A surge in approvals of new molecular entities and biosimilars to promote the demand for safety monitoring during pre- and post-marketing phases have been observed. However, this mandates the requirement of drug safety monitoring in the pre and post-market launch of any new molecular entity or biosimilar. Currently, the pharmaceutical market is experiencing a rise in approvals of new molecular entities and biosimilars. Thus, this rise in approval of new molecular entities and biosimilars as well as registered activities of clinical trials globally has resulted in a surge in the adoption of pharmacovigilance and drug safety software, which is promoting strong market growth.
Global pharmacovigilance and drug safety software market: Outsourcing pharmacovigilance and drug safety research to CROs
Expansion strategies, drug discovery and research, product development, and consolidation are the primary focus of pharmaceutical companies, which have resulted in a significant pressure of workload and considerable consumption of human resources. This has resulted in the outsourcing of tasks of clinical research, drug designing, drug safety testing, and pharmacovigilance to CROs, which has become a standard practice across the world. Owing to the lack of harmonization of pharmacovigilance-based regulations globally, the pharmaceutical market is observing a trend toward the dissemination of country-specific regulations.
Thus, a significant number of organizations in the market are outsourcing functional services in the pharmacovigilance operations to CROs and BPOs, which has provided new business perspectives of pharmacovigilance and drug safety services, ranging from clinical to post-marketing phases. For instance, are outsourcing pharmacovigilance and drug safety operations to developing economies such as India, China, and the Philippines to reduce the cost of services. This is expected to provide new opportunities to software companies in emerging regions, which is promoting the growth of the global pharmacovigilance and drug safety software market
Global pharmacovigilance and drug safety software market: Segmentation analysis
This market research report segments the global pharmacovigilance and drug safety software market by end-user (pharmaceuticals and biotechnology companies, contract research organization, business process outsourcing) and geographical regions (North America, Europe, Asia, and ROW)