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Drug Safety Solutions and Pharmacovigilance Market 2020-2026 to Witness Contraction, as Uncertainty Looms Following Global Coronavirus Outbreak

Drug Safety Solutions and Pharmacovigilance Market

A proficient data and brilliant forecasting techniques used in this Drug Safety Solutions and Pharmacovigilance Market report are synonymous with accurateness and correctness. The document is a meticulous analysis of existing scenario of the market, which covers several market dynamics. This market research report endows with the plentiful insights and business solutions that will support to stay ahead of the competition. The most precise way to forecast what future holds is to understand the trend today and hence Drug Safety Solutions and Pharmacovigilance Marketing report has been structured by chewing over numerous fragments of the present and upcoming market scenario.

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This Drug Safety Solutions and Pharmacovigilance Market report is the consequence of incessant efforts lead by clued-up forecasters, innovative analysts and bright researchers who indulge in detailed and attentive research on different markets, trends and emerging opportunities in the consecutive direction for the business needs. Company snapshot, geographical presence, product portfolio, and recent developments are taken into account for studying the company profiles that are part of this report. Quality and transparency has been strictly maintained while carrying out research studies to offer an exceptional market research report for a niche. A thoughtful knowledge of industrial unanimity, market trends and incredible techniques via this Drug Safety Solutions and Pharmacovigilance Market report gives an upper hand in the market.

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.

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.

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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 Drug Safety Solutions and Pharmacovigilance Market is segmented into software and services
  • On the basis of end user, the Drug Safety Solutions and Pharmacovigilance Market is segmented into hospitals, healthcare providers, pharmaceutical & biotechnology industries, KPOs/BPOs, contract research organizations (CROS) and others
  • On the basis of distribution channel, theDrug Safety Solutions and Pharmacovigilance Market is segmented into direct sales and retail sales

 Recent Developments: Drug Safety Solutions and Pharmacovigilance Market

  • 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.

Research Methodology: Global Drug Safety Solutions and Pharmacovigilance Market​​​​​​​

Primary Respondents: Key Opinion Leaders (KOL’s): Doctors, Healthcare Professionals, Researchers, Distributors, and Industrialists

Industry Participants: CEO’s, V.P.’s, Marketing/Product Managers, Market Intelligence Managers and, National Sales Managers

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