Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020

Transparency Market Research

Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020

Published Date 2015-03-30

151 Page Report

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Pharmacovigilance Market Expected to Reach USD 6.10 Billion Globally in 2020

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Pharmacovigilance Market

REPORT DESCRIPTION

Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020

Intensifying regulatory expectations, tougher inspection system, and instant need for patient reporting boost the adoption rate of pharmacovigilance among pharmaceutical companies. Rise in the prevalence of acute and chronic diseases has consequently led to an increase in the incidences of drug consumption, thus leading to growth in the number of adverse drug events and drug toxicity cases. Furthermore, safety regulations, risk of high-profile safety issues, large volume of post-market events to be reviewed along with negative media coverage have bound the pharmaceutical players to take support of various outsourcing services for drug monitoring. Two major outsourcing providers preferred by pharmaceutical manufacturers for pharmacovigilance services are namely, traditional CROs (e.g. Covance, Inc., Quintiles Transnational, INC Research, etc.) and BPOs (e.g. Capgemini, Cognizant, Infosys Ltd., Tata Consultancy Services Limited, etc.). Outsourcing services do not only help in cost saving, but also support process efficiency. Pharmaceutical companies are now entering into long-term partnerships/service agreements with CROs and BPOs to reduce the pharmacovigilance process related expenditure, incurred right from drug discovery to post-marketing approvals. In addition, pharmacovigilance requires skilled resources with excellent...