The report outlines the competitive framework of the “Drug Safety Solutions and Pharmacovigilance Market” industry detailing the SWOT analysis and market share dominance of the prominent players. Global Card Personalization Equipment Market Report has released a new research Analysis & forecast 2019 to 2026 comprehensive of one or more factors covering regional opportunities, application landscape, product demand trends, and end-use portfolio of the industry over the forecast timeframe
Global Drug Safety Solutions and Pharmacovigilance Market By Type (Software, Services), End Users (Biotechnology & Pharmaceuticals, Contract Research Organizations (CROS), Hospitals, KPOs/BPOs, Healthcare Providers), Distribution Channel (Direct Sales, Retail Sales), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
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Some of the major players operating in global drug safety solutions and pharmacovigilance market are Pharmaceutical Product Development, LLC, Drug Safety Solutions Limited, C3i, Worldwide Clinical Trials, Bioclinica, United Biosource LLC, Ennov, AB Cube, Covance Inc., Accenture, PRA Health Sciences, Inc., Ergomed, IQVIA, Genpact, Cognizant, Parexel International Corporation, ArisGlobal, ICON plc, Oracle, Syneos Health among others.
Global drug safety solutions and pharmacovigilance market is projected to register a substantial CAGR of 7.4% in the forecast period of 2019 to 2026.
Drug safety and pharmacovigilance was introduced 170 years ago for detection, assessment, and understanding of the drug action. Pharmacovigilance came into picture because the adverse reactions were observed, a young woman from the north of England recorded for ADRs reactions which lead to her death in January 1848. The experiment was discovered by Sir James Simpson that chloroform was a powerful anesthetic and for safer use it can be applied in the clinical practices. The cause of Hannah’s death was studied in order to understand what happened to Hannah as it was difficult to assess the cause of her death and it was assumed that probably lethal arrhythmia or pulmonary aspiration was the main reason leading to such unfavourable situation. Further, on 6 June 1960, the U.S. FDA was formed to ensure that the established drugs discovered and commercialized are pure and free of any contamination. Additionally, in 1961, the U.S. FDA also prohibited false therapeutic indications of drugs.
Also, in 1961, European Pharmacovigilance was established after the tragedy of thalidomide which caused an adverse drug reaction named as phocomelia. In 1975, Practolol, a beta-receptor blocker agent, caused sclerosing peritonitis, and most recent is the event of 2007, where veralipride, a CNS depressant agent, caused so many ADRs such as anxiety, depression and movement disorders. Thus the medicines are made for life saving purpose, not for life threatening purpose. In the U.S., ADRs are among the top 10 causes of death, and in the U.K., it was observed that ADRs may cause 5,700 deaths per year.
Segmentation: Global Drug Safety Solutions and Pharmacovigilance Market
Asia-Pacific drug safety solutions and pharmacovigilance market is segmented into three notable segments which are type, end user and distribution channel.
On the basis of type, the market is segmented into software and services
In June 2019, Syneos Health launched FSP 360 solutions. The solution is designed to non-traditional and traditional FSP capabilities and to resolve issue related to driving speed, realities, quality and efficiencies across an entire asset portfolio. The solution will help the company to increase market share in market as the product is the combination of monitoring, safety/pharmacovigilance, project management and data services, eTMF, investigator payments, feasibility, site contracts and study start up.
On the basis of end user, the market is segmented into hospitals, healthcare providers, pharmaceutical & biotechnology industries, KPOs/BPOs, contract research organizations (CROS) and others
On the basis of distribution channel, the market is segmented into direct sales and retail sales
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In October 2019, Laboratory Corporation of America Health EC and The New Jersey announced the collaboration and development of a database and information exchange platform. This platform will be useful through LabCorp’s Care Intelligence application. This collaboration will lead to LabCorp improved lives and improved health. This will give more patient satisfaction and recognition.
In October 2019, Parexel International Corporation announced that they have entered into a strategic partnership with Datavant, Inc. to allow the connection of real-world data including all clinical trials which is conducted by Parexel. This partnership will expand and extend companies entire portfolio which have ability to link data available to more customers.
In September 2019, Accenture has announced its collaboration with Bayer. The purpose of collaboration will be Streamline Drug Development Processes through INTIENT Clinical Platform. With this collaboration Accenture will lead to develop high quality of data, and will increase its product portfolio.