The field of drug protection has been gaining a lot of attention of late. Almost weekly, tabloids, as well as scientific journals, bring out articles on drugs that result in unexpected ADRs (adverse drug reactions).
Unfortunately, these articles have led to evoking apprehension in the health professionals as well as patients about using these drugs from literature search services. Also, a more serious consequence would be that patients stop taking the prescribed medicines that may result in an even more difficult condition than the ADR he was concerned, initially.
The pharmacovigilance market is anticipated to register a CAGR of 10.5 percent until 2030. The rise in the incidence of ADRs is a major factor fuelling the market growth. Pharmacovigilance is defined by the World Health Organization (WHO) as “the science and activities connecting to the detection, assessment, understanding, and anticipation of adverse effects or any other drug-related problem.”
Pharmacovigilance plays an imperative role in confirming that doctors, along with the patient possess the required information for making an educated decision when it comes to choosing a drug for the treatment through Literature review services. “India is popular as one of the largest producers of pharmaceuticals and for exporting pharmaceutical products across the globe.
There are more than eight thousand licensed drug manufacturers in India that require pharmacovigilance practice to be implemented and followed. Also, India is the hub for the rest of the world in Pharmacovigilance services like systems development, system services, and case processing.
Many pharma companies and CROs based in the US, European Union, UK, and Japan either have their team in India or works with IT companies based out of India,” says Amit Arora, Founder, Pinnaxis talking about the evolution of the pharmacovigilance market in India.
Increasing adoption of personalized medicines & treatment
The demand for personalized medicines is increasing significantly specifically in some of the developed countries. Furthermore, the huge adoption of gene therapy in the treatment of varied types of cancer along with other chronic diseases is anticipated to augment the adoption of personalized medicines & treatment in the near future.
Therewithal, developments in precision, as well as personalized medicine, are anticipated to render highly specified solutions to individuals by taking into consideration their genetic composition and reaction to medicines. In this aspect, it would be safe to tell innovations in personalized medicine may stimulate the pharmacovigilance sector’s progression in the coming years.
Burgeoning demand for in-house services
In-house services for pharmacovigilance are emerging to be a strong growth avenue for the overall sector since it was reported that the pharmacovigilance landscape secured a massive share of 45 percent in the year 2018. Besides, the robust penetration of organizations with developed infrastructure along with skilled staff would add to the robust demand for in-house services in the years to come.
Information to drive actionable insights
As per a clinical literature review, the successful administration of health information put away across numerous phases is crucial for away from security occasions and the developing number of life sciences companies uses cutting edge logical methods in pharmacovigilance in order to obtain hugely & changed informational collections which comprise health data.
These organizations endeavor to discover new examples, obscure connections, patterns, and patient inclinations that help them guarantee patients’ security. Nowadays, pharmacovigilance examination guarantees administrative consistency offers a genuine chance to outfit necessary information and drive unique experiences.
Innovation in pharmacovigilance industry Impact of cloud technology
The presence of cloud technology will offer a completely integrated database for research institutions, healthcare providers, as well as users that are imperative for advancing drug safety & pharmacovigilance. However, this is not applicable these days.
Every organization has its separate database as well as its access that can lead to a negative impact on the development of pharmacovigilance. Furthermore, continuous access to all kinds of data that include clinical trial data, post-market observational studies data, as well as spontaneous report data guarantees appropriate signal detection, validation & continuous evaluation of data. Automation to lead the future of Pharmacovigilance
While the majority of data is collected manually, currently, automation will help in enhancing the data collection process & data analysis. Moreover, during clinical trials data collection & data validation can also be automated which may augment the speed of clinical trials.
According to post-marketing observational studies, automation can improve data capture by leveraging electronic health records as well as mobile applications. And therefore, after reaching a critical mass of data, clinical trial tools can be leveraged in the process of post-market data collection.
Pharmacovigilance automation has several merits, which can enhance the future of pharmacovigilance. Automation helps in saving time, decreasing human errors & reducing costs. It also guarantees complete adherence to the regulatory guidelines and improves the accuracy & quality of data
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