PHARMACOVIGILANCE MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Increasing Stringency of Regulatory Requirements

The increasing stringency of regulatory requirements across various countries is expected to drive significant growth in the global pharmacovigilance market. With new drugs entering the market at an unprecedented rate and increasing complexity of drug safety profiles, regulatory authorities have instituted more rigorous legislation and safety standards. Pharmaceutical companies are now mandated to conduct comprehensive safety profiling of drugs right from the early stages of development along with continual monitoring even post marketing. Compliance with regulatory norms has become absolutely critical for continued drug approvals and market access. The healthcare industry has also undergone intense scrutiny in the aftermath of several high-profile drug safety issues and failures. As a result, governments are now urging greater transparency and accountability from life sciences organizations in mitigating risks and ensuring patient welfare. This has prompted drug manufacturers to strengthen in-house medical surveillance and bolster outsourcing of pharmacovigilance functions to specialized service providers. The growing regulatory oversight coupled with higher compliance workload is likely to be a key driver propelling the demand for sophisticated pharmacovigilance solutions and contract research in the coming years.