Pharmacovigilance Market: Drive by Pharmaceutical Companies to Mitigate Risk Associated with Drugs to Bolster Growth

According to “Pharmacovigilance Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, a new research study by U.S.-based market research and intelligence firm Transparency Market Research, the global pharmacovigilance market that was valued at US$2,147.3 million in 2012 is estimated to be worth US$5,008.2 million by the end of 2019, growing at a CAGR of 12.9% during the forecast period from 2013 to 2019.

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Stringent government regulations, issues pertaining to public safety, toughened inspection regimes, coupled with the need of patients to report ailments immediately, has propelled growth in the global pharmacovigilance market. The World Health Organization (WHO) defines pharmacovigilance as the science and activities which help detect, monitor, assess, and evaluate chances of any adverse occurrence or drug-related side effect from the consumption of the medicinal products. Pharmacovigilance activities are aimed to promote safer administration of drugs and other medicinal products. This is attained by generating awareness about the importance of timely, relevant, and precise clinical safety information related to medical products.

The global pharmaceutical industry is growing at a rapid pace and this has led to the innovation of a number of medicinal products that promote faster and more accurate treatment to several diseases and disorders. This range of new medicinal products comes along with many benefits, but none of these benefits are free from adverse drug reactions that can result in illness, disability and at times even death. Hence, early discovery of adverse drug reactions during clinical trials, clinical phase IV, or during post-marketing surveillance is very important in mitigating the risk of any unpleasant occurrences.

A majority of...