment share in 2017 and is expected to record a double-digit CAGR over the period of 2018-2024.
An outline of Asia Pacific pharmacovigilance outsourcing market trends:
With the presence of renowned PV centers across the region and rapidly evolving regulatory environment, the Asia Pacific pharmacovigilance outsourcing market has propelled significantly in the past few years. Certainly, the region’s proliferating pharmaceutical sector has turned out to be a major driver for the PVO sector. As per a collaborative report by the US Food and Drug Administration (FDA) and the US Agency for International Development (USAID), in 2013, the Asian pharmaceutical market size was valued at approximately $140 billion, with China and Japan accounting for about 70% of the total share.
The data stands as a strong testimony to the potentials the Asian economies such as India and China hold for the PV outsourcing market growth. Reportedly, China pharmacovigilance outsourcing market is expected to record a CAGR of 16.7% over 2018-2024.
Speaking further of Asia’s potency, India has also successfully emerged as an ideal destination for PV outsourcing market developments. Notably, the region’s low cost as well as high skill set offering catering to both the large as well as SMEs, extensively educated professionals and a large pool of doctors and pharmaceutical professionals have attracted several renowned foreign pharma firms and investments recently.
For instance, over the past decade, several pharmaceutical giants like Pfizer, AstraZeneca and Novartis have set up PV centers in India either through independent units or by forging strategic alliances with the region’s PV service providers, thereby creating huge employment prospective in the regional market.
Moreover, contract research organizations (CROs) and BPOs involved in PV activities are also seen performing well in the Indian market, thereby making it a favored choice in the PV outsourcing industry. With efficient process optimization, innovative thinking, global operational models, automation tools, incorporation of IT skill set with PV services along with a skilled pool of medical, paramedical and non-medical professionals, the India PV outsourcing market is most certainly set up for rapid growth prospects in the coming years.
While APAC is projected to stand tall in the global landscape, the regional hierarchy in the pharmacovigilance outsourcing market remains an anticipated trend to watch for. In this regard, U.S. is estimated to exhibit a rather strong foothold hosting some of the top medical and medical devices firms. Not to mention, the growing concerns and strict regulations regarding drug safety as well as massive investments in drug development programs will further make U.S. a strong contender in the pharmacovigilance outsourcing market landscape. The region, in 2017, procured a share of USD 783.2 million.
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All in all, considering the rising demand to address pharmacovigilance requirements, the reliance on third party vendors is expected to remain high in the coming years. The global market will be driven by increasing volume and complexity of regulatory requirements, demand to add scalability to accommodate growing product portfolios, and intensifying efforts of medical firms to achieve aggressive cost targets.
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Release ID: 506590