- Global Industry Analysis, Size, Share, Growth, Trends and
Forecast, 2014 - 2020
151 Page Report
Pharmacovigilance Market Expected to Reach USD 6.10 Billion
Globally in 2020 : Transparency Market Research
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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,...