Government Mandates and Rising Health Awareness among Consumers to Trigger Adoption of Pharmacovigilance

A healthy population can stimulate the socioeconomic development of a country. Thus, governments worldwide are paying high attention to patient safety and subsequently, drug safety. As a result, they are making it mandatory for pharmaceutical companies to have pharmacovigilance audit, which is an essential component of an effective drug regulation system. According to a report by Transparency Market Research (TMR), the global market for pharmacovigilance is poised to register a significant CAGR of 14.20% from 2014 to 2020, reaching a valuation of US$6.1 bn by the end of 2020.

Besides governments, common masses also play an important role in the development of the market. The rising spending on healthcare and increasing health awareness among people are stoking the growth of the market. A TMR analyst estimates that the pressing need for patient reporting and increasing stringency in drug inspection systems will provide a significant boost to the growth of the pharmacovigilance market.

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The global pharmacovigilance market is highly dynamic in nature. However, factors such as high risk associated with data security and the increasing sales of drugs online are limiting the market from realizing its utmost potential. Apart from this, the dearth of skilled personnel is adversely affecting the growth of the market. To address this issue, several governments worldwide are conducting programs and workshops for skill development in the field of pharmacovigilance. To put this in perspective, in January 2017, Indian Pharmacopoeia Commission (IPC), under the Union Health Ministry of India, organized “”Skill Development Programme on Basics and Regulatory Aspects of Pharmacovigilance” to impart training to young healthcare professionals and improve the knowledge and skill of qualified professionals. The aim of the training programme is to ensure better patient safety.

Geographically, North America will continue to account for the lion’s share in the global market for pharmacovigilance until 2020. The growth of the region can be attributed to the rising mortality rate due to adverse drug reactions (ADRs) and increasing patient concerns regarding the efficacy and safety of pharmaceutical products. The Centers for Disease Control and Prevention (CDC) states that ADRs are the cause of over 100,000 deaths annually and are one of the top 10 causes of death in the U.S.

Asia Pacific, on the other hand, will be the most promising regional market for pharmacovigilance. The growing number of clinical trials and the presence of a large pool of patients are creating a dire need for pharmacovigilance audits in the region. Moreover, the increasing stringency of healthcare regulations is supplementing the growth of the region.

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Name: Rohit Bhisey
Organization: Transparency Market Research

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