According to the World Health Organization (WHO), pharmacovigilance is defined as a series of actions performed to assess, detect and prevent any possible adverse effects of pharmaceutical products, and minimize the medication risks. It majorly focuses on the assessment of adverse drug reactions, which are lethal responses to drugs that occur at the doses used for treatment of a disease or used in the modification of physiological functioning. Medication issues such as drug overdose and drug abuse are also checked for, as they too may lead to some adverse drug reactions. Pharmacovigilance aims at ensuring optimum patient care and safety with respect to the usage of medications and also provides reliable information about efficient evaluation of the possible hazard and benefit profile of drugs.
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The WHO Collaborating Centre for International Drug Monitoring, Uppsala Monitoring Centre, (UMC), in Sweden promotes pharmacovigilance at a country level. By the end of the year 2010, 134 countries had adopted the WHO pharmacovigilance programme. The information received from healthcare professionals, patients and medical literature prove to be necessary for conducting pharmacovigilance studies.
The market for pharmacovigilance has a huge demand as all pharmaceutical license holders need to understand and comply with its guidelines. This market can be segmented based on the different technologies including drug safety database systems, signal detection systems and others. Regulatory guidelines for the same are stated by the U.S. FDA, EMA and other regulatory bodies. These regulations and guidelines provide a framework for the companies to follow in order to carry out pharmacovigilance activities.
The major factors driving growth of this market are need for efficient drugs, continuous technological upgradations, increased focus on patient care and patient safety, and intensification of safety regulations by various regulatory bodies. These factors boost the uptake of pharmacovigilance systems by pharmaceutical companies. Reluctance of companies towards adoption of new technologies, lack of proper education and training to the resources, and lack of awareness about prevailing pharmacovigilance systems might hamper the growth of the market. Currently, majority of the companies are outsourcing their pharmacovigilance operations for the purpose of cost effectiveness. The scope of these systems can be further enhanced by integrating them with other data sources such as clinical databases and medical records. These advanced and novel approaches further enhance the decision making on safety and efficacy of drugs, and provide relevant and reliable information.
This research report analyzes this market depending on its market segments, major geographies, and current market trends.
Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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