Pharmacovigilance is gaining traction as an integral part of the drug development process. Its positive impact has prompted the industry the pharmaceutical industry to incorporate it in their drug development offerings.
In the past decade or so, review processes used in the drug development process have been expedited, which has reduced the time it takes to bring a new drug to the market. While this has helped provide a boost to the pharma industry, it has also increased the risk of adverse drug reactions. This subsequently raises the need for after-approval safety surveillance studies.
Proliferation of internet and the gradual shift from paper to electronic formats has also led to increased vigilance from various stakeholders. The information available through different sources needs to be managed simultaneously, and it is creating new challenges for the pharmacovigilance industry.
Why Pharmacovigilance is Really Important
Pharmacovigilance became an important part of the pharmaceutical industry after Sulfanilamide (Prontosil), widely used as a treatment option for streptococcal infections, was responsible for the death of over 100 individuals. The tragedy led to the formation of the Food Drug and Cosmetic Act, under which pharma companies had to show scientific evidences of drugs before launching them in the market.
Studies conducted over the years have laid bare the fact that adverse drug reactions (ADRs) decrease the quality of life and put an individual at heightened risk of death. Furthermore, ADRs put a huge burden on the healthcare system, leading to financial losses.
A holistic pharmacovigilance system is essential not only for patient safety but also for healthcare professionals. The presence of a holistic pharmacovigilance policy will augur well for all the stakeholders in the pharmacovigilance market, including the leading companies and end-use consumers.
Pharmaceutical companies have realised the importance of incorporating pharmacovigilance in their operations. Currently, a number of pharmacovigilance companies are focusing on consistent drug testing, and assessment of a drug throughout the lifecycle. For example, in the UK, Yellow Card smartphone app was launched to monitor the efficacy of drugs.
Pharmaceutical companies are also incorporating social media in their operations, as they aim to get proactive feedback from clients. The use of social media has been mired in ambiguity for a long time; however, many pharma companies have taken the lead in this regard, and are reaching out to their users.
Incorporating pharmacovigilance has also meant that many pharma companies are taking into account a host of factors, including genes, anatomy, and physiology to determine the risk factors that any specific drug can cause to an individual. Although compounding pharmacies are a feasible alternative for this, they are not subject to the same level of regulations as the pharma industry. Therefore, it has become very important for the pharma industry to focus on incorporating pharmacovigilance in their operations.
Global pharmacovigilance revenues totalled $2.7 billion in 2014, and it is expected that by 2020, revenues will surpass $6 billion. Stronger demand from the pharma industry will be a key factor in ramping up demand for pharmacovigilance in the future as well.
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