Global Pharmacovigilance Market Set To Grow To $11.5bn By 2023

Tuesday 20 February 2018, Amsterdam

The key player has launched a new pharma report Global Pharmacovigilance Market Forecast 2018-2028: US, Japan, Germany, the UK, France, Italy, Spain, Brazil, Russia, India, China, South Korea, National Pharmacovigilance Systems, Leading Companies, Trends.

This report covers trends in the pharmacovigilance market from 2017. It discusses those operations, regulations for drug monitoring, and the future of drug safety. It analyses pharmacovigilance from historical events to the future, predicting how post-marketing drug assessments will develop, and revenues from those services expand. National regulatory authorities are moving towards risk-benefit management planning to assess drug safety, putting greater pressure on pre-marketing safety and efficacy data. Needs for post-marketing surveillance have also increased, with active and intensive monitoring being introduced into adverse drug reaction reporting systems.

The lead analyst of the report commented “Using pharmacogenomics to establish safety profiles for drugs potentially represents the most significant steps in pharmacovigilance over the next decade. The number of clinical genetic tests being designed and produced is increasing, as is the volume of pharmacogenomic data submitted to regulators. As more is understood of the role of genetic variations in drug safety, regulators will demand more pharmacogenomic data during the approval application process for inclusion in risk management strategies.

The discovery and use of biomarkers, either during drug development or the early post-marketing phase, can accelerate drug approval or expansion of approval. New classification methods for adverse reactions will help to establish ADR mechanisms in relation to the genetic characteristic of the patient. This will, in a similar way to the discovery of biomarkers, help mark out subpopulations for whom the drug is an inappropriate. Further development of the system will eventually lead to its adoption as a common method of classification globally.”

Leading companies featured in the report include Accenture PLC, Cognizant Technology Solutions Corporation, Tata Consultancy Services (TCS), Capgemini SE, Tech Mahindra Limited, Infosys Limited (Infosys), Wipro Limited (Wipro), Oracle Corporation (Oracle), Bristol-Myers Squibb Company, HCL Technologies Ltd., Olympus Corporation.